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Continuing his series of "back to basics" financial advice, financial adviser Dan Danford tackles the topic of why it's important to invest.

Danford said he is frequently approached by people wanting to know the difference between savings and investing.

Danford, CFP®, CRSP®, MBA, of Family Investment Center, explains three reasons to invest and why savings alone will not allow you to meet your financial objectives.

Financial adviser Dan Danford takes a "back to basics" financial advice approach with this week's episode of Money Made Easy.

Danford said he is frequently approached with questions about savings from people faced with a mountain of debt or divorced dads looking for financial advice on divorce.

A common question he hears is:

"Why even bother to save at all? It seems like I’ll never be able to get ahead anyway, so why should I even try?"

Danford, CFP®, CRSP®, MBA, of Family Investment Center, says that saving and spending habits have more to do with personal discipline than level of income. He explains different ways you can save, how to use the Dan Danford eBay test, and more importantly, why you need to save money.

Financial adviser Dan Danford answers a personal finance question from a Money Made Easy viewer about refinancing the marital home:

"My wife and I are looking to refinance our marital home. Both of our names are on the deed to the house but only my name is on the mortgage. So would both of us have to supply financial information or will only mine be required?"

Danford, MBA, CRSP, of Family Investment Center, explains how to understand the transaction from the bank's standpoint and how you should negotiate with your lender when refinancing.

Financial adviser Dan Danford answers a personal finance question from a Money Made Easy viewer:

"My son wants to purchase a car and have me co-sign for it. I have an average credit score so I don't think I would be rejected as a co-signer, but will the fact that I am co-signing for my son affect my credit score in any way?"

Danford, MBA, CRSP, of Family Investment Center, explains while co-signing may not affect your credit score, it may affect your ability to get loans in the future.

Remember that loaning money or co-signing is a business transaction. Treat it as such.

Financial adviser Dan Danford answers a personal finance question from a Money Made Easy viewer:

"I was going through a mortgage transaction and heard about credit disability insurance. What exactly is this and could the insurance be used for any type of credit or is it only usable on mortgage debt?"

Danford, MBA, CRSP, of Family Investment Center, explains credit disability insurance and what factors you should consider when determining whether to purchase it.