The reason why we save is simple. We, as consumers, save because we cannot predict the future. If we could, we probably would never have money problems at all. Instead, we would know precisely how much money we would need for the things that we want and need in the future. But because none of us can truly see what our financial status will be in five years, it is absolutely crucial to develop a strong saving discipline.
Here are some key goals that everyone should consider saving for:
Emergency Fund - You know the reality - if you don't plan for it to happen, it will. That is why it is crucial to have an emergency fund for the things you may not ever want to think can happen. This can be a bout of unemployment, a foundation repair on your house, uninsured health expenses or a sudden loss of income. Set aside money today and avoid falling into debt when you are the most in need.
Education - Education costs, whether private or public, are growing yearly. Saving now can alleviate much of the burden in years to come.
Retirement - You probably intend to retire someday. It isn't as easy as you might think, however, as there are a few factors to consider, like:
When you do not put money away in savings or investments, you may open yourself up to other risks as well. Emergency situations are just that - emergencies. So don't get caught unprepared.
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