Do I Have To.Repay My.Check N Go If I.Lose.My Job The Advantages of Saving Money

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The Advantages of Saving Money

The ability to save for all the things you need will put you in a much better financial situation in the long run. It means you pay less for whatever you are buying and it will put you in a less stressful situation. Mind you, some borrowers don’t mind being in debt as long as they are able to pay it off.

The crisis comes when there is a job loss or some health problem arises and there is no money in the kitty to pay the bills.

A person who has set up their finances correctly will take these types of emergencies into account when making their financial plan.

Saving money is child’s play; here are the top five reasons not to borrow.

1 NO DEBT

Borrowing money for things you need or want drives you into debt. It means you are indebted to someone else. Sooner or later everything has to be returned together with interest. Debt won’t go away until it’s paid off, so there’s no point in burying your head in the sand if you’re in debt to your creditors. Creditors have every right to expect their money back, whether it is from the bank or other lender or from a family member.

2 COST OF THE LOAN

There is a cost to borrowing money and that cost is interest which is sometimes referred to as “dead money”. Paying interest on things you buy on credit adds to the cost of the item. The habit of buying goods on credit adds up to a huge amount over your lifetime. That interest money could have been used to build a nest egg. Commercial debt is the worst type of spending on credit because the item that was purchased on credit loses value over time. Another name for commercial debt is mortgage debt.

3 MONEY READY FOR EMERGENCIES

Emergencies crop up from time to time. Your car breaks down, your washing machine needs fixing, you have a toothache and need to go to the dentist, you need a new pair of glasses. There could be anyone for any number of reasons of financial emergency. If you have some money set aside for these, you can take care of these emergencies without worrying if you have the money to pay for them. Every responsible person has an emergency fund available to protect against financial shocks that may occur from time to time.

4 A JEWEL FOR THE FUTURE

Saving money means you are able to build a nest egg for the future. If you are a responsible person you will have a pension scheme of some sort where a portion of your pay goes into the fund. In New Zealand it is called Kiwisaver. I cannot stress enough how important it is to be a Kiwisaver subscriber if you are from New Zealand. Government incentives make this scheme child’s play. Your country will have its own scheme with its benefits.

5 TAKE ADVANTAGE OF SPECIALS

If you have no money, you will not be able to take advantage of the special offers. That doesn’t mean you should spend money on something just because it’s special. Your common sense and self-control should be employed here.

6 A DOLLAR SAVED IS A DOLLAR MADE

There is a saying that a dollar saved is a dollar earned. The truth is, a dollar saved is better than a dollar earned because you don’t pay taxes on a dollar saved, which you don’t when you earn a dollar. Every dollar you save can work hard for you in whatever investment you put into it.

A competent money manager won’t have room in their vocabulary for words like debit, credit, credit card, loan, layover, or hire-purchase. In reality these are all dirty words for the person who wants to get ahead financially.

That said, there may be times when it may be worthwhile to borrow money.

But…

And it is very big but.

You have to be absolutely sure it’s worth it.

Take a student loan for example; You must be absolutely sure that the type of work the course qualifications assist you in is something you really want to do, otherwise the whole course will be a waste of time and money.

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