5 benefits of Saving Money
1. You’ll be financially independent sooner
Building up a savings nest egg through your Share or Ordinary Deposit Account can help you achieve this aim, as you could use these funds to help get on the property ladder, pay off Credit Card debts or even student loans.
2. You won’t have to worry if you’re hit with any unforeseen expenses
At some point all of us face a hefty bill we hadn’t planned for, whether it’s to repair your car or replace a broken laptop. If you’ve got savings in place, you can use some of these to cover costs, without having to turn to a credit card or personal loan to make ends meet.
3. You’ll have financial back-up in place if you lose your job
Suddenly finding yourself unemployed can be frightening, but it’s something many people will experience at some point. Having a savings buffer in place to help cover your living expenses while you find a new job can provide you with real peace of mind.
4. You’ll be prepared if your circumstances change
Getting married or having kids might be the last thing on your mind right now, but as you get older your priorities might change. Big life events such as tying the knot or bringing up sprogs will be that much easier if you’ve got some savings available.
5. You’ll be more comfortable in retirement
When you start the savings habit, it pays to think about the long-term, as well as what might be just around the corner. The Government pension is unlikely to provide you with enough income to cover all your costs when you eventually stop working, particularly as the age at which you’ll be able to claim it is moving gradually further away, so the earlier you think about retirement planning the better.
