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5 THINGS WE SHOULD ALL BE SAVING FOR

If you’re someone who’s serious about managing your family finances as effectively as possible and ensuring that your family are well looked after, there are a few things that you should be saving for – in fact we should all be saving for the following:

Eliminating Debt

Eliminating debt should be the number one priority for anyone who has it. If you’re in a lot of debt, saving every spare penny you can to pay it off as soon as you can would be a really good idea because it will minimize the amount of interest you pay.

When I say saving in this instance, I don’t mean saving it in the bank – you should pay money off your debts as soon as it is available to stop extra interest to be applied. What I mean is that you should save on excess spending and use that money more wisely to ditch the debts.

Emergencies

Everyone should have an emergency fund that will cover them for a while should they end up out of work, or so that they can pay unexpected bills like vet’s fees and car repairs without having to resort to debt. Ideally, you should build up an emergency fund that’s equivalent to 6 month’s salary, but the more money you have for emergency situations the better.

Retirement

The future is less certain than ever – none of us knows what’s going to happen to the world financially speaking – which is why we should all be making a real effort to save into a dedicate pension fund. That way, even if the government’s contribution falls, we’ll have a lump sum to rely on when the time comes.

Our Funerals

No one wants to think about dying, but it will come to us all eventually and the last thing we want is to leave out loved ones with the burden of finding the money to bury us, which when you add up the cost of everything from the funeral service director to the flowers can be very expensive. That’s why everyone who is able should set aside a little money for their own funeral. There are numerous funeral payment plans that can help you to ensure money saved for your funeral goes towards your funeral or you could save in a dedicated savings account, either way, make sure you have this one thing covered.

Our Childrens’ Education

If you don’t have or plan to have children, you can skip this one, but for everyone else, it’s vital that you start saving for your child’s education, if you can, as soon as you can. University is only getting more expensive and if your child plans on getting a higher education, they will need all the help they can get. If they don’t end up going to uni, the money can be used for driving lessons, a house deposit, or something else that will help set them up for life.

Planning your family’s financial life and being responsible with your money will make life so much easier for you all, so take it seriously and save as much as you can for as many of life’s important expenses as you can.

5 Things We Should All Be Saving For