Six goals that motivate you to save

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Many people know that they should save money for the future, but they lack a clear understanding of the purpose and method of saving money. Here’s the answer:

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1. Retirement life. Even if you don’t want to retire, you should plan for it, because you may change your mind, or you may have to retire. If you live to be 102, do you think you are still working? Join the 401 (k) retirement benefit plan, and use your personal retirement bank account or stock fund to start saving money for retirement. Don’t use your savings carelessly or easily until you retire. The tax law allows you to use the above fund to pay the down payment for house purchase under specific circumstances, but you must act with caution. Arrange an adequate budget for your expenses, and continue to save money for retirement.

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2. College tuition. You want your children to go to college and enjoy a better life. But college requires high scores, self-discipline and a lot of money. From the day your children are born, or from today on, save money for college. The “529 Student Savings Plan” is exempt from individual income tax, and you can enjoy tax incentives. Go and find out.

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3. Buy a new car. Saving money to buy a car is much more interesting than saving money for retirement. It is not difficult to own a new car. If you can buy a new car with the money and savings from selling old cars without borrowing from the bank, it will be much easier and more interesting. You don’t want to work for cars. It’s like labor. You want the car to serve you!

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4. Vacation. Can you imagine paying back the loan for the holiday in five to ten years after the holiday? This is disappointing, but many people will use credit cards for holidays. The seven day holiday is over, and the pain of repaying the loan will last for several years. If you save money for vacation, the journey will be more enjoyable, and there will be no financial burden left!

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5. Save money for emergencies. In addition to buying a car and taking a vacation, you can also use your savings to deal with emergencies. If you are in urgent need of a new car transmission and you have no emergency fund, your plan to buy a new car will be put off for several years. In an optimistic situation, your emergency fund can cover the cost of your unemployment for one year.

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6. Others. There is no reason not to save money for what you want. With money, you have the ability to enjoy and do good in the world. Keep saving!