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4 Things You Should Be Saving For Right Now

By: Donna Chaffins | Date: May 15, 2018 | Categories: Money Talk, Savings

In a hyper-connected, hyper-consumer society it is easy to spend, spend, and spend some more! But, the problem with that is, it is going to 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 house, and a safe family car. But what about the rest?

4 Things You Should Be Saving For Right Now

saving

Your Children’s Education

If you have children, you have likely thought many times 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 possibility 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 regarding scholarships, loans, grants, and awards too. After all, the kids are our future, right?

Caring for Elderly Parents

You might have slightly older parents and be fretting about how you are going to take care of them when they are no longer able to 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 costs with their retirement funds (as they once were able to do).

So, set a little aside. Once again it doesn’t have to be a significant contribution, a few dollars a week soon adds up.

Unexpected Emergencies

This one has a little bit of a goal attached. Home and Car repairs are some of the most expensive around 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? Well, 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 if you do it in small doses, it soon adds up.

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