To be honest, saving is not high on the priority list of the majority of people and those that it is up there for have a lot of difficulty seeing the action through. Then, there is normal, everyday life. Life is pretty predictable, most of the time. There are good days and bad days and most of us can tell by the end of the first cup of coffee which kind of day it’s going to be. Then, there are those days that hit us in the gut and leave us breathless and unsure of how to react and if we are not one of those few savers, we can’t afford to react the way we should. Below are some situations where that rainy day fund would most definitely come in handy.
All their life, you have raised your kids to be law abiding, well mannered, and well rounded individuals that understand that one day it will be their responsibility to give back to the community that helped raise them. However, somewhere along the way, they made friends with the wrong people and got lost in the world of drug addiction.
You talked to them at home, rescued them from jail, prayed, and cried, and did it all again time after time. Finally, they agreed to seek treatment in a drug rehabilitation center, but you don’t have insurance for them and have to set up a payment plan. Having a savings account with a percentage of your funds deposited to it every time you are payed would have been handy here.
Death in the Family
As time goes on and we live our daily lives, death is just part of the circle. We all have an appointed time we will pass away. Some sooner and others later. If we are blessed enough to life through all the tragedy that life throws our way, we receive the honor of passing of old age, but sometimes, life has other plans and some of us make our way home earlier than expected.
No matter which road we travel home, one of the things most of us will leave behind is bills. At the very least, there are funeral and burial charges. Usually, there are leftover medical bills, house or car notes, and others such bills. If your savings account stays well padded, these expected expenses at unexpected times are not such a burden.
In 2015, there were over 32,000,000 10 year olds in the U.S. alone. Thats 32,000,000 children that will be college age by 2023. How many of their parents will be prepared for the rising costs in the education system? Every year, usually in the month of May, there are millions of graduating seniors in the United States. Out of those, about 70% of them go on to college. Some are eligible for grants, some use student loans, and others are involved in work study programs.
There are several states that are attempting to adopt measures that would make college free, but what if those options are not available to your child, as is the case with many middle to upper class families? Having a plan in place and in action to save for your child’s future in college could save you and your child a lot of time worrying that could spent on better grades and thus better skill in their chosen career.
Saving is an important ally in handling some of the most difficult situations on life. Having enough money can be the key to relieving stress and giving you the energy to deal with hard situations more efficiently. Use these ideas as reminders that rainy days do happen. You just never know when.