{"id":5051,"date":"2021-04-16T10:24:00","date_gmt":"2021-04-16T17:24:00","guid":{"rendered":"https:\/\/www.soundcu.com\/?p=5051"},"modified":"2023-10-30T19:39:39","modified_gmt":"2023-10-31T02:39:39","slug":"saving-money-isnt-a-luxury-its-a-necessity","status":"publish","type":"post","link":"https:\/\/www.soundcu.com\/blog\/saving-money-isnt-a-luxury-its-a-necessity\/","title":{"rendered":"Saving Money\u00a0Isn\u2019t\u00a0a Luxury \u2013\u00a0It\u2019s\u00a0a\u00a0Necessity"},"content":{"rendered":"
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<\/i><\/b>Saving money can\u00a0often\u00a0be a challenge\u2014especially\u00a0during times of financial uncertainty.\u00a0As humans,\u00a0we\u2019re\u00a0wired to take care of our needs now, and worry about later\u2026 well, later.<\/p>\n

However, saving money is a critical\u00a0component\u00a0of financial wellness.\u00a0 Here, we break down why saving (even a small amount) can make all the difference:<\/p>\n

Saving Helps To\u2026<\/h2>\n

Prepare us for emergencies<\/b><\/p>\n

Putting\u00a0aside a set amount each month helps protect us\u00a0in a\u00a0financial\u00a0emergency. Perhaps it\u2019s a\u00a0surprise medical bill, car\u00a0repairs,\u00a0or\u00a0temporary loss of income.\u00a0There are many\u00a0reasons why an emergency fund\u00a0is critical to help handle unexpected expenses.\u00a0Plus, building up emergency savings to cover unexpected expenses is better than\u00a0using\u00a0high-interest credit cards or taking out a loan. \u00a0An emergency fund gives you peace of mind and prevents you from going into debt.<\/p>\n

Set us up to manage planned expenses:<\/b><\/p>\n

For those anticipating making large purchases,\u00a0saving money can help\u00a0us prepare our budget\u00a0to pay for\u00a0expenses\u00a0that we plan to\u00a0take on\u00a0\u2013 such as a down payment on a car,\u00a0home improvements,\u00a0or an upcoming vacation.\u00a0\u00a0Emergency savings are also useful for smaller cash outlays like costs for pets, car\u00a0maintenance and other important\u00a0bills\u00a0\u00a0\u00a0Here again, by saving up for planned purchases\u00a0whether they be the significant expenses or lower cost items,\u00a0we can avoid using\u00a0high-interest credit cards or taking on other debt.\u00a0When you\u00a0plan ahead, you\u00a0take control of managing your monthly income.
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Reduce stress:<\/b><\/p>\n

Financial stress is real. \u00a0It\u00a0can be overwhelming\u00a0to have\u00a0bills and expenses that we struggle to pay each month.\u00a0In fact, many researchers\u00a0see a significant connection between financial stress and mental health and well-being.\u00a0\u00a0During\u00a0the ongoing<\/p>\n

pandemic, financial strain is felt by the newly unemployed,\u00a0 furloughed, and those still working but facing an uncertain future.\u00a0\u00a0When you build up savings, you\u00a0reduce\u00a0the stress many of us feel about our finances and\u00a0give yourself a gift \u2013 peace of mind.
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Provide a sense of freedom:<\/b><\/p>\n

Gaining\u00a0a sense of freedom might not be the first\u00a0reason that comes\u00a0to mind\u00a0as a benefit of setting up a savings plan. Yet many of the people\u00a0who contact\u00a0GreenPath\u00a0Financial Wellness <\/a>report enjoying a sense of improved freedom and flexibility\u00a0after\u00a0building up savings, no\u00a0matter\u00a0the amount.\u00a0 Setting aside\u00a0even\u00a0$20 a paycheck is proven\u00a0to\u00a0provide\u00a0a feeling of freedom due to the \u201cbuffer\u201d savings gives you. Knowing that a savings \u201cnest egg\u201d\u00a0exists gives people more\u00a0freedom to choose\u00a0how to handle their finances, rather than feeling stuck in a particular situation.<\/p>\n

Content courtesy of our partners\u00a0GreenPath Financial Wellness<\/a>.<\/p>\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\n\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Setting aside\u00a0even\u00a0$20 a paycheck is proven\u00a0to\u00a0provide\u00a0a feeling of freedom due to the \u201cbuffer\u201d savings gives you. Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":10,"featured_media":5052,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_searchwp_excluded":"","footnotes":""},"categories":[50],"tags":[57,58,59],"class_list":["post-5051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-life-finances","tag-emergency","tag-save-money","tag-savings"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/posts\/5051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/comments?post=5051"}],"version-history":[{"count":0,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/posts\/5051\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/media\/5052"}],"wp:attachment":[{"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/media?parent=5051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/categories?post=5051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/tags?post=5051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}