The Importance of Saving
Courtesy of America Saves & Shelley Swenson
Wakulla County Extension Agent
Family & Consumer Sciences
WHY IS SAVING SO IMPORTANT?
It is important for all Americans to have savings. Having a savings account allows people to pay for emergencies, gives people financial freedom, and can help you avoid credit problems that could hurt credit scores. A high credit score can make it easier to rent an apartment, get utility services, and qualify for new credit.
Paying for Emergencies
Having a savings account allows people to pay for emergencies on their own instead of turning to high‐interest credit cards or payday loans. Not being able to pay off these types of loans will be shown in your credit report and can severely affect your credit scores.
Having savings allows you to have financial freedom. People with lots of debt often say they lack peace of mind. They worry constantly about paying off debts and making ends meet. The stress of these worries affects their family life, work performance, and other areas of their lives.
Higher Credit Scores
Having savings allows you to pay your bills on time. Paying your bills on time can lead to higher credit scores.
If you need help with your finances or would like to have a Mastering Money Mentor, please call 850-926-3931.