We all know that we should be building up our savings account, but for one reason or another, we never get around to it. Perhaps we lack motivation – assuming we’ll just put whatever we need onto a credit card when the time comes – or we don’t know how to get started. No matter the reason, if you haven’t started building up your savings account yet, there is no better time than now. Here are 5 reasons to start saving up, to give you that extra motivation you’ve been looking for.
Your Retirement
No matter how old you are, before you know it, it will be time to retire. You work hard you’re entire adult life, and as you start to reach your twilight years, you want to be able to enjoy them. In order to do this, you need to have a sizable retirement savings account, so that you don’t need to worry about money. You don’t want to be working as you get up there in age, and having a large savings account will help to ensure this. Building up enough savings takes time, making it important that you get started sooner rather than later.
Medical Costs
None of us ever really know when there will be a medical emergency. Perhaps you were hurt in an accident, or suddenly became sick. If you have insurance, it may cover a large portion of the cost, but this is not always enough. And while injury lawyers work on a contingency fee basis, you still have to live your day-to-day life until your case reaches a verdict or settlement. For instance, your injury may make you unable to work, so you’ll be happy you built up your savings. Don’t wait for something bad to happen – start saving now, and give yourself a little peace of mind should the worst happen.
Damaged Property
Just like we don’t know if we’ll get injured, we also don’t know if our property will become damaged. All it takes is a storm coming by to damage your home, or a careless driver slamming into your car. Again, insurance may cover the cost of repairs, but not always. Without some savings built up, you may not be able to make the necessary repairs to your home, vehicle, or some other property. You’ll then need to put these expenses on a credit card, costing you more money in the long run. Avoid this hassle, and start saving up.
Your Kid’s Future
For those of you with kids, their future is going to cost some money. Whether it’s enrolling them in different programs, helping them to buy their first car, or sending them off to college, you’re going to need a little extra money. If you can start saving up when they are young, you should have a nice little bundle of money ready for whatever they need. We all want what is best for our children, and by starting a savings account for them, we can help to give them a head start without harming our weekly budgets.
Go On A Vacation
Finally, savings accounts don’t have to be all about bad scenarios or being responsible. Sometimes we need to have a little fun, but this can also cost money. If you want to do a bit of traveling, this is a lot easier if you have some money saved up. By putting away just a little bit from your paycheck each week, you can make affording a fun trip a little easier, and start seeing all of those places you’ve had your eye on. With a positive goal in mind, you’ll even find it easier to start saving, and you won’t mind taking away a little bit of your paycheck each week.
Start Your Savings Today
Starting a savings account doesn’t have to be a huge sacrifice. Even just putting away a few dollars each week, the amount will accumulate over time. Then when the time comes that you need the money, you’ll be happy that you have some extra pocket change stashed away. Talk to your bank, set up a separate savings account, and then see what you can afford to put in it each week. Then set it up to deposit automatically, and you no longer have to think about it. Your savings will pile up, and your future will become a little brighter.
