When you have a family, one of the best things that you can do is put away a bit of money every month into a savings account (you don’t even have to have a bank account – a box under your bed will do just fine if you want to go old school). In this life, money gets you places; no longer are we living in an era where favors are continually swapped and you can get by on a hope and a prayer. Money matters. It’s sad, but it’s so true.
Think about the future
If (fingers crossed) nothing goes wrong that requires a sudden outpour of your savings, you can put it towards your children’s futures. There are many investment child savings accounts that are available for you to get a good interest rate on whatever money you want to put in; you should probably do your research before you stick with one. Comparison sites online are great for easily deciding which one you’re going to go with. Their futures could include college tuition, houses, marriages and even children of their own; if they have a head start with their choices, it could make a huge difference on how their lives pan out.
Think about the present
There are things that will always require a certain bit of cash every day. That can be budgeted for separately; it’s the drastic things that occur out of the blue that will be a drain on what you’ve got spare or wipe you out completely. It could be that you need an emergency dentist or need to book a last-minute flight; whatever the reasons, if you have money set aside for when things like this happen, it’s one last thing to panic about. The feeling that you can’t help or do anything when situations like this arise are things that aren’t helpful to anybody, but especially not you – you can’t help the unexpected, but you can prevent potential consequences that could arise out of nowhere.
Think about the past
If there have been times in the past when you know that you haven’t been able to afford certain things, have been bad with money or haven’t had the means to get by (resulting in ill-advised loans, borrowings or simply going without), you will know the feeling of relief when money hits your back pocket again. If you budget effectively enough so that you don’t really notice the amount that is coming out of your account and into another at any given point, then you will learn to live without. Most of the time it could be the amount that you are spending on a cup of coffee on your way to work every day, so if you put this to one side for the foreseeable future (or even make and take in your own!) then it’s an amount that will grow over time that you haven’t had to do much to achieve. It’s a great feeling knowing that, ultimately, you have everything covered.