Have you ever noticed how people tend to ignore generalities and pay attention to specifics? For example, everyone knows it’s a good idea to save. That must mean that we’ve all got a nice little stockpile of money set aside for…what exactly? That’s the problem. Unless you know the particular reasons for which you’re creating a stash, you’re probably never going to contribute the first dollar to it.
Well, Solomon Success and Jason Hartman are here to give you a nudge in the right direction. Here are ten EXACT things to save money for. We could easily create a list ten times as long but this should get you started.
1. Car repairs: Your car will break down some day. There’s no “might” or “maybe” about it. And when it does, if you don’t have savings in place you’re going to end up cannibalizing another part of your monthly budget. Shortly afterwards, disaster ensues.
2. Christmas and birthday presents: Strange how these casino online seem to come around at the same time every year. Be prepared! Having a credit card with a little room on it doesn’t count as preparation.
3. Babies: There is nothing on the planet more expensive than a baby, except maybe a teenager. Try it and see.
4. Vacations: You know you want them. You know you’re going to take them. Don’t act like it’s a surprise. Plan for it!
5. Retirement: The odds are high you’re not going to work forever. No matter how old or young you are, retirement will be here sooner than you think.
6. Buying a house: Thanks to the recent foreclosure crisis, banks have stiffened down payment requirements to take out a house loan. Expect to pay 20 to 25 percent.
7. New computer: Will yours be the first computer in history to last forever? Probably not. With planned obsolescence all the rage, you’re lucky to get more than a few years out of a single computer.
8. Furniture: People tend to be in a perpetual state of lusting after new and better furniture which is, oh by the way, pretty darn expensive. And even if all your chairs and couches are high mileage, you never know when you’re going to plop down on one and hear a hideous “crack.”
9. Eating out: The truth is that we Americans eat out. A lot. Since that option is more expensive, better make plans on how to pay for it.
10. Everything else…
A good rule of thumb is to save 5 to 10 percent of your income. Do it now or be sorry later. (Top image: Flickr | 401(K) 2012)
The Solomon Success Team