The Importance Of Saving Money For The Future

Cash in my viewpoint isn't the most critical thing in life

, but it is pleasant to know that you've got a certain amount, saved or invested, which you may use if necessary. I think that health and contentment are the two most critical things in life. Having this pool of money assists in keeping me healthy and ecstatic, as it implies that I don't need to stress as much about the future. I only actually realized the seriousness of investing and saving money, when I was twenty-three years old. Up till this age, I might always spend all of my salary and didn't care if I was overdrawn in the bank.

I once believed that I could die tomorrow, so why trouble about saving cash which I will not ever use. This is a bit dumb, I know. At the age of twenty-three, on one special day, I was chatting with a pal called Tim. He essentially earned an identical quantity of money as I did and lived an analogous way of life. Tim said to me that he was thinking about purchasing a flat and he was going to cash in his investment bond to help in funding the move. I was really surprised that he actually had a bond and asked him how long he had had the bond, and how he had managed to get the cash to put into it.

I was expecting Tim to tell me that his mother and father had given him the cash, but they had not, he had saved up the cash himself. Tim said to me that he attempts to save as much cash as he will be able to each month and routinely manages to save at least ?100. When he has got a ?1000 saved in the bank, he then invests the money into a bond. I was exceedingly impressed with Tim and I need to admit a tiny bit envious of his cash. I then thought to myself, if Tim can save, then so am I able to. I set myself a target of saving up a ?1000 and planned to try this inside 10 months. I needed to be less reckless with my cash and it might be a good test for me.

It has become like a type of sport or pastime for me, as I'm attempting to always pick a winner. I have won some and lost some but had a massive quantity of fun on the way. I currently have a certain quantity invested in different tactics and when for instance I've got a massive automotive repair bill, I don't have any need to panic as all that I need to do, is to profit some of the units of my unit trust.

That's what I like about a unit trust, unlike with an endowment policy where you've got to wait till the end of the term to be able to access to your cash, with a unit trust you can take out all or merely some of your units at anytime that you need. Before I began to save up cash, I might frequently get quite concerned about the future. How would I be in a position to purchase a house? How will I be well placed to get a decent automobile? These are only 2 of many questions I might ask myself. I'd try to disregard the questions by exclaiming to myself that at that stage of my life, I deserve to be earning extra money. I'm now quite happy I had that conversation with Tim. Investing cash in the way I do has helped me to get onto the property ladder and also helps to fund my annual vacation abroad for my folks. It also gives me a confidence for the future helping to sleep less complicated at night.

by: Steve Perry

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