Saving money can be harder for some than others—we love going to the movies, shopping for clothes, and going out to eat. However, saving for the future is crucial, and by putting away a small amount each month, you can better prepare yourself for anything that may come your way. But what kinds of things would you need to save for? Here are three smart reasons to save your money.
You Won’t Be Young Forever
Unless you plan on staying 30 until the end of time, you need to start thinking about your future. More specifically, your retirement. Too many young adults wait far too long before they begin to seriously save for retirement, but by setting a budget and putting a little bit of extra dough away each month, you’ll be able to relax knowing that your retirement fund is hefty enough to last the rest of your life. If you start soon, you might even be able to retire early!
For a Rainy Day
Unfortunately, bad things happen. It’s not just you, either; everyone experiences their share of hard times. It’s for this reason that having a rainy day fund is so useful. Is your car engine shot? How about an unexpected roof replacement? Or a much-needed surgery, like the kind offered at Northwest Surgery Center? These circumstances can be stressful, especially on your wallet, but by having that extra security blanket in place, you can take much of that weight off your shoulders. By simply setting aside a tiny bit of money each month or so, and not smashing the piggy bank open unless absolutely necessary, you’ll have a blanket of your own ready to catch you.
Every once in a while, you’re going to need—or want—to make the occasional big-money purchase. These might include purchasing a new car, buying a house, going to college, or even taking that family vacation you’ve been talking about. Having this money in your back pocket makes shelling it out a lot easier than trying to scrounge it up last minute. This could even just be used for the down payment for a purchase, such as a car or a house, or utilized to take a chunk off of payments later on down the line, like student loan payments, which saves you interest in the long run.
There are plenty of good reasons to save your money, whether it's for a rainy day emergency, retirement, or even your next vacation. Whatever the reason may be, putting aside a portion of your monthly income is a great way to save money for the future. Take the time to sit down, budget out how much you can set aside, and start saving early. You’ll be retired and sipping drinks on the beach before you know it!