Best5 Surprising Benefits of Saving Money

When Will I See The Real Benefits Of Saving Money Early
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Aug 07, 2020 Saving for retirement when money is tight. As important as it is to begin saving for retirement as early as possible, if you're strapped for cash, you may be focused on more immediate financial needs. The average 6 kW solar panel system installed anywhere in the country will save you about $1,500 on your electricity bills annually. Solar savings are very real, but exactly how much you save depends on the availability of local city and state incentives. A great way to find a reliable solar panel cost estimate near you is by using our solar. The average cost to operate an EV in the United States is $485 per year, while the average for a gasoline-powered vehicle is $1,117. On top of the cost savings, electricity rates are much more stable than gasoline prices. Over the past 10 years, the cost of fuel ranged from $1.50 to $4.00 per gallon. By comparison, over that same amount of time.

Being able to save money has a lot of perks attached to it. However, it requires a lot of dedication and discipline. It is also a great habit to inculcate for the long term. So, if you are someone who has been wanting to save more money and trying to figure out what benefits it gives you, then look no further. In this article, we are giving you 5 surprising benefits of saving money! Here they are:

1. Helps You Tackle Emergencies With Ease

Emergencies, be it of any kind always come unexpectedly. They also mostly require to be tackled with a huge sum of money. This is something that one rarely accounts for in their regular budget. Therefore, having some money saved up beforehand greatly benefits you during such situations. These emergencies could be anything from sudden illness or a car accident. It can very well be a matter of life and death. Accumulated savings can greatly help you out in such situations.

2. Helps You Get Back On Your Feet

Life is pretty unpredictable at almost all times. You might suddenly have to go through a rough patch in your life. For instance if you suddenly lost your job. It can be a very traumatic experience both for you and your family. It could also potentially land you in a huge financial crisis in the long run. This is where all your saved-up wealth steps in to take that load off your shoulders. If you have some saved up money, then it will give you some breathing room which will help you bounce back on your feet by landing another job quickly.

3. You Can Go For That One Vacation You Always Dreamt of !

Often times when browsing through the internet your mind wanders to different places. Then maybe you start thinking if you could afford to take a vacation in such places. However, soon enough your bubble bursts because it turns out it is very expensive. Well, that needn’t be the case anymore. You have been saving for a while, let’s say for a minimum of 3 years. Then you can easily make your dream vacation a reality. Using your saved up funds to go for a vacation is way better than doing so by getting into debt.

4. Limits Debt Burden

Having a significant portion of your income tucked away in savings can help you limit the amount of debt burden you have. You can use your savings for all big expenses instead of your credit card. Also, another huge help that saving up funds offers is not having to take emergency loans in urgent situations.

5. Gives You Complete Financial Freedom

This is obviously one of the most evident benefits of saving money. It gives you complete financial freedom in your life which is otherwise very hard to come by. Having accumulated a significant part of your income also helps you give peace of mind. You will no longer need to be dependent on anyone for financial help. Therefore, make it a point to start saving up from today itself!

This brings us to the end of the 5 surprising benefits of saving money. I hope you got to learn a lot from this article. Now, let us know if you have started saving money for yourself already. Also, we are all ears for any specific personal strategies that you might be having for saving money.

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Last updated 1/2/2019

For the average American household, transportation is the second largest expense after housing. Swapping a gasoline-powered vehicle for an all-electric vehicle (AEV) or plug-in hybrid electric vehicle (PHEV) can help you save money on day-to-day expenses in five different ways.

Fuel savings from driving electric cars

One of the biggest day-to-day savings is the cost of fuel. A 2018 study from the University of Michigan found that electric vehicles cost less than half as much to operate as gas-powered cars. The average cost to operate an EV in the United States is $485 per year, while the average for a gasoline-powered vehicle is $1,117.

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On top of the cost savings, electricity rates are much more stable than gasoline prices. Over the past 10 years, the cost of fuel ranged from $1.50 to $4.00 per gallon. By comparison, over that same amount of time, electric car drivers paid about $1.20 for electricity to go the same distance. A consistent electricity rate means that fueling an electric car is both more budget-friendly and more predictable.

As battery technology continues to improve, the equivalent cost per mile for driving electric vehicles is significantly less expensive than driving gasoline-based vehicles. Your average electric car can go approximately 100 miles per 30 kilowatt-hours (kWh) of electricity. Assuming that you can buy 1 kWh of electricity for $0.12, this means that you can travel about 36 miles for $1.00. In terms of gasoline-powered vehicles, your average car with a fuel efficiency of 22 miles per gallon will only be able to travel about 18 miles for that same $1.00 in costs. Essentially, by driving an electric car you can get double the mileage for your dollar.

Plug-in hybrid EVs are more efficient than standard gas-powered vehicles

Unlike all-electric vehicles, which use no gasoline, plug-in hybrid cars have a fuel backup to power the car in the event that the battery’s charge runs out. While this means there is cost for both charging the vehicle and refueling, PHEVs use fuel more efficiently than conventional gasoline-based vehicles and function more like hybrid vehicles when switched from battery power to fuel. In fact, plug-in hybrids use anywhere from 30 to 60 percent less gasoline than conventional gasoline-powered engines. Their internal combustion engine is used to recharge the car’s battery, saving on electricity costs and reducing the need for hours of charging.

Some utilities offer lower cost electricity for electric car owners

Using electricity instead of gas to power your car is cheaper and more efficient. Some utilities even offer lower prices for vehicle charging during off-peak hours. How organized crime launder money at casinos. Programs vary by state and electricity provider, but can include:

Reduced time-of-use (TOU) rate options for vehicle charging
Per kilowatt-hour discounts used to charge electric cars
Reduced rates for electric car charging during off-peak hours

All of these options result in lower-cost electricity used for charging your electric car. These rates and discounts can help reduce the day-to-day cost