Taxi’s, Savings plans and Life Insurance!
It was a wild evening last Wednesday and it cost me €18 in taxi fares, but it was just one of those evenings where you just really wanted to get into the warmth and out of the rain, it felt like €18 well spent when the door shut behind me. It was easy to imagine the origin of the saying “saving for a rainy day”. It was not a night for going back out!
The rainy day is on a lot of minds at the moment, as we are all too aware, anyone who is lucky enough to have money, is saving like we’re in a never ending storm. Let’s hope we’re not but that’s a discussion for another day! Right now we all want the peace of mind that both ourselves; and our families can keep the proverbial fire alight should our rainy day come. It makes sense.
But it got me to thinking, had I walked home, or more realistically got the bus, I’d have saved about €15. Say I saved this amount every month for 10 years, how would that help the nest egg? Well, in 10 years time, saving €15 a month, that would leave me with €1,800 plus whatever interest I can get, so I felt I need lots of €15’s to really make a difference but it did make me feel better about getting the taxi!!
There are many other uses for my €15 and I’m sure yours, but of course working in the industry, it did highlight the value in Life Insurance right now. For some like me, a 32 year old man, I could set up a life cover plan for the next 10 years with my €15 a month and this would ensure that my family would receive €196,317 should the worst come to the worst and I die in that time. It’s not a pleasant thought granted, but it’s a big figure and maybe worth being part of your rainy day planning?
So if you’ve got something specific you’re saving for then great, I say go for it, but if like me, you’re storing up a small bit extra for peace of mind, then €196,317 is a lot of peace of mind for €15. It might be worth thinking about this weekend.
Check out how much Life Insurance you can get for €15 a month.