Why is it important to set aside money for savings while making a weekly or monthly budget? There are a variety of reasons to start or continue saving money. One of the key tricks to saving money is to stay at home. Here are five reasons you should stay in and save money.
1. Maximize Emergency Funds
Needs can arise at any time. When unexpected things happen, it’s important to have money set aside to keep you afloat. The emergency may involve unexpected medical bills, car repairs, job loss, or emergency travel. As such, the Federal Reserve System reported that four out of ten Americans struggle to cover an emergency expense of $400.
Set aside emergency funds to cover three to six months of expenses. The idea would be very beneficial if you lose a job. So, save as much as possible by avoiding unnecessary vacations and travel. Working from home also saves you fuel you would burn to and from work.
2. Enjoy Refreshing Activities at Home
Instead of visiting a movie theater, you can perform simple activities to refresh your mind and body. You can choose to water your crops or do lawn activities at home. As a rule of thumb, you’ll save the money you would spend hiring a landscaper. Moreover, you will be happy to know that you’re getting great exercise for your body. People who spend more time gardening feel healthy and happier. 42% of people who spent time at home gardening felt healthy. Consider embracing your green thumb.
3. Minimize Chances of Road Accidents
There were over 313,000 motor vehicle accidents in 2015 alone. Of all the crashes, 21% had minor injuries, but fatal injuries were high. Most crashes happen when people rush to work or due to drunk driving during weekends.
While you might be a careful driver, others might not be much cautious. Since accidents are unforeseen, you are at risk of getting injured every time you use the road. What better way to prevent this risk than avoiding using the road altogether? You can avoid accidents by ordering groceries from home, and at the same time, you save fuel money.
4. Avoid Infection From the Public
Infections like flu and other airborne diseases are common in crowded areas. For instance, you can develop an infection after visiting a movie theatre. Most of these infections are dangerous for children and senior citizens. Children under five and adults over 65 years are at higher risk of getting infected with the flu. Remaining at home will save your loved ones from infections. Moreover, you will save money on unnecessary expenses like snacks, fuel, and buying movie tickets.
5. Increase Your Retirement Savings
Saving money for retirement is more important than spending everything on vacations and entertainment. The sooner you start saving, the better because the money will earn interest. And in the future, you will have to save less. Retirement savings are made in special accounts. Luckily, money invested in these special accounts appreciates, earning more interest. When the interest is compounded, it grows very high. Instead of weekly entertainment outside the home, get entertainment at home.
It’s no secret that most successful people started from scratch and rose with little savings. So, a little saving can create a huge impact on your life. You can work from home, save fuel for a college education or retirement, and live a good life in your old age. Staying home is also beneficial for your health and helps avoid road crashes. Only travel during unavoidable circumstances and note the great difference in your future budget. Staying home doesn’t have to be boring. Use your imagination to create fun and frugal activities in the comfort of your own home!