The importance of savingfrom pinoysmartsavers.com

Building wealth requires that you consistently save money over the years.
Besides being one of most effective ways way to achieve true wealth there
are three other important reasons why every Filipino needs to save.

* 1. Survive a financial crisis *

Sooner or later every family has to face some sort of financial
crisis. This financial crisis could be in the form of accidents, illness,
loss of employment, failure of a business or sudden death of the family’s
breadwinner. The amount of savings the family has will ultimately determine
how well they can cope with a financial crisis. You may survive with little
savings but chances are you will get into debt that could take years or even
a lifetime to wipe out.

Sometimes the lack of savings can even make the situation worse, like
a family member dying unnecessarily due to lack of funds for proper medical
care. “Saving for the rainy days” will spare your family from huge financial
losses and ensure your survival when a crisis strikes. You will have peace
of mind and you can sleep better at night knowing that whenever a financial
emergency comes your way, “kaya mong malampasan!”

* 2. Improve the lives and economic well-being of the family *

It is nearly impossible to buy anything of high value if you do not
have any savings. Adequate savings can help you buy a nice, decent house, a
car, pay for your children’s quality education or allow you to invest in a
business. While it’s true that money cannot buy happiness, it can certainly
buy things that will improve the quality of life of your family. It also
allows you to indulge in occasional simple pleasures that promote family
bonding.

It can also do wonders for your marriage. Many couples quarrel and
even break-up over money matters. With a healthy level of savings there
would be one less important thing to argue about. It is alright to aspire
and work hard to become wealthy so you can give your family a good, but not
extravagant, life. It is not greed; it’s TLC (tender loving care) para sa
pamilya.

* 3. Enjoy your golden years *

With great advances in medical & health care and greater awareness
about fitness & healthy living, many of us can expect to live to a ripe old
age. It would be such a pity if you just leave it up to the government to
take care of your needs once you have retired. It is also unfair to your
children and relatives to obligate them to support you when you grow old.
The money you’ll get from SSS or GSIS will barely feed you and you could
find yourself working way past the age of 65 (or totally dependent on your
children) if you do not prepare well for your retirement.

Today, it is common to see individuals in their late 60s or 70s still
working for a living. A lifetime of saving would have spared them from going
through this ordeal in their twilight years. The only way to ensure that
your golden years will shine is for you to start building TODAY the funds
you will need for the future. Starting early will allow you to retire early,
giving you more time to enjoy the fruits of your hard work. And if you
choose to work after retirement, it’s because “gusto mo at hindi dahil
kailangan mo!”

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