7 Reasons & Benefits Why You Must Save Money
You have to agree with me that spending money is more fun than saving it. But we want to show you seven ways why saving Money is important and the benefits you will derive from it. Whether you are single or married a lot of the savings requirements apply to everyone.
1. Emergencies Happen
Everyone has experienced unexpected event at one time or another.
Emergencies happen in form of Health for you or a loved one, natural disasters, global pandemics, accident, home repairs, among others. Other emergencies are longer term like losing a job or not being able to work due an ill health or business closure whether yours or your employers.
Though we can’t control or stop the unexpected, we can prepare for it in the best way we can.
If you have no money in savings, you’ll probably end up borrowing from a friend or go into debt.
Having set aside some money can go a long way to help prepare for that eventuality and ease the financial burden if or when it happens.
Recommendation: use Money Market& insurance savings products- See write up
2. Major Purchases and Life Events
Getting married. Traveling the world. Purchasing a home. Having a child. None of these come cheap. Saving for such milestones helps reduce their inherent stresses and allows you to focus on
what really matters.
You may decide that you’d like to pursue a new career or buy a
certain asset or a perform certain event. Without having enough savings, that will remain just a wish.
Recommendation: use savings products to accumulate- see write up
3. Protect Yourself and Your Family
By building good savings habits, it makes it easier to protect yourself. Because saving money and taking a deeper look at your finances and your priorities can help you make the decision to
invest in more insurance, if needed.
And your family. Good savings habits allow you to save and pay for things you might not be doing now. Like life insurance.
Or basically covering yourself and
your family from financial distress if something were to happen to you.
Have you thought of what would happen to your loved ones and anyone who depends on you, if you (or your spouse) are not there tomorrow? Will your family be able to maintain the lifestyle you have set for them?
With a savings a life insurance in place, you will have peace of mind that you have taken care of yourself and your family.
Recommendation: use savings, education & pure life products to accumulate and term life-see
write up.
4. Education
They say the best inheritance a parent can give their children is a good education.
A good education equips them with skills and prepares them to face the challenges of life.
However, to ensure your children get the best education comes at a very high price and many sacrifices. That is why it is advisable to start saving for your children’s education early to make it a
reality.
If you don’t start early time will catch up with you and you will end up spending your
personal savings or using your retirement money to fill that education expenses gap.
A good education plan/policy will enable you start putting some money aside for this purpose as
early as possible preferably as soon as the child is born. This will help even little money to grow with time as the child grows.
Higher education becomes more expensive as time pass so as time goes it will be necessary to increase the monthly deposits into the education fund.
Recommendation: education & some savings products to accumulate-see write up
5. Retirement
Let’s Face It, No one will work For Ever- One day You Will Retire
As we grow older, our ability to work and earn more money to support our lifestyles decreases.
Even if with today’s health care and technology advancements, life expectancy has increased, no one will work forever; one day you will retire or stop running your business.
Unfortunately, your salary and business income will not retire with you unless you plan it.
Through savings you can create a monthly income using various ways once you have accumulated a lumpsum.
The myth that you only need a small % of your former salary during retirement is not true as other needs will set in. So, you will need to have started saving long in advance in order to accumulate a big amount. Saving now will assist you when work advancements are no longer realistic.
Please note most employers pension average 20% of your regular future needs. So, you
need to make your own arrangement to increase this amount.
Recommendation: use Retirement plans & savings products to accumulate and annuity & draw down, money market, wealth management for once your take your retirement-see write up
6. Respect for Self
When you save money, you have higher level of respect for yourself. You think about your future self and what you want in life. You respect the hours that you work, spending time away from
friends, family and passions. So by saving a portion of that time (money), you’re building a higher
level of self – respect.
If you just work!!! Work!!! and keep spending all you have and even have debts, you will not feel good about yourself. Especially when people you know and more so your family thinks highly of
you but deep down you know you have no savings anywhere and you live on hope that one day in the future you will be able to save.
Unless you start saving now, that feeling of not respecting yourself will persist.
Recommendation: use Money Market& money from matured policies-see write up
7. Reduce financial stress
Perhaps one of the things not considered as a reason to save money is to reduce financial stress.
Having to pay for something unexpected is stressful. But if you have a savings account for just those emergency expenses, it will help to reduce the stress.
If saving money hasn’t been a part of your financial habits, now is the time to start.
Everyone has to start somewhere. Saving that 2,000 or 3,000 at end of month may seem little but once you start, the savings habit will become part of your life and your savings will build up.
Recommendation: use Money Market & Savings plans products-see write up
One More Reason why You Must save
8. Forced Retirement
Do you know a lot of people wish to work till they retire but in quite a number of times that never happen. Why…. You could get an accident or a critical illness that prevents you from performing your daily duties. You need to be aware that it can happen to anyone.
Britam has solution for this.
Recommendation: Any of the Life Insurance savings products, critical illness, accident insurance, Your other accumulated savings
So, is saving money important to you?
Let’s get started…I know by now you are thinking… this sounds really nice but how can I actually do it?
I am here to tell you that Britam has all the products necessary to meet all the above goals.
Please call me/WhatsApp/SMS or send me an email to give you options of the available savings plan or send me your contacts I call you.
To call/SMS: 0757870191
Email: waitserah@gmail.com cc; serah@finplannas.com
NB: Tomorrow you will appreciate the decision you make today.
We can help you come up with a personal finance plan that clearly identifies your financial needs then we match it with the applicable products.