Why Save?

Written by David Dixon – 9/26/22

The bottom line is you’ll thank yourself later when you have savings to fall back on in tough times, emergencies, or disasters.

Just recently, in Southeastern Kentucky, there was a huge flooding disaster and folks lost everything. While insurance and other funds come into play, those things take time. This is an instance where having a savings account can come in handy to:

• rent temporary housing
• buy a car
• replace clothes and daily necessities, etc.

Another time a savings account can come in handy is during medical emergencies. The expense of staying in a hotel for a family member’s extended hospital stay or missing work and not having sick time can pile up. You do not want to be left moneyless.

Other Reasons Why You Should Save Money:

• Financial Independence
• Being debt-free
• Becoming a homeowner
• Purchasing a car or other big-ticket item
• Supplement retirement
• College expenses
• Traveling and experiencing all that life offers
• Being free from worry about expenses

Being financially secure comes from having savings. Setting money aside gives you peace, expands your quality-of-life options, and eventually can lead to retirement. Saving money is extremely important in these aspects.

With a combination of hard work, smart savings and investment decisions, you are one step closer to being one of those wealthy folks you see on TV.

“Save when you don’t need it, and it’ll be there for you when you do.”
— Frank Sonnenberg, The Path to a Meaningful Life

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