subject: Why It's Important To Save More Money Every Month [print this page] One of the best things you can do for your financial situation would be to save money every month! I personally recommend that you save at least ten to twenty per cent of your monthly pay to see some really good results. I know that this amount is not the law, and would be altered to suit the different circumstances available, but the main thing is to save. At all costs, save money every month!
Saving has been defined by many people, but there is one particular definition that I like, and it simply says: saving is the act of paying yourself. Since you practically spend all your money paying others for their goods and services, then you would welcome the idea of paying yourself too, I bet and hope, too. However you might be wondering why the hullabaloo, and why is it so important to save in the first place.
I am going to give you a brief introduction to the many reasons you can have for saving money.
You can save for future emergencies: You see, a lot of things happen in this world, and they might occur at the least convenient times, and that is why they are called emergencies. For instance, the car could unexpectedly have broken down, the kid could have fallen sick, or the house might have caved in.
Some emergencies of course could be shrugged aside, but there are also others that you cannot look past. If you have such emergencies that cannot be ignored, you would need a little extra money to sail past the danger hour. If however, you have not made the adequate preparations for your emergencies, you can suddenly fins yourself in a big pit of debt so fast you would be wondering when you got in there.
I would give you this rule of thumb it might take you three to six months worth of income to crawl out of one emergency pit. This kind of amount of money is total, and should not even include savings if you never had the savings in the first place to start with.
Another reason to save is quite obvious: Debts from Debit cards. Are you struggling with debt from a debit card? Well, if you have been saving some money every month and the good thing is that this amount can mercifully be lesser than that set aside for the incurrence of emergencies then you can safely make use of the savings to handle the debt situation, saving on your monthly interests payments and save your credit card rating and your neck.
If you need some luxury items also, you can use your savings to acquire them without totally killing yourself and damaging your cash at hand. Therefore if you want to go on that vacation or get that new car, then the savings might your best way to soften the pinch. If you want to enjoy the benefits that can be gotten from some of the luxury items, then you would need to save, and in my opinion, the best saving method is to save money every month.
by: Dan Cavalli
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