In life we all have different goals we want to accomplish. We strive to get the job of our dreams and live in the house of our dreams. But do we really strive to life debt free lives? If you want to achieve financial freedom you should be saving money for these 4 things right now.
Emergency Fund in Bank Account :
We all want to have coins in our savings account but the fact of the matter is that your savings account isn’t going to magically grow in dollars. You have to be willing to invest in your savings account. Investing money into your savings account my be hard to do when you have to spend a large portion of your income on bills and covering those unexpected expenses that arise. But if you don’t make an effort to grow your bank account it will never get any bigger.
Saving Money On Gifts :
When it comes to buying gifts for our kids birthday’s or for Christmas the dollars can add up really quickly and send us down a black financial whole. There is no need to max out the credit cards and go in debt trying to buy lavish gifts. Instead create a gift savings fund and save money for these costly gifts without ever breaking a sweat.
Saving money for retirement may not be something that’s on your mind but the truth is that life goes by so fast. Before you know it 10 years have passed you realize that you haven’t save anything for retirement. Don’t wait start now. The thing with retirement is that most people think about being in their 60’s when they retire but retirement can be when you want it to be if you save the money for it.
Tuition Fees :
There is no secret that college tuition is expensive. Most families can’t afford to pay to send their children to college. Creating a college fund to pay for children’s education is important. The benefits of having this type of saving account is that it is tax deferred and once you use the money on paying for your child’s education the money is tax free. The good thing about this account is that if your child decides not to go to college you can save that money for one of your other kids or even your grand kids.
Everyone’s financial situation and financial needs are different but the one thing we all have in common is that we need to save money. The key is to have a plan and know what you need to be saving for. If you’re married think about what is most important to you and your family and save for those things that are to come. Commit to save money no matter what. Start small and work your way up from there. Try to find ways to save money .