Published On: Wed, Mar 29th, 2017

4 Reasons You Should Always Have Savings

Most people know that it is prudent to have savings.  But how many people actually know why?  Besides it simply being “the right thing to do” there are a variety of very important reasons you should have money on hand to be able to draw from.

If you don’t prepare yourself for certain situations you risk putting yourself at risk for panicking and having to borrow money or worse, not be able to come up with the funds at all.  Here are some of the biggest reasons you might need savings on hand.

For Unexpected Expenses and Repairs

You never know when something can go haywire or break.  Whether it be your car which needs to be fixed unexpectedly, or maybe you need to repair your roof.  There is no way of telling when something can break down and require repair or replacement as soon as possible.

photo/ Public domain pictures via Pixabay

Unfortunately, rarely do these things cost a little amount.  It always seems that if something is going to go wrong it is going to be big and expensive.  Save yourself the trouble and have a nice pocket of cash put aside in case something you rely on needs repair.

For Medical Emergencies

Sometimes we can’t anticipate when something will go wrong with our health.  Even if we are the healthiest people with the most ideal of diets, regular exercise, and look both ways before crossing the street, you just never know when something out of the blue can go wrong.

Therefore, having some money in case you get injured or require medical attention is important.  If you don’t have insurance, you will want to get some as well.  The cost of dealing with a medical emergency when uninsured is astronomical in comparison to the cost of monthly payments towards an insurance policy.

For A Last Minute Trip

Sometimes you see a last minute travel deal that is just too good to be true and you click the purchase button before you can even realize what just happened.  Or perhaps a family member or dear friend needs you to come to where they live at the last minute.

Sometimes you can never be sure exactly what the circumstances will be but you can be sure that travel costs are never cheap.

Rather than stressing out over running your credit card bills high, do the responsible thing and opt for keeping some savings aside instead.

For Money Towards a Big Purchase

Sometimes savings is nice to have when you see something that you just have to have.  Knowing that you have the capability of buying it is an empowering feeling.  You work hard for your money, so being able to put money aside to enjoy life’s luxuries is something you should feel great about.

Author: Anna Johansson

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