Why Save Money?
People save money for different reasons. Saving money means you are choosing not to spend that money right now. Saving money means you can have money to spend in the future.
Unexpected Expenses
You can save money for unexpected expenses. An unexpected expense could be an unplanned repair to your home or car. An unexpected expense could be replacing your broken television or computer.
Emergencies
You can save money for emergencies. A serious illness or accident can be an emergency cost. Losing your job can be an emergency cost.
Tool: Why You Need an Emergency Fund
Watch this video to learn more about why it is important to have an emergency fund.
Saving for a Goal
You can save money to meet a goal. A goal could be saving enough money for a down payment to buy a home. Another goal could be saving enough money for a vacation.
