savings your money

The Importance of saving money - 7 Reasons why you should save money

Most people save up to buy something they want. Have you ever saved your money just to save? What’s the point? You might ask. Well here are some benefits to why you should start saving today.

1. Emergency situations

Emergencies are always unexpected and most of the time we are not prepared for them emotionally or financially. You don’t want to be worried about the emergency and about your finances. If you have money saved up it could bail you out of these tough, unexpected situations.

2. Job loss/Retrenchment

The economic world is ruthless. You can never be sure the job you are in is completely secure. Retrenchment and Job loss are both real dangers for anyone in the working environment. Money saved up, in these situations, can keep you going in these cases until you are able to find another job.

3. Vacations

Have you been having a tough year? Want to reward yourself? Saving money means you can take a vacation with your family without breaking the bank. This way you can enjoy your holiday guilt free. It will be a well-deserved reward for your efforts.

4. Retirement

Age is something that creeps up on everyone, so be prepared. If you start saving at a young age you are sure to be set for your retirement. This can result in an early retirement and means that you don’t have to depend on anyone when you are too old to find work. You’ll be set to enjoy your retirement.

5. Education

Its never too late to educate yourself. If you are thinking about furthering your studies, saving is the best way to prepare your finances for the fees. This means you can achieve your dreams and study further. Also think about saving up for your kid’s education. You won’t need to be shocked when your child is old enough to attend school, be prepared and save up so that they can get a good education and be set for their futures.

6. Down payment for mortgage

Looking to buy a house? Save up for a down payment on your future home so that the monthly instalments are affordable. The more you save for your down payment, the less you’ll have to pay off monthly. Buy saving you can own your own property in no time!

7. Looking to start your family?

Do you want to start a family one day? By saving up you’ll be able to start your family without taking out loans and getting into debt. You’ll be able to provide for them and make sure your and your family’s future is heading in the right direction.

Saving your money has so many benefits for you and your financial freedom. Keep yourself stress-free and invest in your future by saving.

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