Great Advice on How and Why Should You Save Money
2. Vacations and luxury
You want to save money because you want to have fun in the future. If you save money, you can afford and enjoy exotic vacations which you have always dreamt of. Saving for holidays is a good habit as eventually you get rewarded. You may also want to buy luxury items for which you need to spend quite a fortune. So, save money for the SUV you always wanted to buy, or for the Playstation you want to gift your son on his birthday.
3. Repairs and renovation
You never know when the house you live in, the car you drive or the air-conditioner you use stop normal functioning. Also known as sinking funds, there are several other such items which may require repairs or renovation in the future. You do not want to be rendered helpless when your car stops running or when suddenly a crack appears on your bedroom wall. For such unexpected expenses, you should save money.
4. Your child’s education
Your child will have his/her own career choice and you want to be the parent who is able to afford his/her education. You do not want to tell your child that you do not have enough money to afford his/her education. So, you should save money for your child’s education so that you do not cast the burden of an education loan on your child’s shoulders.
All said and done, you should know that although the value of money decreases over time, it will always be there to support you in times of need.
