It is always a bright idea to find a valid reason to start saving money. Unless you put your money to work through savings and investments, it will not act as an asset to you. On the contrary chances are more that you will eventually loose it due to bad decisions and wrong investments.
Making an emergency fund has to be a top priority for anyone at any day. However having Designated Personal Saving Funds will bring in greater amount of financial discipline in our lives.
Here are some of the classic examples of Designated Personal Saving Funds, You can put money on them periodically or in lump sum.
- Education savings Self
- Education fund for children
- Travel & Holiday savings
- House Down payment Fund
- Fund for a startup business
- A fund to purchase a vehicle.
- A fund to invest in Stock Market.
- A fund dedicated for Crypto Currency
By creating designated savings funds, you will ensure that you do not have to squeeze your other funds to find money to meet the below expenses that will increase living standards and professional growth. You can easily track the progress of your fund against your target.
To know more tips on how to save though Designated Personal Saving Funds, you may contact Hanaa Al Hinai , whose One to One Personal Money Management consultation sessions will change your money outlook.