7 Reasons You Should Start Saving Now

Seven reasons why you should start saving now

Long life is good, and we all want to live longer.

But with longevity comes a growing inability to trade our time for money, the most valuable economic commodity. You need money to get the goods and services you need to survive, and as such, understanding personal finance is important.

So saving money for your future with your loved ones should be an immediate plan, just like paying your bills. The best thing about saving is that the earlier you start, the less stressed and more confident you will be.

But why bother, you might ask? We save for many things, both below and for other reasons.

Financial Freedom

Once you start getting paid, you will start to feel financial freedom. However, when we feel luxurious and failed to save, there may be a time in the future when we are forced to limit our financial decisions.

Taking the process of creating a financial plan as soon as possible will allow you to be financially independent for life.

Savings also helps avoid debt.

Emergency Situations

Having money in times of crisis continues to solve the problem effectively and in the short term. It basically gives you financial security in critical situations that require quick response.

Your Children’s Education

Tuition is rising all the time, maybe even every year.

Saving for your own education for another degree or getting into a master’s program will go a long way.

When children are in the picture or in the future, education immediately becomes a big part of their lives. Saving regularly for their education is important because it will help them complete the academic period and provide a seamless learning process.

Prevention Against Sudden Job Loss

Of course, we don’t plan on getting fired, but it’s an unavoidable fact of the job market.

Businesses are closed, bankruptcy is announced or business profits are lost, forcing the employees to stay afloat.

The Covid pandemic has been proof that nothing in our lives is permanent, including our jobs.

Having savings will be useful in such times.

Plan A Wedding/Wedding

Weddings are expensive. In fact, they represent a great financial expense.

But if you and your partner start saving in time, you will be able to have a wedding without having to ask friends and family for gifts or billings.

Retirement

We save for retirement so we don’t have to rely on others to survive when we can no longer work for a living.

Saving for retirement should start as soon as you get your first paycheck and this practice should not stop until you retire.

Once you save for retirement at a young age, living and growing old becomes a fun and healthy experience.

Vacation Allowance

With the assurance that all our needs such as food, housing, education, and health care have been met, sometimes we can feel like thanking ourselves for a job well done by going on vacation.

Holidays, just like weddings, can be expensive. But if you start saving money for this early, it won’t be difficult for you to look forward to the next vacation when you leave work.

As President William Ruto said, let us embrace saving money for future prosperity.