The Importance of Saving Money The Importance of Saving Money
We save, basically, because we can't predict the future. Saving money can help you become financially secure and provide a safety net in case of an emergency. Here are a few reasons why we save: Emergency cushion - This could be any number of things: a new roof for your house, out-of-pocket medical expenses, or sudden loss of income. You will need money set aside for these emergencies to avoid going into debt to pay for your necessities. Retirement – If you intend to retire someday, you will probably need savings and/or investments to take the place of the income you'll no longer get from your job. Average Life Expectancy – With more advances in medicine and public health, people are now living longer and needing more money to get by. Volatility of Social Security – Social Security was never intended to be the primary source of income and should be treated as a supplement to income. Education - The costs for private and public education are rising ever…
