What Incentives Do You Need To Start Saving?

Saving money should be a priority for all of us – but we are emphasizing the words ‘should be.’ Because how many people actually make a concerted effort to do so?

Some do, and some don’t.

Some people live for today without a lot of thought about tomorrow.

Some people struggle to know how to save.

And some people seem to lack the incentive to save.

Are you ‘some people?’

If you don’t know how to save, it’s really not that difficult. Even if you put aside $5 a week, that’s better than nothing. Grab an empty jar for your loose change, shop around for a decent savings account, and use some of our tips on saving money, as well as seeking other advice online.

You can save money, so perhaps it’s time you did!

But why should you save? If you need any incentives, think on these things.

  • What if you need money in an emergency? While we advocate setting up a savings fund, you might also squirrel a little way for an emergency too. You might need to pay for health care. There might be repairs that need doing in your home. Your car might break down. You might even lose your job. We can’t always predict what tomorrow will bring, and if you haven’t bothered to prepare for an emergency, you might financially struggle.
  • What if you want to treat yourself? Sure, you might already fritter away your money on the small luxuries in life, but do you have your eyes on something bigger? Is there a holiday you have always wanted to go on, but never had the money to do so? Are you tempted by such car deals as these new Vauxhall offers, but reliant on used car lots because you don’t have the means to pay for the latest models? There are some things worth saving up for, but if you don’t have the savings, you won’t have the money to budget for monthly payments or to buy something outright.
  • What about your family? There might come a time when your kids want to go to college. They might want to get married and have children of their own. Your children might need help getting onto the property ladder. As the parent, you might want to help them financially with any of these things, but if you don’t have the savings, or if you haven’t bothered to open a savings account for them, then they might struggle financially.
  • And what about your retirement? You probably don’t want to continue working after retirement age, but you might have to if you haven’t saved enough money to help you retire comfortably. There might be things you want to do after retirement too, such as moving into a new home or taking a once-in-a-lifetime holiday, but if you don’t have the savings, you won’t be able to.

So, what incentives do you need to start saving? If you already have savings in place, then well done you. But if you are one of those people who hasn’t bothered to save thus far, then it’s time to think about your life. We have given you a few incentives to spur you on; each one of which could be considered a necessity. Today then, start to put a plan into action. Plan for tomorrow, rather than squander your finances today.

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