Tuesday September 17, 2019 - 12:04:35 GMT
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5 Reasons You Need To Be Saving Money
You are probably well aware of the fact that life can (and will) toss you a few curveballs along the way. Financially, those curveballs can be pretty devastating if you’re not prepared for the impact.
Though you know you need to save money, it helps to draw from real-life perspective. Here are a few reasons why you need to have a stash of money to find true stability in life.
You may need to hire a lawyer
There are a million and one reasons why you may end up needing a lawyer throughout your life. If you are facing a divorce, you need a lawyer to protect your best interests. A lawyer can help if you’re in an accident with an uninsured driver.
You may need a lawyer by your side if you’re a business owner. Whatever the case may be, acquiring legal representation is never cheap. You’ll need at least a grand to get started.
Purchasing a home takes funds
Once you are at a place in your life that you are ready to purchase a home, you’ll need to have a bit of money saved up for a down payment. Your lender will lend you the funds to purchase the bulk of the home, but you will be responsible for a percentage of the total price upon signing.
It’s best to save up at least ten percent of the total cost of the property you hope to purchase. Your lender will be more willing to work with you, the more money you have to put down upfront.
In the case of a pet injury
Millions of Americans live with pets. Most pet owners consider their pets as members of the family. When your animal is injured, the price of vet care can be quite expensive. You’ll need a stash of funds to cover your fur baby’s medical costs, and make certain they have the best chance at a full recovery from their injuries.
If you’re in a hit and run
Accidents happen on the roadways, but a hit and run can leave some pretty ugly fallout behind. If you’re a victim of a bad driver, you will need the money to hire a lawyer to get the compensation you deserve. You may also need money to cover the costs accrued until your legal case is settled.
You may have a family emergency
If you have a family emergency, you may have to take some time off of work. Without the regular income you’re accustomed to, you may begin to lose your cool. You will feel safer knowing that you have a very healthy savings account to uphold your quality of life until you can get back to work.
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