Most people don’t save money. It doesn’t matter how much they make–whether it’s just four figures, five or 6 figures. As my father used to say, “if you don’t save, you’re always broke even if you make lots of money.”
Though I scoffed at him when I was younger, I know that his words are true. I need to start saving money.
Here are five important benefits of saving money.
The primary objective of saving money, isn’t really the saving itself. It’s about cultivating good money habits that could last for a lifetime! When Aristotle said that “excellence is a habit,” he might have been talking to people in the twenty-first century!
Businesses are out to get your money. Everyday, we are bombarded by hundreds of advertisements and enticing commercials. The intention is for us to let go of our hard-earned money and take their bait—to make us happy, to make us feel good.
If I learn how to save money, I can easily say no to these commercials.
When I save money, I know that when the rainy days come, I won’t be left cold outside. I want to know that I can survive an economic downturn; I want to provide enough for my family and our coming child. It’s not a question of whether or not the rainy days will come. I am very sure that difficult times will come. But if I learn to save now, I can easily set up an emergency fund that can help us weather the storm.
Money is often the source of stress in many people’s lives. It also causes countless fights between couples. If I don’t have money, I also feel powerless and stressed! That’s the thing about money, if you don’t have it, it’s easy to fret about your life and your future.
If I save money, I know that I have some reserves and that I won’t need to worry about it if I suddenly have an emergency. This is not about becoming filthy rich. Rather, it is about having enough for my needs and for the emergencies that come up.
The value of saving money seems to be lost in our generation. The proliferation of credit cards, loans, and instant gratification seem to have killed the spirit of savings among young people. That’s bad news for the future!
The economic recession came about because of greedy creditors and people who bought houses and things but lacked the capacity to pay for those things. You can either enjoy it now or pay later (which a lot of people do now) or Pay now and enjoy it later. While the latter leads to long-term freedom from stress, it’s counterintuitive to an “I want it now” culture!
I need to discipline myself to save in order for me and my family to have a better, brighter future!
If you don’t have debt, instead you have a safety net in terms of savings, won’t that give you peace of mind? You’ll be able to sleep more soundly, more secure every night.
You’ve worked hard at building up your savings, you deserve to have peace of mind. Don’t get me wrong though, it is bad recipe to trust in your riches. Rather, it is about putting in place the right habits and foundations that will help you enjoy your life better.