You may be asking yourself why is there so much pressure to save money. If you have enough to pay for everything you need, why should you worry about putting any aside each month? There are a variety of reasons to begin saving money. Different people save for different reasons. Here are some reasons that you may consider saving your money.
You must save your money for emergency funds because it is important to have an emergency fund set aside to cover unexpected uses. This could cover an unexpected car repair, medical bills , a sudden job loss or other emergency situations. If you are just starting out you should put aside at least Rm.1000.00 for this. In addition to your emergency fund you need to make sure you have a in place to help you survive the unexpected financial events in your life..
other emergency situations
Second reason to save money is for a downpayment on a house. Your negotiating power goes a lot farther when you have a significant downpayment towards your home. You will receive better interest rates, and be able to afford a bigger home. You can determine how much you save towards this each month depending on your circumstances.
Buying a home is one of the biggest decisions that you will ever make. It is important to take this decision seriously. You need to take the time prepare yourself in every aspect in order to make your home a blessing, and not a negative experience. Here are the basic steps that you should hollow when it is time to buy a home.
Time Required: Several Months
1. First you should determine if you are ready to buy a home. Home ownership is a lot more expensive than renting. You are responsible for paying for all the repairs. You may also have added utility costs, such as garbage and water. In addition to that you will need to pay for taxes and insurance related to your home. These costs add up quickly, and if you are not financially prepared, you may end up in a very negative...