Savings
Why Every Adult Needs One
In 2020, a pandemic shut down the world.
Here we are more than three years later, and nothing is the same. Even though, in theory, we should be back to “normal”.
Everyone thought that once the pandemic was over, life would return to normal. Stores and businesses would open, and life would be just as bustling and happy as it once was.
But we were wrong.
Unfortunately, that didn’t happen. The economy has never recovered, and in fact, has only gotten worse, for a variety of reasons.
We are all looking for ways to survive, and saving money is the farthest thing from our minds.
But it should be more important to everyone, because IT IS IMPORTANT. In fact, the first bill you should pay out of every paycheck…is the “you” bill. Even five dollars into a savings is better than nothing.
I can't afford my bills How can I save anything? And why should I even try?
I pay my bills every month and I occasionally have money for treats and fun things. So, what’s the point?
There are so many valid reasons that you should be saving money for your future.
You should, at the very least, have a retirement account and a savings account.
But why?
Because…
no one can survive on social security alone.
Because…
Life happens- Cars break down, washing machines break, tires blow out, kid needs field trip money or new shoes. The number one reason to save is that life happens, and when it does, it is always expensive.
Most financial specialists recommend every household has savings that contain enough to cover 3–6 months’ financial obligations. That way you have a buffer should there be a job loss or death in the family.
Money makes money: we can invest savings into an IRA, 401k, CD’s or even in low-risk stocks, so that it earns for you as you save.
Retirement happens quicker than you think. You may be 20, 25, even 30 and think that you have plenty of time. I did too… Trust me.
One day you are taking shots until 3 am, and at work by nine. The next day your Saturday night is a glass of wine, heating pad, and a good book or movie. And it happens quicker than you think. Which is why a retirement plan/fund is important. If your job doesn’t offer one, find a local financial planner and get a consultant and have them help you set one up.
Ability to make large purchases.
Having savings also means that you can make large purchases without going into debt. If you need or want a new car, you have the down payment. If your dream house goes up for sale, you have the down payment. If you want to take the family on vacation, you have the money to do so, without adding to your credit card balance.
Security and peace of mind
One of the biggest reasons to save, is the peace of mind. Knowing that should an emergency come up, that you will not be “screwed”, because you have savings to fall back on.
Which is even more important in today’s uncertain economy. Because so many do not realize that we are all just one emergency from being on the streets. One work/car accident, one lay off, one broken bone, one broken car from being out of work and on the streets.
There are so many good reasons to save money, but the number one reason to save is that it’s an investment in your future wellbeing. It ensures the “one emergency” doesn’t get you, as it does so many others.
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Rowen is a mother, Wife, Domestic Violence Victims Advocate, community volunteer, and nature lover. Most of her time is spent with her family or volunteering in her community. Rowen has a degree in Psychology, with a concentration in Family Counseling and Minoring in criminal justice. Writing has been her passion since high school, and she enjoys using it to help others.
