Who of us has never heard the wise old advice to; save for a rainy day? It is a very good suggestion and comes with future benefits, however, with the rising cost of living and the need to cover ones day-to-day expenses saving for that unpredictable rainy day seems more and more difficult. Many think they do not have extra funds to save, and may even wonder; should they be saving anyway?
The answer to that question is a resounding yes. Besides, being able to provide needed funds in the event of an emergency knowing that you have some savings squirreled away can increase you feeling of mental security and peace of mind. One study done by the Northwestern Mutual insurance company out of the United States found that when you have some savings it can result in increased happiness. But how can you possibly save from what you have? From where will the extra funds come? How will you find extra money to save? These are valid questions especially given the present economic realities. However, the Jamaican saying one-one cocoa full basket is still true. Every little bit counts, no matter how small the amount remember it adds up. Bear in mind also that savings should not be burdensome it should be manageable, so in order to be consistent in your savings plan make sure you save what you can manage. Do not try to carry what your hands cannot hold, save only what you can afford.
For your savings plan to be of benefit it must be a consistent endeavor. To be a consistent saver it is imperative that you make it a habit, that way it becomes almost second nature. As a member of the JTA Co-op Credit Union you may be aware that there are several savings products that you can utilize to your benefit. One of the best savings products at the Credit Union is the Golden Harvest Savings Plan. It is a contractual savings plan that gives you the power and complete control over your finances.
So, do you want peace of mind, security and a buffer against future eventualities? If you answered yes, then by all means you should be saving.