The road to financial independence can be intimidating, but not if you know where to start. Saving money can often be a challenge. We’re wired to take care of our needs now, and worry about later… well, later. However, saving money is a critical component of financial wellness and will start you on the right path for a financially independent future. Saving (even a small amount) can make all the difference. Saving helps to:
- Prepare us for emergencies. – Putting aside a set amount each month helps protect us in a financial emergency. Perhaps it’s a surprise medical bill, car repairs or temporary loss of income. An emergency fund is critical to help handle unexpected expenses. This strategy is better than using high-interest credit cards or taking out a loan. An emergency fund gives you peace of mind and prevents you from going into debt.