Hello all steemian
You may asking yourself why is it compulsory to save the money. If you have enough to lay everything you need, why should you worry about putting some money aside each month? There are the variety of reasons to begin saving money. Different people save for different reasons. Here are some reason that you may consider to saving the money.
One reason is for emergencgmy funds. It is important to have an emergency fund set aside to cover unexpected expenses. This could cover an unexpected car repair, improvement on your house.an illness or a sudden jobs loss. Ideally your emergency fund should be about three to six months of your expenses. In addition, you need to make sure you have a plan and good insurance in the place to help your survive the unexpected financial events in your life.
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Another important reason to save the money for your retirement. The sooner you start saving for retirement, the less you will have ti save in the future .you can put your money to work for you. As you continue to contribute overtime you will be earning more interest on the money you have.
A third reasons to save the money is for vocation or secondary items you buying and negotiating power goes a lot farther whrn you have a significant saving. You can save up for your tour to bali or europe. You negotiating power is stronger if you have cash in hand on bigger purchases. You can also negotiate the price of the car much lower if you arr willing to pay cash at the dealership.
But not least, the reason to begin saving the money is for your future education. Each year more people return to shcool to earn their master or doctoral degrees. You may also consider saving for your child's education when the times comes. Better education usually demand expensive costs.
From the reason mentioned above. It is unquestionable that saving money is a good habit and is a compulsory like an old proverb saying "forewarned, forearmed".