It’s a fact that each and every one of us needs money to survive. So it’s also equally important to save. Saving money allows us to be ready for anything life may bring. It’s most essential for emergency cases but it’s also necessary on important and events whether expected or unexpected. If you want a more specific reason to start saving, here are some:
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1. Emergency Situation
Have you imagined yourself being in a situation where you need immediate cash to address a certain problem but, you don’t have enough budget, or worse, you zeroed out your savings? Gathering money on a short notice is nothing but financial and emotional stress.
2. Major Life Changes
There are events in life that are foreseeable, if not, planned. The earlier you’re going to save for these kinds of events, the better.
Weddings of any kind are expensive. From your clothes to the reception and church, you will need money from it. Or, that would force you and your “Spouse-to-be” to settle for the kind of wedding that isn’t ideal or not the kind that you really, really want. Also, what’s even more expensive and what you need to be more prepared about is your life after that day. The marriage itself – your everyday expenses, you are something you should be prepared on. The lowest wedding expenses could go is around PHP 100,000
It’s agreeable that sometimes pregnancies are unplanned. But still, it cannot be considered as an emergency situation because you have a maximum of nine months to save. But if you have saved for it even beforehand, that would be easier. The cheapest maternity could cost around PHP30,000 on private hospitals.
Set aside money for education. It helps us sharpen our skills set and develops all our other abilities. Increasing your worth is part of earning more credentials especially if you’re in the field where your earnings are dependent on your education. It is important to set aside for education because it is basically investing on yourself.
Who doesn’t look forward to owning properties someday? It’s a one of the best things you could give to your family – home, business and other things to secure their future. That ‘someday’ is dependent on you. If you start saving now securing your family’s future is more attainable.
The main point why you should save money is to ensure a great future for you and your loved ones especially in the time where you are no longer active in earning money. Make sure that when you’re still active and when you have the ability to produce money, make the most out of it. Also, retirement doesn’t mean it could happen only when you’re old. The earlier you start saving, the more comfortable your retirement would be.
Saving relieves our readiness for any unforeseen or expected events in our life. All of us have the capacity to save; the only question is when to start. When do you start saving? NOW.
With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.