We’ve all been told many times in our lives that we should save our money. Not as often, however, are we given convincing reasons WHY it’s absolutely necessary to save. Here are four:
• Emergencies: Unfortunate but true, you’re likely to face a major emergency every few years. Having to borrow money for bereavement airfare or pay Uber while you save for car repairs is less than ideal.
• Financial Independence: Define what this means for you. Do you want enough money to take a yearly vacation, go back to school, or start your own business? Saving money can help you make major changes, on your terms.
• Home Ownership: If owning a home is your goal, keep in mind there’s more than the down payment to save for. You’ll have closing costs, insurance, and more.
• Financial Peace of Mind Is Priceless: With savings, you’ll boost your ability to be emotionally and psychologically ready for what life throws at you.
Having a strong savings is the seatbelt of life; you’ll be grateful for it every time the unexpected crosses your path!