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+--- Thread: Why You Need to Save Money (/showthread.php?tid=12)
Why You Need to Save Money - admin - 09-18-2022
Saving money is important for several reasons:
- Emergencies: Having savings can help you to deal with unexpected expenses or emergencies, such as a medical emergency, a car repair, or a job loss.
- Financial security: Saving money can provide you with financial security, as you will have a safety net in case of unexpected expenses or a loss of income.
- Achieving your goals: Saving money can help you achieve your long-term goals, such as buying a house, starting a business, or retiring comfortably.
- Reduce financial stress: Having savings can help you reduce financial stress and anxiety, as you will have a plan in place to deal with unexpected expenses or emergencies.
- Retirement: Saving money is crucial for retirement planning, as it helps you to build a nest egg for your retirement years.
- Avoiding debt: Having savings can help you avoid taking on debt for unexpected expenses, as you will have the funds available to pay for them.
RE: Importance of Saving Money - cmoneyspinner - 09-24-2022
You can call it rainy day funds, emergency cash, Christmas savings, retirement nest egg. Usually what people call their "savings" reflects the reason why they are saving. You can come up with any excuse or reason to save. Just make sure you put money aside and don't touch it! Many people find it hard not to spend the money that they have saved. They fail the "marshmallow experiment". (en.wikipedia.org/wiki/Stanford_marshmallow_experiment)
RE: Why You Need to Save Money - Maria - 06-15-2023
You need to save money regularly. Saving regularly means, you save 10-20 percent every time you receive your pay check or payment. It does not matter whether you are employed in a company, self-employed or have a business, you need to save regularly. Let’s say you received $10, you can save $1-$2 from this payment, or you received $1000 from your company, you need to save $100-$200 from your pay check.
You need to save your money on high interest bearing saving account. You can also save your money as cryptocurrency, if you have high risk tolerance level.
When you save regularly...
You can build retirement funds gradually.
You can build emergency funds
You can build investment funds
You can build business funds
You can buy assets (a house for example).
If you save regularly for 10-20 years, and compound the interest, you will be able to use your money for various purpose. Saving regularly will make you financially independent.
RE: Why You Need to Save Money - Jason - 10-20-2023
I should save money but it's tough for me. In fact, I have to support a wife and kid and my math and science tutoring thing hasn't taken off. Well, I need a computer and it's tough to get manual labor jobs given my situation.
RE: Why You Need to Save Money - Ola - 06-08-2024
Saving money is essential for financial security. It provides a safety net for emergencies, helps achieve long-term goals like buying a house or retirement, reduces financial stress, and allows for greater independence. When you save, you can also start investing, thus , being able top grow your wealth over time. saving money builds a stable and secure future.