If you want to be able to build up your money and try to set up some kind of secure financial future for both yourself and your family members then you need to start putting money away for that rainy day. You can’t keep spending like you are now and just buying things on a whim, so it would make sound financial sense to start looking into how you can put money aside every single month so that when issues come along that require financial input then you can easily navigate around them. We are living in quite difficult times all across Australia at the moment and financially, things could be a lot better and so now is the time to start saving some money.
You could look into a term deposit savings account that will allow you to get a fixed rate of interest over a two, three or four-year period. This means that you are guaranteed the interest rate no matter what happens and so this can go a long way to ensuring that you will have money at the end of the period and you will have built upon it. Our parents and grandparents have always told us to try to put away a percentage of our salary all the time and yet many people do not listen to this sound advice. The following are just some of the reasons why saving money can be incredibly important.
- Essential peace of mind – Knowing that there is money in your bank account and it is growing year-on-year gives you the peace of mind that in the event that a financial issue was to pop up, you would be able to handle it with ease and you wouldn’t be struggling like everyone else.
- Protection for your future – By putting away a certain percentage of your salary every single month, you’re taking steps to make your future a little bit more certain and more clear. If you start to put money away now in your 20s for example, then when it comes to retirement there is a lot of money saved for any care that you need and this just makes life easier for you.
- It could be an education fund – If it is your intention to get married and you have kids then one of the biggest expenses that you will run into apart from your first mortgage is your kid’s education. If you start to save now then you will have a significant amount of money put away and this will provide your kids with a better future.
It is important to have some kind of financial security as we move through life and so saving money will help to provide some kind of a cushion for you and your family members should you run into any financial difficulties later on. It’s important that you set aside a budget for saving out of your individual salary and if it is possible, 20% of your salary is a strong start.
Be First to Comment