The Importance of Saving Money

I am talking about putting money in savings. Saving money is essential when it comes to building wealth and securing your financial future.

The goal is to put 20% of your income in savings. However, life happens. It‘s okay if you can't do the 20%. Do what you can, as much as you can. Even if you can only put away $50 or even $10, you have to start somewhere.

Another reason to save is for an emergency fund, or"rainy day." It gives you control when something happens that is out of your control. Do you have a roof leak? This would be something you could use your emergency fund for. Did your A/C unit stop working? Emergency fund. Did your tire go flat? Emergency fund. Ask yourself these questions when deciding if you should use your emergency fund: Is it unexpected? Is it urgent? Is it needed? Having a safety net is something everyone should have and you can start today!

Try to start with $1,000 in your emergency fund. If you don't have any debt you can add more money to it. The goal is to have 3-6 month of expenses worth in this fund. You will be ready for anything to happen.

Lastly, saving money can provide you an opportunity to enjoy life. No matter how much money is made you will always stress about it. As long as you are careful you can have so much fun and make great memories. We like to put money in our savings for trips we want to take. This ensures that we can have fun and afford our trip.

Don’t overspend and save. I know it is so much easier said than done because I struggle with this, but let’s work on this journey together.

E