Living within your means and spending less money than you make is the most fundamental rule when it comes to saving money, yet in our modern credit-based society, the art of saving seems to be getting lost in the mix.
Do you really want to be trapped in credit your whole life? Think again, here are the top four reasons why you should start saving.
- You’ll be prepared if your circumstances change
Many think that their job is secure, but we tend to forget things could always go wrong. You could suddenly lose your job, your business could dry up, or you might be injured either physically or mentally which will result in you not being fit for work. Any of these things can happen to you. It is much better to anticipate a worst-case scenario and have some money saved.
- You won’t have to worry if you’re hit with any unforeseen expenses
At some point in life, we have all been faced with a hefty bill we hadn’t planned for, whether it’s to repair a car or replace a broken phone. If you have got savings in place, you can use some of these to cover unforeseen costs, without having to turn to a credit card or personal loan to make ends meet.
- You’ll have the freedom to pursue your dream career
Have you ever known somebody that was stuck in a job they hate, because they didn’t have the financial freedom to quit and pursue something they enjoy? Well, if they had enough savings, they wouldn’t be stuck in that situation.
Savings gives you the freedom to quit a job you hate and pursue your dream career. Take control of your life by saving and not living from paycheck to paycheck.
- You’ll be financially independent
Knowing that you can take care of yourself under almost any circumstance gives you a true sense of independence and freedom. The less you save, and the more debt you accrue, the less freedom you will have, this can become stressful and frustrating because you will realize that no matter where you go things will always cost you, and in most cases the better the product the more expensive it is. So, if you want to be financially independent, unchained, and have more options you need to strengthen your savings.
Remember, you don’t need to have thousands of pounds available to start the savings habit. Even putting a small amount aside every month can make a real difference over the long term. Lots of savings accounts can be opened with as little as £1. It’s never too late to start saving. Start building your saving today to secure your future.
Here at outsourced ACC our specialists can provide expert budgeting services in an easily understandable manner. We’ll work with you to understand your revenues, cashflows, and expenditure to deliver a budget report for you.
Call us on +44 (0) 208 249 6007 or email us at [email protected] to enquire. Our friendly team is ready to assist you!
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Written by Athmeka Lakshman