1. Why Save and Invest
Financial stability is a primary financial goal. With proper financial planning, it is a goal that you can achieve. Financial planning is the process of setting financial goals, developing a plan to achieve your goals, and then putting your plan into action. People who use a financial plan usually learn to live comfortably within their means and don’t have to worry about having enough money for the things they need and want.
One of the most important keys to finding financial peace of mind is having a reserve fund for unexpected emergencies. This simple idea is one that too many people overlook until it is too late. Even if you have insurance, a simple accident or medical condition can be a disaster for a family’s financial situation.
While there are several reasons to save and invest your money, creating an emergency fund should be your first goal. ANYONE CAN DO IT, even YOU! An emergency fund is money set aside in a bank account for unexpected expenses or for living costs for unexpected events like losing your job. This should be your first major savings goal.