6 Reasons to Convince You to Start Saving Now
Saving money is very important. Everyone knows that. The problem is that a lot of people don’t seem to know why they should start saving. Having money set aside constantly can save you a great deal of aggravation, and could also provide you with a lot of pleasant experiences. Saving money is mostly about being financially ready for anything. If you need more specific reasons to start saving money now, then here’s 6 of the most important and basic reasons why you need to develop your savings right away:
Reason # 1: Emergency Situations
There’s nothing more stressful than being put in a situation where immediate finances are required and you happen to be broke. Medical situations and accidents, whether you’re insured or not; cost a lot of money. Finding yourself in these situations without funds would cause a negative impact on your finances as well as your emotional state. As mentioned, having money saved would cover you when such situations do arise, preventing you from undergoing the stress and emotional and financial burden of having to hastily gather money on short notice.
Reason # 2: Major life Changes
On a similar note to emergency situations, you might also want to set money aside for any changes in your life that may occur, like marriage, child birth, and others. Weddings, for instance, cost a lot of money, and not having money to fund that would force you and your "Spouse-to-be" to settle for the kind of wedding that isn’t ideal. Considering that RM 10,000-30,000 is a rough estimate on how much weddings cost these days, it’s highly unlikely that your monthly salary (or even a couple of month’s salary) would be enough to cover this. Start saving now so when the time comes for you to take that next step, you and your significant other would only be settling down, not settling for less.
Reason # 3: Further Education
A lot of people believe that earning more money should take priority over saving money. However, one way to earn more is to make sure you’re worth more. Increasing your worth includes earning more credentials. If you’re in a field wherein earning further education matters, then it’s highly important that you set aside money for that. After all, education isn’t cheap. Think about it this way: Save money, enroll in courses, get better jobs offers, and ultimately, earn more money! It’s basically an investment in yourself.
Reason # 4: Short-Term Financial Goals
One appealing thing about saving is that it allows you to achieve financial goals that you set out for; like purchasing something that you’ve always liked. Considering that we live in a world where technological products rule, and new models come out on a yearly basis, having a consistent savings habit ensures that once your favourite product comes out, you can afford to buy it. Whether it’s a new phone, or that trip you’ve always wanted to take, or having enough to buy a car, you wouldn’t be able to afford any of that without having a significant amount of money saved and banked.
Reason # 5: Owning Property
If there are a lot of good reasons to save money, then owning a house would be absolutely the best one. Owning your own home gives you security, and is a great investment, too, as you grow older since it allows you to save on rent money. Speaking of which…
Reason # 6: Retirement
The main point of saving money is to ensure that you have money when you’re no longer able to earn money. Having a sizeable savings ensures that your remaining years are financially covered, be it your daily expenses, your medical needs, and even your recreational needs. The earlier you start saving, the more comfortable your retirement would be.
“Now” is always the ideal time to start saving money. Always having money increases the quality of your life, even in the face of unforeseen emergencies and major changes, as well as creating the foundation for a solid future. So start saving now!
Share with us your saving experience under this harsh economic situation we are all facing!
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