Savings are funds that you put aside and don’t spend.
Life can be full of surprises, both good and bad. Building savings is a great way to make sure you have cash available for emergencies, unexpected bills, medical expenses, and future goals.
Most importantly, savings are key to building a lifetime of financial security.
Savings give you a cushion when life happens. Saving is also a crucial habit to develop if you want to build a foundation of financial security—because you’ll never get rich if you spend more than you earn. Some of the additional benefits of saving include:
Saving money is a great habit to get into. Keeping your hard-earned stash in a dedicated savings account also comes with certain benefits, including:
In order to save, you have to spend less than you earn. Trimming back on treats is hard, but over time it can really add up.
“Do not save what is left after spending, but spend what is left after saving.“
Here are some hacks to help turbocharge your savings:
Savings are funds that you don’t spend and instead keep safe in a bank or other account. Building up savings helps you create a foundation of financial security, and learning to spend less than you earn is a vital habit to build if you want to raise your financial fortunes. That said, give yourself a pat on the back every time you meet a savings goal. Saving is hard!