4 Biggest Reasons You Need Savings

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Many people may have heard at one point or another that it’s important to have a savings account.  However, they aren’t yet quite convinced enough to do it.  It’s tempting to want to use the p=money that you have in front of you and use it for yourself in the moment rather than put it to the side.

However, when you look at all of the situations which you could potentially need savings, you may just be convinced that it’s time to start putting money away.  When it comes to the most common situations when you may find yourself needing a savings account, here are the ones that stand out most.

Unexpected Repairs

You never know when something in your house could break down unexpectedly.  Whether its servicing and maintenance or something breaks down entirely and needs to be replaced, you can be sure that it’s never going to be cheap.

Sometimes regardless of how well we try to take care of our belongings,f we don’t have control over their shelf life.  Nothing lasts forever, so it’s important to be prepared for when things are eventually worn out.  Having a bit of money to draw from in order to pay for it without stressing out will do you a world of good.

Health Emergencies

Sometimes when things go wrong like falling and breaking a bone, finding out we have an illness, or we encounter dental issues, it can be a shock to see the price tag attached.  Knowing that you have money that you’ve put to the side for situations like these is ideal.

Many people who don’t have savings which they put to the side find themselves putting off going to the doctor because they can’t afford to fix the issue.  However, when this happens it can cause problems to progress even further and lead to even bigger issues.

Unexpected Travel

There may come moments where we find ourselves required to travel unexpectedly.  This can usually be because of a death in the family, or perhaps another kind of emergency or unexpected event which makes us have to travel last minute.

Last minute travel is expensive in and of itself, but you also have to calculate the living expenses that you’ll need once you’re there and the time missed from work.  Having a savings account which can cover this will make it so you can focus your energy on taking care of business rather than stressing about how you’ll be able to pay for it all.

Saving For Your Future

As we get older it becomes more difficult to work and earn a living.  Therefore, putting aside savings which will be there for us when we aren’t able to work anymore is ideal.

Try to find places to put your savings which will grow in interest and create an even bigger financial cushion for you as time goes on.


About Author

Fiona is a stay at home mum of 3 and a wife to a city banker. In her spare time (when not looking after the kids) she enjoys running, blogging and taking the digs for long walks.