Why You Should save your money?

The habit of saving money is important and not prioritized as much as it should be. This is often because the media is focused on advertising and the advertisers are focused on making more money in the short term. Consumer spending is an important factor in the short-term economics of the country and thus the government and what we see on the television and the internet won't be encouraging this in proportion to the true need.

The habit of saving 10% of your gross earnings is what I recommend getting started with.

The reality is that there are several things in which most working people should be saving (or at least planning) for. Here's a list of them:

1. Rainy day/emergency fund - this could be range of things like an unexpected bill (repair, insurance deductible) or temporary loss of employment or the ability to work

2. Retirement - Expenses when we either decide to stop working or are forced to stop working due to health.

3. Future health care needs in retirement.

4. Vacations and other future events

5. Guarding against the financial risks to your family in the case of an early demise or accident/occurrence resulting in disability

We all have habits that are either non-supportive or supportive of our goals. Establishing the habit of saving and planning for the future is a habit that is supportive of your goals.