Why are you saving?
It’s a simple question, but many people haven’t really thought about it. They blindly throw money into a savings account because they’ve been told that they need to save.
It’s incredibly important to know what your savings is earmarked for, and how close you are to hitting your goal. It’s the only way you can have peace of mind about paying for a vacation, buying a new car, or eventually retiring one day.
Each major savings goal should have its own account, and you should set up automatic transfers into each one. This eliminates the biggest obstacle to saving, which is YOU. Make it automatic, forget about it, and let it pile up!
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- isabelzxy answered: you are right! Saving can give us bring happiness.
- alittlebitofcents answered: I have a travel account, an emergency fund and a car/downpayment fund. As well as rrsp’s!
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- junmai answered: agree…name a goal and save for it. be open to adjustment as your life changes, and willing to be creative in reaching your goals.
- fbosquetjr answered: My project require a large sum of cash!
- cochoncochon answered: making it automatic, and forgetting about it can lead to overdrafts from your checking account.
- momentarythrills likes this
- mgarvin9 answered: Im saving because it binds me from becoming a material and consumerist lemming like the majority of the American mass is. No debt = freeing!
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- mydreampages answered: My number one goal right now is to save 9 months worth of living expenses. I’m faced with potential loss of job, and don’t want to sweat it.
- newscutouts answered: how do you set one up? I’ve wanted to do this for a long time but I’m not sure where to begin.
- dearcassandra said: Have you already done a blog on the best high-yield savings accounts?
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- puravidamultimedia answered: Travel. My quarterly vacations are what I save up for!
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- gregoriem answered: Technically，we are prepare to die well.
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- beatsthedarkness answered: I actually never save any money, until my plans are clear and I know where I want to spent my money on…
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