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5 reasons why you should start saving today

By: Louise Mosqueda0 comments

Getting paid for working is one of the biggest perks of being an adult. You can use the money to pay for your bills, travel, entertainment and so much more. However, living paycheque to paycheque is not the best way to live, which is why you are encouraged to start saving. Start doing it today and enjoy its benefits, especially when you need cash the most.

Why you should start saving

You probably think that you’ll be just fine because you have a regular income and that you will have the money for most things. You are also confident that you can manage your expenses despite the shortage of actual cash, thanks to your credit card.

However, when something unexpected comes along like retrenchment or an emergency medical procedure, you will end up worrying about where to get the money. With proper management and the use of accessible tools to help you in saving, you wouldn’t have to suffer the consequences. Here are a few reasons why you should start saving now:

1. Build a deposit fund for your dream house or car

Do you have a dream house in mind or need a car? Your savings can help you achieve that goal. Whether it’s a deposit for a home or a car lease, saving part of your salary for a few months can help you get a step closer to your dream house or car.

2. Come prepared for the rainy days

According to statistics, 46% of Australians are saving for rainy days. An emergency fund can provide a sense of relief in times of need. Whether you need money to immediately replace your washing machine or pay for other significant but unlooked-for expenses, your rainy-day funds can bail you out as required. Don’t forget to replenish it when used because you wouldn’t know when the next rainy day will come knocking at your door.

3. Get funds for car repairs

Getting a car fixed costs a pretty penny. Without savings, you may end up racking up debt on your credit card or borrowing money from friends and family. With enough savings, all you need to do is dip into your bank account, go carless for a day or two, and you’ll be back on the road soon after.

4. Gain financial independence

Saving money is the first step towards financial freedom. To succeed, you need to find smart ways to invest your money and make it work for you. Whether in the stock market or a business venture, investing your money can prove to be a fruitful venture.

5. Save money for home renovations

A man’s house is his castle. If huntsman spiders can get in through the cracks, or if you feel the rain in your living room, then it’s not a very strong castle. Your savings can help you seal up cracks and fix holes on your roof before the wet season starts. So, keep that in mind when you get your next paycheque.

Spending money on exciting activities is certainly a lot of fun but don’t forget to prepare yourself and your family for the future. Start saving today and be ready for anything life may throw your way.

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