(collaborative post) Many of us are aware that we need to have extra savings stored away for various reasons but we’re not always clued up about what we should be saving money for other than that fabulous new handbag you really must-have. Saving is one of those things that we all need to look at doing at some stage of our lives. It marks our graduation into proper adulthood and signifies we’ve made it in becoming responsible adults. But, now that you’ve started saving, what are you saving for?
Here are a number of areas that you’ll find having savings will help both yourself and in some cases loved ones too.
Saving Money For Medical Emergencies
We’d all love to believe that if we get ill we can rely on the NHS to help us. The truth is that it can take ages to get an appointment, then you’ll be passed around from pillar to post, maybe even fobbed off, before they even find out whether it’s something serious or not. Been there done that! Sometimes having money saved up for medical emergencies can make all the difference between an appointment in 2-3 weeks and one later today or tomorrow. Let’s face it, money talks, and those that have the funds are seen so much faster.
Our Children’s Education
Many parents want the best for their children and for them to have a good life with a good job. In order to facilitate this, they’ll need a good education. Borrowing money means high-interest rates over many years. It’s not always easy for our children to study and earn enough to cover fees at the same time. Having some money stashed away to help them pay off course fees can really put them in good standing.
Car and Home Emergency Repairs
These things tend to happen out of the blue and at the worst possible time. Car and home insurance are important but won’t always cover what you need. Having a contingency account with money set aside especially for this can not only reduce the stress but also mean that the problem is solved much faster so it has a lower impact on our lives. If our work is based around having a car, for instance, no car no income. Thinking ahead can make these situations much easier.
Debts
It makes sense to save up as much as possible to pay off any debts. Interest rates tend to be high and the longer we remain in debt the more it ends up costing us due to the interest added. We often have debts spread around. Interest for each will differ. Sometimes consolidating these can help bring down the interest and also mean it’s just one payment rather than various you’ll need to allow for so less juggling and a much more manageable sum to pay off.
Saving Money for Periods of Unemployment
We’re not all lucky enough to have job security. Some have contract work which is highly paid but when it ends may leave them out of work for a number of months until a new job comes along. Some have found themselves out of work due to the current situation. Having funds to cover you through and allow you to pay for bills, food etc during these periods is vital. Having a designated account specifically for this can prove invaluable.
Retirement
Let’s face it, this government is squeezing every penny out of us that it can. The cost of living is going up but state pensions are painfully low. Some are at the stage where they have to choose between food and heating over the winter. Unfortunately, it is up to us to make provisions so that we have enough to support ourselves when we approach our twilight years.
Funeral Care
From the moment we are born our parents start spending money on us. When we die it costs money, but the cost falls to our family unless we have made provisions. The trauma of losing a loved one is hard enough to cope with. The financial impact can be crippling for those that are on a low income or have no savings set aside for emergencies. It makes sense to have funeral care prearrange where we can. It’s one of those things that are certain, it’s going to happen whether we like it or not, and having paid for funeral care prior too it happening takes the strain off the whole family. Think of it as a final way of helping loved ones.
Companies like Heart of England Funeral Care can take care of this. The glowing reviews on Trust Pilot make them the number one ranked funeral care provider in the UK. You know that your family will have all the support they need at this difficult time.
Investments
It’s all well and good talking about saving money but if you don’t have enough coming in then how can you possibly do this? One area where there will always be demand is property. It’s important to do research into the property you are considering investing in whether it’s a house or flat. The area, type of clientele you’d rent to, the cost, amount of work it needs to fix it up, and most importantly how much you can rent it for. It goes without saying, the nicer areas will be easier to rent provided your improvements are adequate and rent isn’t excessively higher. If you’re a first-time landlord fear not. You’ll find me post Tips for First Time Landlords a helpful and interesting read.
What are you saving for?
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Written by Melanie Edjourian.
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It is important to save money. God said when trouble comes when need to be prepared
I have been saving to give up my day job. I love this article because all of these life events happen and we need to plan for them. medical emergencies can be so expensive 😩
When I was younger, my mom used to always tell me to save for emergencies. Now, as a mom, I only think about saving money for my kids and their future. It’s funny how sometimes these things don’t cross our minds at all, yet they are super important.
Yup, true! We have a savings account and I always try to put money into it each month. You just never know what can happen!
In this day and age I think everyone needs to be saving for the unknown.
I think saving for future, for kids is the most crucial, I try to do that. I have say that getting rid of the debt is top priority but right now I don’t have and don’t plan on having it in future so
I have been saving money for years to buy a cottage but tbh i never thought about saving money for the funeral, you’re absolutely right, I should.
It’s good to rememeber what we should save our money for! It’s easy to forget about that! Hope your tips will help me a bit! 🙂
All these reasons are there where a person considers saving money for, obviously, this is necessary too. Many even save money for weddings, retirement, and old age. I am saving money to buy a house in a remote area, where there would be less chaos, a lot of snow. I purchase very thoughtfully these days. As per my shifting is considered, I’ll someday for sure achieve my dream!
I learned the hard way that having money for unemployment was key!
Emergency home repairs are for sure something I always have savings for. You never know when an emergency will happen, so saving is so important
Saving money is something I am trying to get better at, I am one of these people who can spend money so easily if it is in my pocket and that is something I definitely want to try and change, for all these reasons and more!
I think most people don’t taking saving money seriously and this is so important that we need to have some sort of buffer of savings available when the unexpected happens. Thanks for the reminder.
I seriously need to start saving money for retirement! I’ve almost paid off most of my debt so retirement is my next step.
Apart from children, I am pretty much saving for everything you have mentioned plus handbags and travels lol.
We try to keep some money aside for many of the bits you have said, however sometimes it doesnt always work out, but hopefully, i will be able to get back on top f this shortly.
There’s so much to save for. At the moment we’re saving for emergencies, car/ van maintenance and house stuff. But once we’ve got the house sorted I want to start saving for mortgage overpayments so we can clear it off as early as we can and for our retirement x
You are so right here, we do need to be saving more and personally I feel that saving for household repairs as a home owner is a must xx
I actually just had an emergency last week for which I needed money fast and I was thankful to my savings account, and that I had enough to sort things out and don’t worry about the near future. Everyone should save money, you never know when something will happen and you will need it.
We’re saving for a mortgage but it’s so hard with all the other life bills that get in the way!
I really should start saving . I do keep meaning to but I never get the chance to sort out my finances
There are so many things to save money for. You definitely need to remember to spend some having fun though!
great tips and totally agree having savings tucked away can be super helpful, especially in emergencies. I wish I had a bit more as employment is so uncertain at the moment. not saving for anything in particular at the moment though! x
It’s so vitally important to have a “rainy day fund” isn’t it? I wonder where the rainy day term originated? Anyhow, back on point, I’m currently saving like a crazy person for an emigration/mortgage fund as I plan to move to Ireland next year.
Great post, all points are very important to save up for. I’m currently saving for flat renovations!
I began saving for the first time earlier this year and I’ve done so well, I’ve managed to build up a six month emergency fund already! 😀