5 Reasons to Develop a Savings Culture

Posted on: 12th Oct 2020

Developing a savings culture is one of the best habits you can cultivate, however, it requires a lot of discipline. We have put together some good reasons why you should start saving now. See them below.

• For Emergencies

Accumulated savings will go a long way in helping you deal with any financial emergency that might come up like medical needs, car troubles, need a phone change, etc. Savings reduces the risk of you getting stranded.

• Helps Manage Job Loss

Losing a job is a traumatic experience. It is a huge crisis if you suddenly lose your job and you don’t have any savings. It will also be hard to get a loan when you have lost your job.
Life is a journey of an unexpected series, you want to always prepare for the unexpected.

• Prevents Debts

A lot of people resort to taking emergency loans when they have emergencies whereas, someone who has savings for an emergency can easily solve their problems without getting into debt.

• Financial Freedom

There is a special peace of mind that comes with the comfort of knowing that you are financially comfortable and can afford to take care of any financial emergency unlike living from paycheck to paycheck. With this you can think ahead of your children’s or grandchildren’s future, for best investment preferences you can check this ISA for grandchildren post here for more info! Also read this Investing Blog Source that can help you gain knowledge on trading your money.

• Retirement funds

One of the long term benefits of saving is that you won’t have to worry about making a living after retiring. Making sure that you save a small percentage of your income over the years can add up to a huge amount as your retirement funds. That way, you can actually relax after retiring and travel the world.

You don’t need to have hundreds of thousands to start, for a plan that offers you more than just savings, check out our Money Appreciation Plan (MAP).