We all need money to get by in our day-to-day lives. Without money, we can’t do things like pay our mortgage, buy food, or keep our bills paid. A day will come, however, where we aren’t able to make our own money any longer because of age or illness. Therefore, it is important that we start saving for the future, to avoid putting ourselves in a tough spot later on in life.
When the time comes to retire, we must have enough saved up to live on for as many as 20 or 30 years. As a result, putting a large percentage of money away every year is a good idea, as we must account for inflation as well. There is no way of knowing what the future will hold, but money will certainly be a major part of it.
Kids and College
Another thing that is worth saving for is our kids’ education. College is more expensive than ever, so starting to save when our children are babies might be the only way to end up with enough money to comfortably pay for it when the time comes.
Rainy Day Fun
Should something unforeseen, such as a natural disaster, strike, it’s nice to have a nest egg put away to pay for repairs or anything else that is necessary to return to life as usual.