Reasons Why You Should Save Money
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Reasons Why You Should Save Money

Posted on Tuesday, October 23rd, 2018 at 7:00 am
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There are plenty of ways that people can start saving money. You’ve probably heard quite a bit of advice about how to do it. What you may not have heard are the reasons why you should save money. Here are a few reasons to consider.

To Make an Emergency Fund
An emergency fund is an important thing to have. It is money that you intentionally set aside to use in case of emergency. Use the emergency fund money to pay for an unexpected car repair, a medical bill your health insurance won’t cover, or to pay bills after losing your job.

How big should your emergency fund be? The minimum should be either two weeks pay or $1,000 (whichever is greater). There is an online Emergency Fund Calculator that can help you figure out how much you need to save.

To Buy a Car
Are you going to buy a new car? You will need to have a down payment in order to get a reasonable interest rate. Save up as much as large of a down payment as you can afford. It might be better for you to buy an affordable used car (that doesn’t need a lot of repairs) than to buy a brand new car.

To Pay for Travel
Thanks to the internet, we are able to stay in touch with friends and family who live far away from us. Travel can be very expensive. Plan ahead and start saving money to pay for airline tickets, hotel rooms, and unexpected expenses.

Many people meet up with friends who live far away at conferences. Doing so will require money for travel expenses, food, drinks, and to buy some of the interesting stuff that is sold at the conference. In other words, you are saving money to ensure you have a great time with your friends.

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Good Tip: Saving money is important – especially if you have a lot of expenses like bills to pay, loans to pay off, and all the other things that drain your bank account. Figuring out a way to save money can feel tedious to some, and like a punishment to others. U.S. News suggests that you try one of these money saving challenges. The “No Eating Out for a Month” Challenge This one is self-explanatory. The goal is to avoid eating out for an entire month. This might be super easy for people who enjoy making meals at home. People who really enjoy dining out, or ordering food to be sent to their home, may struggle with this one. It’s worth a try because spending money on take-out is more expensive than buying groceries. The Pantry Challenge This one is a variation of the “No Eating Out for a Month” challenge. The goal is to use up all of your groceries before you buy more. It forces you to try and remember why you bought a food or beverage that you don’t know what to do with, and gives you the opportunity to find a way to use it. The one exemption to this challenge is the foods that have expired. Don’t eat them! Throw them in the trash. The “No Spend” Challenge Make a goal to avoid spending money during an entire weekend. The only exemption in this challenge is that you are allowed to pay bills. This challenge is interesting because it requires creativity. You must be creative and find workarounds for problems that you would typically solve by spending money. You may have a different outlook on spending after finishing this challenge.