3 Reasons to Save Money

Tuesday, May 5, 2020, 6:00 PM | Leave Comment

It’s a fact that saving money is a good idea as we’re told to do so time and time again.

Yet what’s not so obvious is exactly why we might want to save that money.

It can be so tempting to spend, and it’s enjoyable too, but when we know why we need to save, or understand what those savings might be needed for, it becomes much easier to curtail that spending and save more than we usually would.

So here are some important reasons why saving money can be a good idea.

  1. A Happy Retirement

    Unless you plan to work for the rest of your life, you are going to want to retire at some point. Retirement is when you should be financially stable enough to do all the things you have always wanted to do, including traveling and taking up a variety of hobbies should you want to.

    Saving will allow for this to happen. Although it might be hard in the present, remember that you are saving so that you can stop working and enjoy a happy, stress-free retirement and it will become something you not only find easier, but that becomes a pleasure too. Just remember when you save to give yourself enough money to spend in the here and now as well, otherwise you will start to begrudge putting money to one side.

  2. A Better Education

    Saving money throughout your life will enable you to have a better education, and the better your education, the better career you are likely to have. This means being able to earn more money, which will make up for the money you needed to save and then spend on your education. It also means that you are more likely to enjoy your job, and this is all down to your savings being able to pay for the best education you can get.

    It might be that you can’t go to college as soon as you finish high school because you are still saving, but that shouldn’t be something that puts you off what you are doing. It should, in fact, be motivation. As soon as you have saved enough, you will be able to go to school and then get the job of your dreams.

    The best way to start saving is when you are young, as it then becomes a habit. You can save any money you are given as a gift; for example, including any gold from www.nuggetsbygrant.com that might be gifted to you by a family member. Save as much as you can, and you won’t find it difficult.

  3. Emergencies

    Even if there is nothing in life that you are saving for especially, and you have everything you need, that doesn’t mean savings aren’t important. Think about what might happen if there was an emergency you needed to deal with and it required money. If you don’t have any savings, that emergency might have to be solved using credit and other borrowing. Or you might not be able to solve the problem at all.

    Examples of emergencies include:

    • Vehicle repairs

    • Travel to visit sick relatives

    • Household repairs

    • Business funding

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