Prices are at an all time high, and we’re all feeling it. A bottle of Beta malt is currently selling for GHC5 even though it was just GHC2.50 some time last year. In this economy having saving is a luxury, but here is every reason why you should put in that extra effort to keep some money in the bank.
Helps You Weather Difficult Times
If you have a savings habit, you have a cushion to fall back on when times are tough. This can be helpful when unexpected expenses come up, and we all know they will.
Gives You Peace Of Mind
When you know you have a cushion of savings, you can rest easier knowing that you have a backup plan if something goes wrong. You can safely quit a job or survive your company downsizing.
Helps You Achieve Your Financial Goals
If you want to save for a down payment on a house or a car, or if you want to retire someday, a savings habit can give you a head start on these goals and make them more attainable.
Prevents You From Going Into Debt
If you have a savings habit, you’re less likely to go into debt. This is because you’ll have a cushion of savings to cover an unexpected expense or if your income decreases.
Teaches You How To Be Responsible With Money
When you save up for something, you learn to be patient and to make smart financial decisions. This can help you in the future when you’re faced with bigger financial decisions.