This year start a savings account…
Living paycheck to paycheck is a thing of the past. If you’re not doing this your wasting your time working. Here are the Top 3 Reasons you should be saving at least %10 of everything you earn:
#1: Rainy Day or Emergency Fund, is essential since no one can predict the future. Emergency funds are handy to pay for unexpected auto expenses, household repairs, and unexpected life/mortality related events.
#2: Large purchase items, have you ever wanted something so bad you could taste it? Things that fit this category are usually wants rather than needs. Saving for large purchases items lowers the requirement for using credit. Items that fit this category are house, investments, car, computer, surgery, and gifts.
#3: Decrease Anxiety, if you have skipped over the last two big reasons to save this is another alternative. Saving decreases anxiety in many ways. Knowing and feeling secure is a basic human need. Additionally, instead of living paycheck to paycheck you can focus on building and creating the life you desire.
How or for what reasons do you save? If you have some good idea please share in the comments.
Here are some more articles and Books to read on saving: