In a hyper-connected, hyper-consumer society, spending, spending, and spending some more is easy! But, the problem with that is that it will leave you and your family inundated with goodies in the short term but left out in the cold in the longer term. Instead, you should be saving some right now.
We are all advised that there are things that we need to save for, like getting married, buying your first home, and a safe family car. But what about the rest?
4 Things You Should Be Saving For Right Now
Your Children’s Education
If you have children, you have likely thought about what they will do as they grow. Will they be the next Einstein? What about the next literary sensation? What about a doctor?
If just thinking about those possibilities gets you a little bit excited for what is ahead, then for their sake (and yours), make sure you are at least setting aside what you can for their education.
No one is asking you to cover the full amount, but the contribution you do make will make a huge impact. Check out what else you might be entitled to like, scholarships, loans, grants, and awards. After all, the kids are our future, right?
Caring for Elderly Parents
You might have slightly older parents and be fretting about how you will take care of them when they can no longer do as much as they once did.
Well, it will be to your benefit, and theirs, to check out home care costs in advance. Due to the higher cost of living in the last few years, it is becoming increasingly difficult for the aging population to cover the expenses with their retirement funds (as they once were able to).
So, set a little aside. Once again, it doesn’t have to be a significant contribution; a few dollars a week soon adds up.
This one has a little bit of a goal attached. Home and Car repairs are some of the most expensive and even more so because they tend to happen when you least expect it.
If the car suddenly stops working, it impacts many other areas of life, like the school run, getting to and from work, and having to scrape the money together means you likely have to cut back in other areas.
The advised amount you should have saved is around $2000. You can use automated saving bots or ‘skimming‘ to help you begin to build up that amount.
Save for You
What about you? While you are busy saving for everyone around you, see if you can save a few dollars a week for yourself too.
It might seem like you will have nothing left of your wages in the end, but set your sights on something to treat yourself to, and when you reach the financial goal for it, you can choose to keep saving or buy the item.
Saving might seem daunting at first, but it soon adds up if you do it in small doses. And you’ll be so proud of yourself.
Donna is a Content Creator, Marketer, Brand Ambassador, Social Media Consultant, former teacher, wife, and proud mom. Blog by Donna encompasses all that… she writes about family life and being a woman while weaving in articles about the brands and products she and her family love.