Hey moms, how much money have you put aside into a saving fund? If your answer is none or very little, then you might want to rethink your finances and start putting some money aside today. Or even tomorrow.
You see, there are lots of reasons why you should start saving your money, and we will have a look at some of them below. Read them, heed them, and then start to build your savings. You will be glad that you did, as both you and your family will benefit from your efforts.
Here are just a few of the reasons why saving money should be your priority:
#1: You will be less likely to fall into debt
If you have money saved up for the must-have and the nice-to-have things in life, you won’t have to sign up for a potentially expensive bank loan or take out a credit card to pay for the items in question. You will have the money available to pay for the things you want or need, some of which we will include below. And if you are already in debt? Well, if you start saving money now, you will be able to clear your debts sooner than you would have been able to otherwise. Financial freedom awaits you!
#2: You will have something to support you in an emergency
You need two saving funds really. One of them should be tailored towards your financial goals, and the other should be for those emergency situations that could befall any of us. Such as? Well, what if you lost your job? Or what if you had to take time away from work because of a health problem or injury? While you might be entitled to certain benefits if you did fall sick, and while you might be able to hire a personal injury lawyer to win back compensation if an injury wasn’t your fault, your emergency fund would still be useful as a fallback if you had no income for a while. Then there are other emergency situations to consider. Your car might need repairs. Your home could be hit by a natural disaster. You might need to take in an ailing relative. We hope these things never happen to you, but you can reduce the stress and financial burden you would be placed under by having money in place to support you.
#3: Christmas is coming!
It’s the most wonderful time of the year (according to the Christmas song anyway), but it’s also one of the most expensive. At the time of writing, we are only a few short months away from the festive period, but it doesn’t matter when you’re reading this article, as it’s never too early to start saving for Christmas. Your children will be bombarding you with their Christmas lists. You will need to stock your pantry with all kinds of festive goodies. Then there’s the tree to buy, as well as decorations, lights, and gifts for other members of your family. Many people get into debt over the Christmas period, or they are forced to live frugally in the months following the festive season. You can bypass this by having money in place to give you the best Christmas ever!
#4: You can take your family away on vacation
Okay, so the summer season is now behind us, but what about next year? If you had money saved up, you wouldn’t be forced to cut costs on your annual summer road trip. Or if road trippin’ isn’t your thing, you would have the money to take your family away on a dream holiday abroad. So, think about your bucket list destinations, get together with your family to discover their ideas, and make a concerted effort to save money to give you all the means to travel to the places you really want to see and experience.
#5: You will be able to support your children’s future
Of course, if you teach your children money lessons, they will one day be financially independent of you. Still, they might need help in some aspects of their lives, and if you could start saving for them now, you will be able to support them. So, you might want to put money away into a college fund, as they will then be less likely to fall into debt when pursuing an education. You might want to put money aside for their first car or their first home too. And it’s not only about funding your children’s lives. If you have money saved up for yourself and your retirement, your children won’t be forced to compromise themselves financially should you need extra care and support in the future.
#6: You can treat yourself more
Looking at your spending over the last few months, how many times did you treat yourself? Chances are, you might not have treated yourself very much at all, as the bulk of your money probably went on your children’s needs and wishes, as well as on your household bills. And while there is nothing inherently wrong with this, you need to remember that you deserve a little something now and again. With money saved, you could splash out on new outfits for your wardrobe. You would have the funds to go on a girls night out with your best mates. You could buy new decor for your home. And you would finally have the opportunity to buy any of those items that have long been percolating on your Amazon wishlist. You deserve the nice things in life too, so if you haven’t bought or done something for yourself in quite a while, now is the time to make those savings so you can focus on your needs and desires for a change.
So, if you haven’t started saving your money already, now is the time to put something in place. Put your spare change into a savings jar and store it away so you aren’t tempted to dip into it for things that don’t pertain to your saving goals. And open up a savings account, being sure to look for something that will accrue interest over time. You will then have the money stored for the suggestions we have given you on this list, as well as for those things that are personal to you and your family situation.
Take care, and thanks for reading!