The Top 3 Reasons to Save Money
Everyone knows that saving money is a good thing. Putting a little bit of your income away every week/month can really help and will build up over time. Savings provide financial security and can give you the independence to cover your own expenses.
Apart from anything else, saving money just feels good! It gives you peace of mind knowing that you have your finances under control and that you don't have to worry about unforeseen costs. Being a savvy saver can enhance your self-esteem and most importantly, open up opportunities to allow you to enjoy yourself :)
Here are 3 reasons why saving money will benefit you now and in the future:
- You can achieve your savings goals
- You can be ready for life’s unexpected costs
- You can be ready if amazing opportunities come around
Achieving Your Savings Goals
One of the most exciting reasons to start saving money is to experience the process of setting your own financial goals and achieving them. Setting specific goals is very important, because it forces you to look at the bigger picture of your personal finance. A savings goal could be anything from buying the latest iPhone, paying a house deposit or going on your dream holiday.
The Money Advice Service offers a really good step-by-step guide, which takes you through the process of how to set up your own savings goal.
Once you achieve a goal, you prove to yourself how capable you are at saving money and the satisfaction alone will push you to create more goals.
You Can Be Ready For Life’s Unexpected Costs
Sudden expenses happen to all of us - from a broken washing machine to job loss. Having savings tucked away in a ‘Rainy Day Fund’ means that you will never have to worry about not being able to pay any unanticipated bills or occurrences.
Having an emergency saving fund means you avoid all sorts of things such as debt, high interest repayments and unnecessary stress.
You Can Be Ready if Amazing Opportunities Come Around
Having savings can give you an astounding amount of freedom and if an opportunity arises you’ll have the ability to make choices. This could mean changing jobs, traveling anywhere you want, moving to your dream house, starting a business, or investing.
Having the capability to make choices about important life decisions is a great position to be in and having savings makes that possible.