Saving is easy, everyone can do it right? That’s what they say, but if life were only that simple. We all probably know that we need to save, but how many of us actually do it consistently on a regular basis? Probably not a lot of us.
If you’re not putting money aside each month ask yourself why. Maybe you don’t think you can afford to save, maybe you aren’t sure why you need to save or maybe you just need a little encouragement to get started. Well you’ve come to the right place.
Here are four good reasons you need to save:
It’s not hard to find extra money
The truth is saving isn’t hard…if you want to do it. If you avoid buying Starbucks everyday that’s $4 saved. Multiply that by 30 days in the month and you’ve just saved $120. Now that wasn’t hard was it. The exact same rule can be applied to any personal vice: ice cream, gossip magazines, lunch, manicures etc. If you just say no to extra spending even once a day you can easily save $100 each month.
You want to go on vacation
When is the last time you got away – even for a weekend? If you have family obligations, play dates and a household to maintain the answer may be “I can’t remember.” That can stop this year. Getting away from your normal everyday routine – even if it’s only for a few days – can be a great way to recharge and relax.
So often people don’t take vacations because they think it will cost thousands of dollars to jet-set off to an exotic location. But that’s not true. Going away for the weekend can cost under $500 depending on the destination, so research your options and book a getaway.
Your kids will eventually need to go to school
There’s no better reason to save than for your kids. A post secondary education is expensive and even though your children may have a part-time job they can always use a little extra money in their pocket. The earlier you start saving the more your money will grow with the beauty of compound interest. So open a 529 College Savings Plan and start investing for your child’s future.
It’s easy to get started
Saving isn’t rocket science. All you need to do is spend less and put that money aside into an interest-bearing account. Set up automatic transfers from your checking account to your savings account on payday and you’ll quickly see your savings add up. Remember that consistency is the key to long term savings.
If you really want to make sure you start saving, hold yourself accountable and declare your need to save on the internet. Enter a comment below and tell the world why you want to save.