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

Tweet this now

 

Tip of the Day

  • Written by Guest Blogger | March 21, 2014

    Having emergency #savings may be the most important way to stay afloat financially. 5 Tips on how to start one: http://ow.ly/rswS2

Saver Stories View all »

Setting a Goal Leads to Success

Written by Super User | May 24, 2019

Growing up, Marisa’s dad had always talked about saving first, but she said she didn’t really internalize it until much later. “I was drifting along with no plan, carrying a little bit of revolving debt, saving some money here and there, but without a real plan for it.”

Read more...

When You Start Small, Saving is Easy

Written by Lila Quintiliani | August 12, 2019

When Attiyya first got married, she and her Marine husband had just graduated from college and were focused on paying off student loan debt. They had both attended private schools and had sizeable loans. Then three months after the wedding, the couple found out they were pregnant with their first child.

The first year of their marriage, says Attiyya, was a balancing act between paying down debt and saving for the future.

Read more...

Making Saving Automatic Leads to Personal Success

Written by Lila Quintiliani | May 27, 2020

Ryan’s savings journey started when he was an active duty airman. Frequent deployments and temporary duty assignments gave him the opportunity to save. By the time he transitioned out of active duty, he had built up a healthy rainy-day fund and had started to aggressively save for retirement.

Read more...