We all have needs and wants in life and sometimes our money coming from our salary is not enough to compensate for those things. Of course, we need to prioritize first our needs over our wants. In this changing time as prices of commodities continually increasing, we need to save our resources. One way to do this is by having automated savings deductions to our monthly salaries for us to have some money in the future.
What do you think are the benefits of automated savings deductions?
* FUTURE USE.
When we allow those government firms or private institutions to automatically deduct the amount for savings, the benefit of this is you can use this money in the future. You will not appreciate or see the value of this at the present but later on, you will realize and you will be thankful that you started to save now.
This will help you to spend some money in the future for your needs and wants and might be for emergency purposes.
If you save for yourself personally, like putting it in your own piggy bank, the tendency is it will be easy for you to get the money whenever you need it. If you are going to deposit it to your bank account, you can personally withdraw it anytime. Unlike automated savings deductions, it will go directly to them and you cannot use the money until the maturity date comes.
Your money is secure at the same time especially if the one who is holding it is a trusted and reliable government agency.
For you to start with automated savings deductions, you need to decide by yourself if you are willing to save for your future. You can ask your family members, friends or co-workers if what are those firms who offer high interest rate in return if you save.
You will sign for their papers and submit those documents needed, allowing them to automatically deduct for your savings. Yes, I believe it will help you grow and strengthen your financial position because when we save, our personal money is increasing and of course having cash in a bank or cash in a private firm through our savings is still part of the asset that we have. Savings will surely help us financially in the future.
You need to sacrifice something because they will deduct the amount every month for your savings but I’m sure your financial resources continue growing each month. So start saving now.