Spending all that you earn can be fun, but so can finding yourself with a large savings account somewhere down the road. Then you can buy something you’ve dreamt of for quite some time, whether a boat, a new car, or something else entirely. Of course, you may also find yourself in need of some cash to send your children to college or to extend your own education.
Here are seven important reasons to set aside a little money each month.
- Save up for a house. If you already have a house, you can save up for a vacation home or enhancements to your existing home. You can also upgrade and move into a bigger home in the future.
- Save for a new car. You can put your money aside so the next time you buy a car, you can get the one you really want without breaking the bank.
- Save for an incredible vacation. Whether you dream of New Zealand, Hawaii, or a worldwide tour, keep saving your money a little at a time so you can one day experience the most amazing vacation of all.
- Save for a fun new play toy. Whether you like to go boating or prefer to go snowmobiling, wave running, or on another fun adventure, set aside some cash for a new toy the whole family can enjoy.
- Create an emergency fund. You should absolutely make it a habit to sock away at least three months’ worth of expenses for emergency purposes, in case you are ever out of work.
- Save for your child’s future. College is certainly not cheap, so be sure to set aside money to help your son or daughter go to a good school.
- Save for a rainy day. Seriously. You never know what the future holds or what opportunities may become available in the coming months and years. Set aside money for a rainy day so you don’t have to think twice if someone offers you Super Bowl tickets or the opportunity to go in on a new business venture together.
What other reasons do you save money? Share them in our comments below!