Wednesday, April 17, 2013

Why Is it Important to Save Money?


I have been busy this past few days so I was not able to update my blog. But here I am writing again to all of you. For the last 3 years, saving was not on my agenda. My mindset was why would I save if I can buy the things I want? Why worry for the future if I am still young and still want to explore the world? These are some of my questions in mind before but right now all of these questions has changed.

When my mother has been hospitalized all of a sudden last year, that was the point where I have no savings, at all. I have 0 savings on my bank account and no emergency fund. So that time I was forced to loan a certain amount to pay the hospital bills for mom and until now I am still continually paying it. It is not easy to have a debt but I have no choice that time.

So right now, this year I mean I have been started saving 10% of my income each month. I also started to invest in a mutual fund company for my future retirement. I am also saving for my emergency fund that I should really have in case of emergencies just like what happened to my mom last year. So slowly I am doing this and have to discipline myself more to achieve all of this.

I will enumerate at least 3 reasons why we should save:

1. Emergency Cases
In case of emergency like sudden hospitalization or out of pocket medical expenses, flood if your area was at risk of storm, job layoff and sudden loss of income.

2. Retirement
I am still 25 right now but this is my concern already at my age. I am worrying about this because my job is not permanent and anytime my income can be lost so I need to save for my future retirement. When we retire, we will probably need a savings or investments to take place the income I get from my job.

3. Education
I have a plan to take my master's degree next year or 2 years from now. I just like to learn more and want to invest in my education that anyone cannot steal from me. Education is something we should invest or save for our future.

So all of us must save right now!Not tomorrow or the next day, but now!

Hope you enjoyed my post.
Till next time.

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