Why should you save? 10 great reasons to start saving
Saving is often a matter of motivation. Why you should be saving could relate to your personal goals, or it could relate to one of several general reasons that apply to every one (every one should be saving). This article is going to overview ten reasons that you need to start thinking more seriously about savings today.
Reason #1 General wealth
Who doesn’t want to have more money? Every one has expenses, savings goals, and investment desires, things that don’t go on a credit card. You need to save for these things, and if you save beyond goals (just for the sake of saving) you could come to be genuinely wealthy.
Reason #2 Interest rates
Do you really feel like paying an extra 20% every month on the things that you buy? That’s what you’re doing by committing to living off of debt. Paying 20% more than every one else just to owe people money. Commit to saving to get a better deal.
Reason #3 Vehicles
Two things we know about cars: they cost money, and they break down. Both of these reasons are great reasons to start saving, because chances are you’re fairly reliant on your mode of transportation.
Reason #4 Homes
People often want to stop renting at some point in their lives, they want to own a home. This is a natural desire, and one that will not happen unless you manage to save up 5% of the purchase price (and have a good enough credit rating to qualify for a mortgage). And, did you know about the additional thousands of dollars that home owners will pay in closing fees? Get saving today.
Reason #5 Expenses
We all have expenses, and we all stress out worrying about how to pay them when the money isn’t there. Saving removes this as a worry and allows it to just be a part of life, paying your bills, with peace still left in your heart.
Reason #6 Life’s twists and turns
As any one who has made a budget will tell you, you can’t predict the future. Expenses pop up all the time, and they can be costly. Having savings means not having to worry when the car breaks down, or the kids need braces, it means having security and stability.
Reason #7 Emergencies
Sometimes, the thing that happens that’s unexpected could even be something like a family emergency, the need for a trip home, or a funeral cost that pops up suddenly. These are the types of things that you want to have money saved up for, especially if you haven’t before.
Reason #8 To live debt free
If you’ve got debt, you know how it feels – and you likely want out. The reality is that you can’t, unless you make a plan and save for it. Becoming debt free is a key part of a successful financial future, and peace of mind when trying to rest.
Reason #9 Job loss
Especially in today’s market, job loss happens. Layoffs, even hour cutbacks can be devastating to some one without a savings account. Some one with a savings account on the other hand has a fall back, they can wait until Employment Insurance kicks in, they’re okay. They can still sleep at night.
Reason #10 To live well and be happy
The truth is that finances can be stressful or secure, they can bring us worry or joy. If you want to be on the latter half of these effects, start saving. There’s nothing quite like knowing that you’re prepared for whatever life plans on throwing your way.