4 Reasons why you need to save money
Saving money is a good habit that we all should have, but people often fall foul of saving their hard-earned cash because it doesn’t offer the sense of immediate satisfaction that spending does. Actually, savings will benefit you greatly in the future, so here are four reasons to why you need to save money!Increase flexibilityOne of the best things about being an adult is the independence and freedom to do whatever you want! Saving enough money can give you greater control over your freedom. No matter if you’re taking a sabbatical, starting up your own business, or switching careers – with enough savings, you can break free from your financial constraints and be in control of your life.On the other hand, if you haven’t saved enough and are in debt, you will have less independence and freedom. If you want to be financially independent and unshackled, remember to beef up your savings! Save for emergenciesNone of us know what the future will bring, so it's important to have an emergency fund set aside to cover unexpected expenses. These may include unexpected home repairs, expensive medical bills, or sudden job losses. So, do your future self a favor and save up an emergency fund starting now! You’ll be thanking yourself in the (unlikely) event you need your emergency funds. Save for RetirementAnother important reason to save money is to prepare for your retirement! As a rule of thumb, many experts agree that you will need to save about 70% of what you make at the peak of your career to maintain that standard of living in retirement. So if you don’t want to find yourself running out of money and relying on MPF, start saving money when you are still young! Save money for education Have you ever been thinking of going back to school or sending your children to better schools? Education is also a reason for why you should save! Many people are keen to return to school to earn their masters or doctorate degrees, but these degrees often come with a hefty price tag. If you want to become a full time student again, don’t forget to save not only for your tuition, but also your living expenses. If you are a parent, putting some money away for your child’s college fund as soon as you can is always a wise option. This way, your kids won’t need to take out student loans, which usually take a very long time to pay off. Okay, ready to get started? At this time you might be thinking that saving sounds nice...but how can I do it? Go read How to Save Money – 5 Simple Ways to Start Saving Money and find out the best way for you to save money!