With the excitement and feeling of fulfilment in starting a family, there is also a universal understanding that having kids won't be easy on your bank account. This is why parents should educate themselves earlier on the importance of saving money for the future and how they can do so smartly.
While COVID-19 has brought along drastic changes to our everyday routines, there are still many reasons for saving money that remain the same in the 'new normal'.
To help you be better informed about the importance of saving money for the future of your family, here are 5 main reasons you should be saving up now!
5 Reasons To Save Money: Importance Of Saving Money For The Future
1. Costs are rising everywhere
Living in Singapore is becoming more and more costly. It was recently announced that public transport fares are going to be raised again. As the standard of living in Singapore rises, the need to save up to prepare your family for the future has never been more important than it is now.
2. Schools becoming increasingly competitive
Education in Singapore has always been stiff but it seems like it is becoming increasingly competitive every year. The influx of foreign scholars has raised the bar in Singaporean Universities, much to the dismay of local students.
Parents must thus consider the possibility that they may have to send their kid to pursue an overseas University education in the future so that they enjoy an edge over their peers.
3. Expensive to raise kids these days
Gone were the days when children were contented with simply running around the playground. Nowadays, children play with electronic gadgets. This is especially now that they're spending more time indoors due to the pandemic.
Unfortunately, these new toys don’t come cheap. So if your kid is still young, be prepared to sacrifice a lot of cash to keep them contented in the near future.
4. Better to depend on yourself
With costs increasing everywhere, it is unfair to expect your children to be able to earn enough money to support you in your old age.
Furthermore, the world is becoming more competitive due to globalisation which means future generations will have a harder time trying to survive in the working world. It is also wiser to depend on yourself rather than someone else.
5. The usual reasons
Of course, there are all the reasons which you already know. Medical expenses, emergency funds, food, clothes, the list goes on.
Save money now!
As you can see from all the compelling reasons provided, it is imperative to set aside some funds every month. However, saving itself is not sufficient. You have to save smartly.
By saving smartly, we mean choosing the right savings account. A wise man once said ‘If you fail to plan, you plan to fail’. Instead of trying to come up with a good savings plan, why not just let the experts do it for you?
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