Savings Links
2006 Personal Savings
Fall to 74-Yr. Low
Saving & Investing:
10 Simple Strategies
Investing Your
Way to Wealth |
Start Early.
Start Small. Feed Often.
The savings habit
should begin as early as possible, even if it means starting
with a piggy bank and making weekly deposits of $1 or $5. No
matter how high your debt load, a savings habit needs to be
developed. Start small and be patient with yourself as you
learn this new habit. Why save? Here are a few reasons:
-
Emergencies: Whether
you need a new roof for the house, have out-of-pocket
medical expenses, or experience a job layoff and sudden
loss of income, you'll need money set aside for
emergencies to avoid going into debt to pay for what you
need.
-
Retirement: No one
wants to work forever, so if you plan to retire, you'll
need savings and/or investments to take the place of the
income you'll no longer get from your job.
-
Longer Life Expectancy:
With more advances in medicine and public health, people
now live longer and need more money to get by.
-
Education: The costs for higher education
are rising every year, and it's getting tougher to meet
these demands. Save for your own or your child's
education now!
Recognize that your total
savings are determined both by the interest you earn on
those
savings and length of time you save. The sooner you
start saving, the more money you'll have
in the future. |
