7 Reasons You Should Save Money Aggressively

  • Stuff happens and its tied to a bit of psychology

Save money aggresively because emergencies happen all the time. It doesn’t matter how well you maintain your car, your home or your body. Something can go wrong at any time that requires money. In some cases there will be insurance, as in the case of health. But, even with health insurance there are co-payments and deductibles. With homeowners insurance some major things are covered and some are not. With your car, unless it is an accident, you usually have to come out of pocket to cover the cost, but even car insurance usually has a deductible. When you save money aggressively in your emergency account, it will be there when you need it.

Save Money Aggresively

Save Money Aggressively

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  • Car repairs from no where

No matter if you have a new car or a used car, in both cases they can be very expensive to maintain. Many new car owners forget to add in the first year’s maintenance cost (ouch!), 3 months, 6 months, 1 year. Those cost have to be paid to keep your warranty  effective, and can be very expensive. Then there is the used car. In order to keep a used car in good working order you have to maintain tires, tune-up, batteries, radiator, belts and other working parts. Repairing these parts in a timely manner is essential. When you allow too much time to lapse with a needed repair, the repair can become expensive. Even, when it is done in a timely manner, the repair will cost money. When you save money regularly, there is a possibility that the money will be there for the repairs.

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  • Vacation in the future

Do you like vacations? Do you like affordable vacations? There are many affordable vacations, but the vacation you go on should be planned after you save money, in your vacation savings account. This makes the vacation enjoyable, predictable, and low stress. Now that we have the internet there are a number of hotels, resorts, airlines, and restaurants with current price checks and ordering, right over the internet, so there are no reasons for surprises after arrival.

  • Keep school loans to a minimum

There are students who borrow money to go to college, and then their parents will also borrow money for them to go to college, as Parent Loans. That is a lot of borrowing with no guarantee of getting a job, knowing when your job will start, or knowing that you will graduate.  I have spoken to some graduates who took 2-3 years to get a job in their field, while others I spoke to never graduated. Those that never graduated were left with large school loans to pay for with a minimal job.

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  • Buy a house in the future or upgrade

There comes a time when most people feel it is better to own than to rent. That is good provided you buy a well-built, well-maintained home that is within your affordability range. I have actually talked to people who have two working spouses, but borrowed money from their retirement savings to buy a home. A better option, would be to borrow the money from yourself. Stop the spending, pay off bills, and start a radical savings plan. It is possible, you just have to put some effort into it. To get a good interest rate, you need to have good credit — this means having bills within your affordability index, so paying off bills is a must. You also need to save money for a down payment and escrow cost.

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  • It feels good to have a cushion

It feels good to have an emotional and psychological cushion. I know what you are thinking. What does a save money attitude have to do with emotions. Well, for many, not having money set aside causes hidden anxiety. You quietly think to yourself, if something happens I won’t have money to take care of it. This voice erupts from time to time and can cause quite a stir in your emotional serenity. With money set aside, that disturbing voice will be kept to a minimum.

  • Addictions are very expensive

Over spending, defined as spending money on useless items, items that won’t last, or items you don’t need can be defined as a spending addiction. Like all other addictions, you have to first identify the fact that you have the problem, then you must have the willingness to do something about it– get help from someone; a therapist, a friend, a spouse, a parent. A spending addiction, not the lack of money, in my opinion, is the chief reason that many cannot save money. You know why you need to save, how you can save, and how to get help if you need it. Start saving now.

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Lois Center-Shabazz

Savings Advocate, author and artist

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