4 Big Things to Save Money For in 2016
At times, life can seem awfully challenging to many people. There’s a good reason for that: it is quite challenging. However, one skill that can make life a whole lot easier, once it is developed, is the ability and demeanor to properly save money.
Being able to save money, smartly, enables your life in ways that you may have thought seemed distant, before. First of all, having money saved up in your back pocket is a terrific safety net, and a great way to prevent any unforeseen accidents or disasters from wrecking your life to the point where you are now in crippling debt.
On top of that, it also allows you to make big purchases that you may have thought would always be out of your price scene. Here are some big things that saving money will allow you to purchase…
Down payment on a home
The first and foremost thing that people want to save up for is a home to call their own. Typically, purchasing a home costs a great deal of money, and far more than the average has in their bank account.
This means that getting a home loan is the best path for most people to take, in order to purchase their first home. However, the best way to get quality loans at lower interest rates is to have a portion of the home’s value already saved up for a down payment. Traditionally, most experts in this subject recommend having at least 25% of the mortgage for a down payment.
Not only will this lower your payments, and mean you’ll be paying back for less time, but it also puts you in better standing with banks and credit unions, who see that you are able to amass some sort of capital, and have the ability to put your money where your mouth is. for more information about saving for a down payment on a home, check out this link here.
New car
Aside from a house, a family, a white picket fence, and a fresh apple pie, there is one other thing that every American needs to own to complete their American dream: a new car. While there is certainly a charm to the trashy used car with only one headlight that you’ve had since high school, one day you’ll need to grow up and purchase a new one.
The problem is that new cars are often pricy, since, y’know, you get what you pay for. However, if you are able to save for a decent portion of a down payment, you can often find deals on new vehicles where if you pay them off within a certain number of months, there will be no interest. For this reason, you want to save up as big of a portion as you can, so that you will be paying a lot less over time.
Paying off debt
If you are like many Americans, then you live with the constant dread of a boatload of debt weighing down on your countenance every single day. This debt can range from school loans, to home debt, to credit card debt, or even to credit fraud debt (such as described in this article here). Indeed, it may seem like that debt will never be able to go away.
However, if you are able to get in the habit of saving up money, routinely, then you will find it a lot easier to save up large sums of money to pay down your debt. Being able to pay off your debt in larger portions means that you will be paying less interest than you normally would with smaller payments.
On top of that, if you are consistently saving up money, then you will find yourself getting into less debt, since you will be able to pay off more things in full.
Cosmetic surgery
While it may seem a bit superficial, one of the most common, yet surprising, things that many people save for nowadays is for cosmetic surgeries. We’re not here to judge though, and if the money you spend goes towards making you feel better about the way you look, then who’s to argue that?
The truth is, cosmetic surgeries cost a pretty penny, with popular surgeries averaging between $3,000 and $7,000. To find out more about the financing behind cosmetic surgeries, and how many people go about purchasing them, take a look at this informative article here.
Category: Saving Money
