Types of Savings You Should Have:
As an adult, you have many responsibilities. First, you have to make sure to take care of yourself; you need to stay healthy in your mind and body. Second, you need to have a stable source of income so you can support not only yourself but your family as well. Third, you must have a good financial standing.
The list goes on. However, for this article, we shall discuss the third one: a good financial standing.
Right now you must be thinking of ways to instantly increase your savings and earnings. Although there are some solutions for you to do so, it might not be enough if you don’t set aside money for different types of savings. To give you more clue about what you can do instead, let’s talk about the types of savings you should have.
This is the first type of savings you must create.
Emergencies can strike at any moment. You don’t want to be caught off guard because chances are it will cost you a lot.
Emergencies can also take in any form. God forbid, but you may find yourself or one of your family members involved in an accident. This will cause you hospital bills. You may also end up helping a friend or a relative in paying their medical bills. In the Filipino culture, helping out these people during times of crisis is the norm.
With this type of savings, you will be able to avoid asking for assistance from your family and friends. Let’s face it, even though they will willingly help you in times of need, it would still make you feel better knowing you can support yourself.
In addition, sickness can happen at any age these days. Sometimes, it doesn’t matter how much work you put on in order to stay healthy. If you have savings for medical expenses, you can at least be relieved about money matters.
Everyone travel these days. It’s how Millennials de-stress!
Even if you are not a traveler, it’s nice to have money set aside for your future travels (in case you want to go on one). After all, traveling will cause you not only a dime, but thousands of them!
Essentially, you need to pay for airfield fairs, your accommodations, food, etc. If you plan to travel overseas, you might need to pay for your visa application, which is not cheap.
Start a holiday fund even if you have no plans to travel. Your mind may change. Once it does, at least you’ve got the cash to do so.
You may say that it’s too early to start a retirement fund, but many financial experts believe that the best time for you to do so is now!
Plus, it’s nice to get ahead and plan your retirement. No one wants to keep working when they reach their golden age. Everyone deserves to rest and savor the fruits of their labor. You owe that to yourself.
These are the type of savings you must set aside to be financially comfortable in life.
As an adult, you got to do what it takes to make sure you have the means to live your best life. If that means following some credit card saving tips among others, then you should at least try to embody them.