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4 Reasons to Save and Avoid Debt - Now

There’s a lot of talk out there with regard to how much you should be saving and how much you should have saved already – while it’s quite easy to suggest that you should have twice your yearly salary saved by the time you are in your mid-thirties, we all know that life just isn’t that simple.  In a day and age where credit is still very much king – especially following years of crunches and recessions – having a fair amount of your own cash to fall back on might seem like something of a novelty. However, if you’re not already thinking about getting your own stock of cash together, it's likely high time you did.  Ignore all the posturing about how much you should have saved, and when by – focus on your own financial journey, and start thinking about making things a little easier on your future self.

Ditch the Credit Cards

Credit cards can be a brilliant way for you to spread the cost of big purchases, don’t get us wrong – when used appropriately and when taken on with your existing payback ability in mind, applying for the right card and getting your credit score up to its full potential can be hugely beneficial.  However, if you stand a chance of saving any money long term, you’re going to need to cut all dependencies you have upon credit – right now. This especially goes for if you’re using several cards or store equivalents at once. Credit is not going to last forever – and one benefit in building up your own stock of money lies in the fact that you won’t be chasing your own tail.  Savings are safer than credit, long term – cut your dependency, and only ever take out new cards if you can stand to pay back the monthly demands.

Greater Flexibility

Saving your own money, no matter when you start, will give you greater freedom and flexibility in the long run.  Even if you are only able to save a few pennies here and there, time is your friend – budget carefully and you’ll have a nice stock of money available in no time.  This money will be especially useful if you fancy taking a holiday, if you have unexpected repair bills, or an emergency that requires instant financial support. Credit and payday loans will not satisfy needs such as this long term – meaning that if you are looking for greater freedom in all aspects of your life moving forward, you should almost certainly start by saving as much as you possibly can.

Saving Kills Debts

As most debt advice experts will tell you, putting even a little bit aside is the best course of action to take when it comes to preventing debt.  While we all go through life not wanting to get into debt, there may be an occasion where you need to balance a few plates to make sure you have everything in your life covered – and it goes without saying that already having a good stock of money available will be a massive boost to any problems you may come across in future.  With a savings pot, you’ll be able to pay off money you owe almost instantly – meaning that payments are off your mind and off your plate without a second word. Starting to save now – as little or as much as you can – will help you to stave off the threat of debt for years to come, meaning there’s never been a better time to get started.

Your Future Self Will Thank You

It’s tempting to live in the here and now, and while you can’t plan for absolutely every eventuality, it’s a good idea to start making things a little easier on your future self and your family.  If you’re paying National Insurance in the UK, you will already be saving without ever realizing it – these contributions from your monthly wage or annual tax returns will go towards your state pension – meaning that once you have reached retirement age, you will have access to all of the money that has been put aside for you in later life.  Use this as a model – use your workplace pension to your advantage, and strive to save as much money from your monthly wage as possible in an ISA or similar savings account – and don’t touch it until you absolutely have to. You never know when you’ll need that extra bit of money – and your future self thanks you!