Money has become the centre of all activities. Saving money is the topic being pursued by everybody. Why has it become so important suddenly? Every person has own reasons for saving money. Here are some reasons which are real ones.
Reasons to Save
You can save money just for the fun of it. I in my childhood used to really enjoy putting coins in my piggy bank. It was a habit instilled by my father, and I still love doing it but do it differently. But having a reason, always helps you to motivate. Here are some reasons to save money. Any one can be yours.
- Emergency – Always do have an emergency fund and add monthly to it. You can start with $ 100 initially. This fund is for unexpected emergencies. Remember this is not the substitute for insurance. You should always have insurance in place.
- Retirement – Always save for the time when you will retire. This money can work for you and build a fund for living well in old age. Start with contributing to Provident Fund, and increase it to up to 15% of your Gross income.
- House – Set aside some part of your income for the down payment for your own house. The more down payment you make the better interest rates you get from the mortgage companies.
- Childrens’ Education – This is one of the expenses you have to make in future. It is expensive and savings for the purpose can save your day.
- Vacation – Vacations are a necessity in this cluttered world. They help you recharge our batteries. Saving for vacations is saving for yourself.
- Other reasons – Keep a saving fund for all other reasons in your daily life. This miscellaneous fund can help you in all of the above.
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