Why do I need to save money?

Why Save Money?

  • You just got demoted at work due to budget cuts.  You’re making 38% less money than just one month ago.
  • You’re late to catch the train and you drop your laptop, shattering it to bits.
  • At home, the air conditioner is broken.  It’s 95 degrees out.
  • After dinner, while cleaning the dishes, your cell phone drops in the sink.  Done.
  • Your cat suddenly becomes ill after swallowing a fishbone.  Major vet expense.
  • You go to bed sweating, not only because it’s 86 degrees in the house, but because you’re worried there won’t be enough money to pay for your needs moving forward.

Saving Money in ChicagoIn simple terms, we save money because the future is unpredictable.  Our wants and needs change everyday, which makes it difficult to plan accordingly.  But if you can find a way to save money, stress levels reduce significantly by knowing you’ve saved for a rainy day, or for your upcoming vacation.

Some of the most common reasons people save money:

1. Down payment on a house – Placing 20% down on a home purchase will guarantee you won’t have to pay mortgage insurance.  You’ll also have instant equity in the home, and you’ll pay less in interest over the course of the loan.

2. Retirement – Eventually, you’ll be unable to work.  Or, you simply won’t want to.  Saving for retirement as early as possible will help to ensure you and your family can live comfortably during your golden years.

3. Emergency cushion – Things happen, and cannot be avoided.  Whether it’s unexpected car repairs or medical expenses,  you’ll need a financial cushion to pay for these occurrences.

4. Education – Education expenses are on the rise.  The more you can pay out of pocket, the more you’ll save in the long run.

5. Vacation – Everyone needs a vacation from time to time to relax.  Pay for your trip with a credit card, and you’ll be paying for it for five years.

It’s free to open a Savings account here.  Just become a member.

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