Why save money? Here are four good reasons

Saving money, improving your financial life, building wealth. It all starts when you set a goal and make a plan to reach that goal. So what is your goal? Why should you save? If you're not sure where to start, check out these four reasons to save, outlined in the video below, courtesy of USAA Educational Foundation.

Reason 1: Life happens

One of the biggest reasons to save is to have money in the bank when something unexpected comes up. Sometimes when life happens it comes with a price tag that's bigger than we can afford to pay out of our regular cash flow. Having an emergency fund can give you the security and peace of mind that you will be able to cover these expenses without borrowing money or charging it to a credit card.

Reason 2: To avoid unnecessary fees and interest charges

If you save and pay for things with cash, you won't have to pay interest that comes with borrowing money or using a credit card. Learn more about managing debt and credit here.

Reason 3: For down payments on big purchases

The bigger your down payment on things like a car or house the more likely you'll be to get approved for a loan, and the less interest you'll have to pay over time.

Reason 4: Stress relief

Having money set aside can be a great stress reliever. When you're broke little things can quickly turn into big things and leaved you stressed out and frazzled trying to figure out how you're going to pay for them. But if you have some money saved up, you likely won't feel so stressed when things go wrong.


Are you trying to save money? Let Military Saves help you reach your savings and debt reduction goals. It all starts when you make a commitment to yourself to save. We'll keep you motivated with information, advice, tips, and reminders to help you reach your savings goal. Think of us as your own personal support system.

TAKE THE PLEDGE


Saving money can actually save you money. Check out these four good reasons to save courtesy of @USAAEF >> http://bit.ly/2DE3rpA

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Tip of the Day

  • Written by Guest Blogger | February 11, 2014

    #Save just 1% of your income this year and grow $250-$500 in savings by the end of the year depending on your salary: http://ow.ly/tvMwQ

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