Why Saving Money is So Important Part2

Importance of Saving Money Part2

Save Money

In Continuation to Part1 of Why We Save Money, Though there are 'N' number of importance of Saving Money, we can see the remaining most significant reasons to save.

     



7)     For Retirement: At Present, Average Life Expectancy has increased to 64.7  (Age) in India, so it is better to start saving earlier to face your post-retirement life in an
enjoyable manner. You can put your money to work for you. These retirement funds should be wisely invested so that they give you good return in the coming years.  Unless you are assured of a large pension or some other source of income, savings will be a large portion of funding for retirement needs.

      8)     To Expect the Unexpected: To Protect yourself from  a sudden accident/health problem, other medical emergencies of a family member, other contingency factors, unexpected car repair; an emergency fund is necessary to cover all these unexpected expenses. When you save for rainy day, you can avoid having to borrow money when an emergency arises.

      9)     To maintain your Assets: Having money available for routine and maintenance/improvement costs of your assets like home, car or big possession is important.

      10)  For Increasing/Building Wealth: When you save money, it earns interest. Over time, you build not just money, but wealth. Put aside a little of your earnings every month in an account that earns a decent interest and adds to your savings.

      11)   For your Family to maintain your quality of life: Whoever Cares more about their family starts saving to lead a happy, safe & Quality life ahead for a better future.

      12)  To avoid spending more than you have to: When you pay off your bills in their entirety every month, that adds to your savings as well, because you avoid paying large sums as interest in the future. When you make a habit of using your credit card wisely and only running up bills that you can pay off at the end of each billing cycle, you save yourself a lot of money.

      13)  Increased confidence and reduced stress: Our financial condition often is reflected in our daily lives and our personality. Having financial freedom / security and more savings in hand will help a person boost more confidence, avoid a lot of stress & tension and exhibit satisfaction over life.

Now you might have understood why it's important to save money, make your savings goals realistic and start saving now. Whatever method you will use to save additional amount every week, the secret is in Consistency.

So,"Be Smart and Start Saving Money"


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Categories: Importance of Saving Money, Saving Money, Savings, Why Save Money