Why do people put so much time and effort into saving? Surely it’s better to live in the moment and enjoy your money while you have it, right?
Contrary to what many people believe, saving doesn’t necessarily mean missing out on the present. When done carefully, you can save for your future and still enjoy your life right now. If you don’t currently have any financial goals, then you may struggle to find the motivation to save and be more inclined to spend your money as you get it. But when you focus on a long- or short-term financial goal, you’ll find your perception around money will completely change.
Need a little inspiration? Read on for some financial goals that will inspire the saver in you.
Saving for your retirement
Ok, so the retirement age keeps on increasing, which means most of us will be working for much longer than we would like. However, the more money you put aside for your future, the sooner you’ll be able to retire comfortably and without worrying about the financial implications. Check out a personal pension plan from Wealthify and find out more about the 25% tax relief top-up you’ll also benefit from.
Something for your children
We all want what’s best for our children, and giving them a little financial back up isn’t a bad thing. Especially if they’re planning on heading to university, wanting to buy their first home or even go travelling. Saving for your kids is a wonderful gift, with lots of options available from children’s savings accounts to Junior ISAs. The sooner you start saving, the more of a gift you’ll be able to grant them.
Buying a home
Still living with your parents? Or renting from a landlord and sick of asking for improvements on the property to be made? It’s time to start saving for your own home. With plenty of government schemes in place to help first-time buyers get onto the property ladder, the amount you need to save to secure a mortgage and a property of your own could be considerably lower than you might think. Your own home gives you financial security, will make you happier and brings a huge sense of achievement.
Paying off your debts
We all have debts, but that doesn’t mean you shouldn’t focus on writing them off. When you decide to save to free yourself from what you owe, you’ll sleep better at night and have more financial freedom than ever before. No more final demands, intimidating phone calls and dwindling bank balances.
Something to fall back on
We all face financial emergencies at some point in our adult lives. Whether we’ve suddenly been made homeless, our cars need unexpected repairs, a student out of university loan or you have a medical emergency. When you save and build an emergency fund you get financial coverage and peace of mind that everything will be taken care of.
Final thoughts…
Feeling inspired to save? What will your money go towards?
