Ask Away Blog: What Should You Be Saving For?

What Should You Be Saving For?

Wednesday, October 28, 2020

 

Now, a lot of people don’t tend to put things away for a rainy day, simply because they have no clue what they need to save for, and don’t have any concrete plans for the future. And while everyone has the right to live life their own way, it’s good to know that somethings are going to cost you, and to have the foresight to put a safety net behind you in case your finances fall. And if you tend to be one of these people, here are a few ideas about what you’re going to need money for in the future. Why not start saving for them now?

Even putting a few pennies in the piggy bank could make a difference! (Pexels Image - CC0 Licence)


Emergencies

Saving for emergencies is essential, no matter who you are or where you live. After all, you never know when an accident may occur, or if you will lose your job, or if the roof of your house will suddenly cave in, and you’ll need a bit of money to smooth things over.

A good emergency fund has at least 6 months worth of wages in it. So if you want a goal to reach for the emergencies you might have to deal with, try putting this amount away in the shortest (and safest!) time possible.

A New House

A new house is a big thing to save for, and it’s a financial goal for millions of people around the world. Of course, it’s been said that affording your own home has gotten harder and harder in the modern era, but it’s still something that you could turn your saving savvy towards.

You’re going to need a number to aim for, so you know when you’ve reached your goal, and how long it might take. So, think about the kind of price range you’d ideally like to work with. Tap that number into a website such as MortgageCalculator.Org, and think about the kind of deposit it’d need, and watch as average mortgage rates and possible lenders are pinged back to you.

Your Children’s Future

And if you’re someone who’s keen to start a family, or you have very recently, saving for your kid’s future is definitely a worthwhile savings goal! They’re going to be up against a lot when they grow up, and this will be made a lot easier by their parents’ efforts to give them a safety net.

And seeing as there are specialised children’s savings accounts out there, you could even open up a bank account for them, that they’ll have access to when they’re 18 or older. Even $15 a month for those next 18 years will make sure they have just over $3000 to their name!

You should be saving for a variety of things, but make sure you’ve got a strategy for doing so, and that you’re not risking the life you’re living in the here and now. Save what you can, and thank yourself later!



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