The act of saving- Why and How should we save?
Saving is a long term way of keeping funds, most of us grew up trained by our parents to properly save a part of every money we make. For most of us, we simply grew up learning how to save and it became a good part of us. There are people who also do not believe in saving, they just earn and spend, the purpose of this post is to help us see the positive/good sides of saving and the reason why we need to save.
Why do I have to save?
• Freedom of decision: With a good amount stacked up in your savings account, it is possible to afford the type of desired house, car in the future from the money you have saved. It is best to save when you have a good financial standard at the moment, this way, you will be able to afford the same things you are able to afford now, in the future regardless of what happens.
• With a good saving plan, you will not run back into bad debt with every slight financial inconvenience. Instead of taking up bad loans, you simply need to take from your savings and sort your bills.
• Saving comes with peace and a certain level of rest of mind, when you are certain of a preserved fund that is easily accessible if things do not work as planned.
What you need to save for.
Emergency funds.
Emergency funds is a type of fund we can easily fall back on in case of any form of emergency, a standard emergency fund should be enough to cover household expenses for a period of 3-6 months conveniently, this is because of the high uncertainty of life, the constant inflow you have may experience some issue at some point and emergency funds pulls up to save the situation until you have another income source to cover up.
Retirement funds.
One other thing we should save for is retirement, the age when the body is already too weak to work as hard as it used to few years back, the funds saved will prevent every act of begging at an old age.
For unforeseen future.
A sudden job loss can happen to anyone, saving will actually prevent any type of unfortunate occurrence or embarrassment.
Tips to save more.
• Have a budget for spending.
• Have a saving plan.
• Keep track of every penny spent.
• Limit the use of credit cards.
Savings is very important and integral part of man's existence. If you are in this world and not saying you are in trouble. Especially when it comes to unforseen situations..
It is truly necessary that we save, it will go a long way to help us.
Your post was upvoted and resteemed on @crypto.defrag
If you don't save, but rather spend every income that you make, there's very high tendency that you'll not be able to maintain your lifestyle in the future, if there's any slight financial inconveniences. Nice publication.
There are so many people who immediately move from a high class to a low one without anything to fall back on, simply because they were spending everything that was earned.
Saving is really a great option that we really need to learn from. The financial state will not be Rosey every time and that is when the saving will actually come to play. Saving can help to solve emergency issues
Really true, saving remains a very good thing to regularly consider, appreciate your time.
A good saving habit is important. It is important to know when to spend, save or invest.