If you want to be financially prudent, there are a number of things that it makes sense to save up for if you do not already own them or are not already doing so. By saving up for them, you can save more money and more problems in the future.
With that in mind, let’s take a look at 6 things it makes sense to save for the most right now:
1. A Car
Sure you can take out a car loan, and perhaps you already have, but doing so is an expensive way to own a car If you start saving up to buy your very own car in the future, then one day you won’t have to worry about car payments or interest and you will just own your own vehicle outright to do with whatever you wish. Wouldn’t that be nice?
2. Your Funeral
It might not be nice to think about, but we are all going to die and when we do, we want to make things as easy financially for those we leave behind. That’s why it’s worth joining a Funeral Coop and saving towards your funeral now that it is to have to worry about it near the end, or leave it to your family to worry about when you are gone.
3. Your Retirement
Of course, before you pass on, chances are you are going to spend a lot of years as a retiree. If that is the case, saving as much as you can right now will mean you get to live out retirement in comfort, and maybe even that you will be able to retire sooner than your peers. Invest in your future today.
4. A House Deposit
If you do not already own your own home then saving for a deposit so you can get a mortgage is sensible. Rent costs a lot more each month than the average mortgage, and it is wasted money in that you do not build up any assets like you do with a home of your own, so start saving right now.
5. An Emergency Fund
Having an emergency fund is really sensible because it gives you a financial cushion for when things go wrong, such as losing your job or your dog is sick. It means you are less likely to have to use credit to get by, which means no interest and no sleepless nights worrying how you will pay it all back.
If you have kids, or even if you are simply planning to have kids in the future, then starting a college fund for them as soon as you are able is smart. College is only going to get more expensive as the years go by and if you want to give your kids the best start in life, investing as much as you can in a college fund will give them the best start.
Saving for these things now makes real financial sense so what are you waiting for?
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