8 Things You Should be Saving for in Your Life
If you’ve read the Lincoln Savings Bank (LSB) blog regularly, you know that it seems like we talk about saving money all the time. We know it can be tiresome to hear, but saving money is a crucial life skill that a majority of Americans don’t have.
As a part of Financial Literacy Month, we’re again talking about saving money. While we’ve offered up many tips in the past for how to save up money, today we’re talking about what you should be saving for. We’re hoping that you know most of these already, but if not, it’s time to get these savings priorities on your radar.
Paying off debts- yes, this piece of advice again. Owing money and letting interest amass only makes you spend more. In order to save right, you need to pay off your debts first.
Medical emergencies- even if you have insurance, you’ll still have to reach your deductible and out-of-pocket limits for insurance to fully kick in.
Periods of unemployment- we know you don’t want to even envision this, but as we’ve seen in the past decade, the job volatility can change seemingly over night.
Retirement- another favorite LSB savings target, you are never too young to start saving for retirement. Every year that goes by with money earning interest in a retirement account works in your favor.
Home and car repairs- these everyday items can cost you thousands, so having money saved for these occasions instead of dipping into your budget can pay off.
Caring for your parents- people are living longer, making assisted living care a more common expense that children often have to help out with.
Entrepreneurship- dream of being your own boss? Depending on the type of business you want to run, you’ll need to save money to get started.
Having a little fun- all work and no play makes everyone less happy. Set up a “fun account” and use it to save for vacations and the extra things we all need from time to time.
What targets are you aiming for with your savings strategy? Leave us a comment on our Facebook to let us know! Lincoln Savings Bank hopes these ideas inspire you to find something worthwhile to save for.
Lincoln Savings Bank, member FDIC