If you just started making money on your own, you might be wondering why there is so much pressure to save money. If you have plenty of money to pay for the things you need, why should you put any aside and not spend it on things you enjoy? There are more than a few reasons to begin saving money, and every situation is unique. The best policy to begin with it to put aside just ten percent of your money every month. This allows you to retain plenty of spending money while building something behind the scenes to fall into should you fall off a financial cliff.
Emergency Funds
No one can predict an emergency, so it is important that you save what you can so you do not experience too much backlash should one occur. An emergency fund will cover sudden and unexpected expenses, such as a trip to the ER or a lifesaving surgery for your cat. Unexpected car repairs are always expensive and can add up to thousands lost.
Being able to drive a car is very convenient, but it’s equally expensive! For starters, cars themselves are among the most expensive things most people buy in a lifetime. After that, you’re required to insure it, and have to pay all sorts of regular costs to keep it on the road. Once you take a step back and do some maths, some people may even consider getting rid of their car altogether! Running a car is never cheap, but there are a number of ways you can cut down the costs. Here are a few things you might want to try.
