Why Should I Save Money?

One of the quickest ways to reach your goals is to develop a savings habit. By saving money, you’re telling yourself, "I believe in my future, and I'm willing to take charge of it."

There are many reasons to save money. Here are just a few. Do some of the following apply to you?

• to cover emergencies without taking out an expensive loan
• to buy larger items, such as furniture, so you won’t have to use a credit card or rent-to-own store
• to provide peace of mind so you don't have to worry about paying off a loan
• to reach the goals you have set for yourself

Your goals may include buying a house, going to college—or sending your children to college—or starting your own business. A spending plan can help you reach these goals.

Even if you haven't been successful at putting aside money in the past, that's OK. It's never too late to start—and the sooner you begin, the more time your money will have to grow.

Once you’ve developed a spending plan, an Individual Development Account can be a great way to save money to reach your savings goals.

How Savings Grow shows how your money grows depending on interest rates and length of time. The Time Value of Money is a great way to make the most of your saving.