Archives for January 23, 2019

Reasons Why You Should Start Saving Now To Better Your Family’s Future

saving for familys future
Working towards the future, there are all kinds of goals we might have in mind for our family. Invariably, many of these goals will be centered around our finances, because if we don’t have the money in our bank accounts, we might inhibit our future and our family’s future later on.

By setting saving goals early on, you can work towards bettering your family’s future today, for the benefit all of you.

#1: Saving for those nice-to-have things your family wants

You don’t need money to have a good time with your family, but let’s admit it, a bit of cash in our pockets certainly helps. Set goals for something specific then, such as those bucket list travel destinations you have in mind, or on home improvements, such as a games room for you and the kids, and you will all benefit. Memories will be created, fun will be had, and you will create bonding moments that will strengthen your relationships.

#2: Save your money for those important life events that may affect your family

Your daughter’s wedding? Your children’s college fees? Moving your family to a new home? Some of these saving goals may not be set in stone at the moment, but they might be one day. The sooner you start saving your money, the more you will have to support yourself and your children when these life events start becoming a reality.

#3: Save money to support yourself after your retirement

You don’t want to be financially dependent on your children when you are older, so you really do need to consider your retirement, no matter how far away it might be. By doing so, you won’t have to carry on working, you will be able to enjoy your retirement, and if you need extra care as you get older, you will be able to afford care homes such as Porthaven instead of landing yourself on your children’s doorstep.

#4: Save money to pay off your debts

If you are forever burdened by debt, you might not have the means to buy those nice-to-have things for your family, or for those important life events that may happen en route. You won’t have the means to put a lot of money into your retirement fund either, and that will limit your lifestyle later on. Debt can inhibit you in lots of different ways, so to ensure you aren’t beholden to them forever, start to put extra money into your savings to clear your debts, and use the debt advice here to climb out of the debt pit sooner.

#5: Save money for those emergency situations

Ideally, you should have two saving accounts: one account for your expected saving goals, and another for those life events that are unexpected. Your car might break down, for example, or you might lose your job. These events can eat into your regular savings, and that can scupper your family’s short and long-term future. Therefore, set up an emergency fund for those ‘just in case’ moments, and despite the personal setbacks, you might be able to soften the financial blow.

So, have you set up a savings account yet? We hope we have given you sufficient incentive here for you to do so. Shop around your local banks if you haven’t already done so, consider the advice here, and then start putting money away. Your family’s future depends on it!

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