The importance of saving money is simple.
It allows you to enjoy greater security in your life. If you have cash set aside for emergencies, you have a fallback should something unexpected happen. Whether you want to go on that bucket-listed vacation or purchase that dream home, having a saving plan will help.
Let’s face it, saving is not always easy. It causes you to sacrifice for the greater good. Part of the importance of saving money is to build cash reserves, so you can take calculated risks with less worry. If you don’t have any savings, it may be harder to pursue certain passions.
The cost of living has gone up dramatically over the past 10-to-20 years. So whether you are a home owner, starting a new small business, or simply saving to send your child to college, you definitely need to save money.
It was once said that saving money for a rainy day is ideal. From unexpected car repairs to household emergencies, a stash of cash is always good. According to GoBankingRates.com, Some of the reasons why some States are more expensive than others are due to high cost of living, low salary, debt, lack of budgeting and over all bad choices.
If you find yourself living in an expensive state like I do, here are a few ways that keep me and my wife on budget! We have savings goals and buy “saving planners,” so that we can keep ourselves accountable with the money we save. It also makes the art of saving money into a fun bonding activity that we do together. We follow the 52 week saving challenge. Week one save $1, week 2 save $2, week three save $3 and so on until you get to week 52. By following this chart you will save $1,378 in just a year!
However Budgeting can be difficult if you live in an expensive state. Here are a few states that are much harder to save money in.
Nevada
Las Vegas, Nevada is a melting pot. everyone from all over the world come to Vegas to either live, or play. And you will definitely pay to play in Vegas.
New York
Everyone knows that New York is very expensive. Gas is expensive, taxes are expensive, the cost of living is expensive…EVERYTHING in New York is expensive.
Hawaii
Hawaii is beautiful,But I can remember spending over $15 at McDonalds for a meal just for me.
California
California is full of movie stars, beaches and fancy cars. The Golden State’s high cost of living as the main offender for not saving. It’s hard to save when the nightlife causes you to splurge.
Florida
Living expenses can get quite expensive in Florida. For example, the minimum budget required to survive in Miami for a family of four is $4,700 per month, according to MiamiHerald, which makes living comfortably difficult for the working class.
