What Should You Be Saving Towards?

Jun 23, 2021 | Lifestyle

If you’ve paid enough attention to any financial advice (including this blog) then it should be a universal truth that putting aside money in your budget to save is a good thing. But what, exactly, should you be saving for? The answer is going to change from person to person, but here are a few things that you might want to consider first.

1.  The Emergency Fund

Some people say that you shouldn’t have an emergency fund and should, instead, work your money for other steps towards financial freedom. We’ll cover those steps, too, but the emergency fund has a very real and necessary purpose for a lot of people. Effectively, if something goes wrong and a major unexpected expense pops up, then having this fund here will stop you from raiding your other savings or from having to go into debt to pay it off.

2. Paying Off Debt

Whether it’s credit card debt or something else, you should make sure that you’re keeping your credit in good shape. Don’t let debt hang over your head for too long. The longer it takes you to pay it off, the more it’s going to cost you in the end, due to interest. Sites like WalletHub can help you manage your debt, but you should always be working to pay it off bit by bit, as well.

3. Building An Investment Portfolio

It doesn’t take a lot to start investing, believe it or not. With low-cost trading platforms and accessible mutual funds out there, you might only need to save for a few months in order to get started. As your savings grow, teams like Veracity Capital can help you find intelligence-aided investment opportunities. Having a portfolio of performing and diverse investment assets is one of the best ways to achieve financial independence from your job, which can also offer a lot of career freedom.

4. Your Retirement

Whatever age you are, if you’re working, you should be thinking of retirement. The sooner that you start putting towards it, the more flexible your options. You might be able to retire earlier or wait for a while and enjoy a much better quality of life. Sites like Financial Mentor can help you figure out how much precisely you should be putting aside for the kind of retirement that you want.

5. Big Discretionary Expenses

Do you have a wedding that you’re planning? Hoping to go on vacation? Want to buy a nice new car? These expenses might not seem as “important” as those mentioned above, but it is important that you budget for them if you want them. Otherwise, it’s all too easy to go raiding your other savings, which will set you back a great deal on the path to financial health.

Putting even a little bit of your savings towards these mentioned above with each invoice or paycheck will help you start to grow the tools needed for financial security and independence. You might have some other things that you want to save for, too, but consider hitting these first.


– a contributed post

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