Things worth saving for
07.05.2019 Share +
How much money do you manage to set aside per month? What are you saving them for?
It turns out that in different countries people save for various reasons. According to the online platform Raconteur in Canada and America people set aside retirement money; in Australia people usually save to afford bigger purchases; in France and Germany savings are made mainly for emergency fund; in the United Arab Emirates, people save for a new business, and the Chinese save to help the family members financially or to buy property.
According to data of the Bulgarian National Bank for 2018, Bulgarian households have made deposits for over 51.5 billion BGN, which is with 3.7 billion BGN more than the previous year. Bulgarians are obviously becoming thriftier, but there is no official statistics so far about what they are saving their money for. However, TBI Bank survey shows, that Bulgarians save money mainly “just in case” and secondly for “big family events”.
If you have not decided yet what to save for, you can come up with some ideas after reading the following:
To escape from Mom or ... from your mother-in-law
Buying your own new or bigger home is perhaps one of the top 3 most reasonable things you can do. Unfortunately, this is a serious investment that requires a starting capital. It is much easier to get the desired home if you have some savings at first, to which you can add the rest amount of money for the purchase by credit, mortgage or relative financial aid.
To finally visit the pyramids, Volcanoes or take part in a safari
It is one thing to go on a holiday in Greece and Turkey, and another to go far and visit exotics, earthshattering beaches and experience extreme activities like swimming with the sharks, exploring a jungle and so on. Yes, it is expensive, but if you managed your savings well, you won't have to count your money so carefully. Open a deposit now, enjoy a long and emotional journey around the world later.
To rely on yourself in your retirement
Be savvy and allocate money in safer and profitable place, so you don't have to rely only on a pension during your retirement years. Let's be realistic, in Bulgaria the pension's money amount in not very attractive. Bulgarians generally rely on their kid's financial support after retirement in order to cover all the utility bills and other living expenses.
Be wiser – save now, live better later.
To have money in a safe place
A very good reason to open a deposit is the ability to have money in a safe place that no one but you can touch. Hiding under the mattress and in the cache at home is old fashioned, unpractical and even risky. By collecting your savings in a bank, you get security, profitability and sole control over them. And even you won't be tempted to touch them, knowing your savings are in a better place and gaining profit without efforts from your side.