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By: Kira Jonnson

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Monday, 1-Jan-1979 17:52 Email | Share | | Bookmark
Best savings accounts

Why saving is Very important

The best reason why saving is essential is because no one can foresee what will occur in the future. Your savings will have a profound impact on how you are going to live your life. This is the best option to meet your goals and make your dreams come true. Let us be practical and wiser today. With the rising number of unemployed folks, the problems in real estate business, and the global financial crisis, you have to be financially prepared.

You need to save for the education of your children. Having a family at this point is not easy at all. The basic necessities are really expensive especially the education of your youngsters. Planning and saving are very important because some things that will happen in life are unpredictable. No one can tell what you need in the future and the best option to prepare is to be financially stable. That is why you need to save.

Why saving is very important? It is essential for emergency whether it involves you or your family. You save for medical costs and bills, sudden income loss or job layoff, or for a new house roof. You need to set aside an amount for these emergencies. You do not want to be indebted just to pay on something that you need.

You also save for your retirement. When you retire at a certain age, you will have no income at all. You need to save so that you can invest on something. You can put up our own business or you can buy a new place that you can call as your own home. You can use your savings wisely to support yourself especially when you retire.

The average life expectancy is another reason you have to save. Now, there are new advancements in technology, public health, and medicine. People can now live longer and if you want to live longer, you need money to enjoy these benefits. Not everything is free; sometimes you have to pay for it to receive the services.

You cannot just depend solely on social security. The Social Security is volatile and it is not intended to be the prime source of living or income. This must be treated as a supplementary income. If you depend of your Social Security benefit, you will not be able to enjoy your life because sources are limited.

Let us accept the truth that without money, we are putting ourselves in other risks. For example you or a family member get sick and you have no money to pay your medical bills. You will end up getting a loan from banks or other financial institutions and you will be paying interest. If you have savings, you can cover these expenses.

Saving is necessary since we can never tell what the future holds, you won’t be losing anything if you save, and in reality you will enjoy the benefits of having some savings. It is also important to keep in mind there are many savings accounts to choose from therefore it is vital that you do some research and find the best savings accounts for yourself.


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