17 Practical Reasons to Save Your Money In 2022
Are you in the saving habit? If not, what’s keeping you away? Saving is like paying you first. And it’s valid! Save your money easily and get into your abundant life
Saving money has never been that easy. It calls for a high sense of discipline and determination. The earlier you start, the greater the benefits you can enjoy.
In this article, we’ve curated 17 benefits of saving money. You can have a look at what we’ve got here.
Benefits of saving money
#1 Freedom to Freelance Do you know of anyone who’s stuck in a job they hate? And because they don’t have financial freedom, they can’t risk quitting and pursuing something else they enjoy?
If they had enough savings, my bet is they wouldn’t mind quitting and pursuing their dream jobs.
When you have sizeable savings, you won’t fear taking risks. You’ll know that you’re cushioned. And quitting your job to look for something that pleases you won’t be a problem.
In other words, savings give you the courage to take the plunge! You’ll take your time and choose carefully. Eventually, you’ll land your dream career.
#2 Gives You Financial Freedom
There’s nothing sweet than having financial independence. With sizeable savings, you get a peaceful mind and less stress. There’s no greater comfort than in knowing that you’re cushioned for any emergencies.
It’s in total contrast when you’ve no savings. You’re constantly tormented by the fact that emergencies come when least expected. And bum, you’re pressed against a wall and a hard place.
So, savings give you the much needed financial independence to do what you please. And do it when you want!
#3 Reduced Stress
Financial stress is the worst thing for your health. It’s very disturbing to have financial problems. Have you ever stayed up throughout the night fathoming how to meet your financial obligations? Or worse still woken up in the middle of the night in a cold sweat? It’s very unsettling, isn’t it?
But you needn’t worry. You can eliminate financial stress by having more money. Yes, I can hear you ask: how can I achieve this?
It’s easy. You can have several streams of income. If this is not within your reach, then you’ve got one option remaining: save your money. And you’ll thank me later.
And while still at it, reduce your debt burden!
#4 Helps Reduce Debt Burden
The less you save, the greater your debts become! When you’ve some savings, there’s no reason to get into debt. But if you’ve no savings, you’ll easily get tempted into borrowing!
Here’s the truth! You can use savings to take care of some expenses in place of a credit card. This way, you can reduce your debt burden. Moreover, it’ll save big on the amount that would’ve been levied as interest.
Savings also save you from going for emergency loans. The good thing here is that there’s no more addition to the existing debt burden.
#5 A Buffer against Emergencies
Emergencies will always occur. And when they do, your savings are a great buffer!
Why? Because the funds required are usually outside the regular budget.
At the family level, emergencies are more emotional than being less emotional. But whichever the case, they need to be addressed diligently. So, having a sizeable saving will help you to avoid additional financial stress.
As you can see, there’s a need for you to set up an emergency fund. It’ll go a long way in saving you the agony of facing off an emergency.
#6 Long-Term Security
Do you know what the future holds for you? I’m sure you don’t! And nobody can predict the future. For this uncertainty, having some funds stashed up somewhere is a wonderful idea.
Just consider these scenarios!
How can you overcome financial woes without some savings? How can you make decent savings without an extra stream of income? How do you plan to survive after retirement without investments? And how can you pay your bills if you lose your job?
The answer to all these questions is in saving your money. When you start saving early and build a strong base, you’re assured of long-term security.
#7 Cushions against Sudden Job Loss
Losing a job or a source of livelihood is very traumatizing. It happened to many people with the COVID-19 pandemic. Many families were left in devastating situations. It’s very difficult to borrow money when you’ve no source of income. That’s when savings can come in.
So, start saving your money now if you hadn’t started. It can comfortably cushion you in case of any eventuality.
#8 Having Lots of Fun
The common thinking has been that you can’t save money and have fun. But contrary to this school of thought, saving money gives you the opportunity to have fun. And lots of fun!
It’s true! If you’ve enough savings, it won’t hurt your financial position to spend some to have fun. In fact, you can have fun to the fullest, and guilt-free.
Did you know that your enjoyment is at its peak when you’ve got no guilt feelings? That’s a fact of life. And saving your money can give you that feeling! And much more!
#9 Helps to Finance Vacations
In addition to having lots of fun, saving your money can help to pay for your vacations. It’s the wish of every human being to go on vacation very often. But lack of funds usually makes it a pipedream.
If you’ve some savings stashed up somewhere, taking a vacation is possible.
There’s no better way to relax and bond with family and friends than to take a vacation! And what’s the best way to pay for the vacation? Using your savings is the only stress-free way to finance your vacations. And yes, you can have a better experience using your savings than getting into debt.
#10 Prepares You for Retirement
A time will come when you must retire! And you’ll need to continue living.
Did you know that you’ll need more money in old age than in your youth?
Sure! In old age, you’ll need special meals. You’ll also fall sick quite often. And most probably you won’t be able to earn from any employment.
So, your savings will come in handy. Add the savings to your pension, and you’ll enjoy a comfortable retirement.
What do you need to do then? Develop a habit of saving a small portion of your income. And over several years, you can have a good amount stashed away for your retirement.
#11 Pay for Education
Education is one of the most expensive undertakings in our times. It could be your own education, that of your spouse or education for your children.
Why do you need to pay dearly for education? It’s because of the adage: “Education is the key to success.” Your chances of succeeding in life are brighter when you have a good education.
You’re likely to get job opportunities if you have an education. If you’re lucky to get a lucrative contract with a reputable company, your feeling is to acquire more skills to remain afloat.
For you to finance the acquisition of new skills comfortably, you’ll need to save substantially. And starting early is the trick!
#12 For Big Purchases
We all love good possessions. And most of these possessions are expensive. Here, think of flashy cars, steamboats, exquisite furniture, mega TV screens, and jets.
The good thing with big purchases is that they’re great fun. You’ll need a fast car to drive to work or to take your family out. You’ll also need a big TV screen for a better experience for your family. Having good furniture in your home is fulfilling. But having exquisite and comfortable furniture is even super.
But what’s the bad thing about big purchases? They have a way of inconveniencing you if you’re financially unprepared. In the worst scenario, you can get into debt to finance your big purchase. And when the truth sinks in, you live regretting why you had to spend so much.
But, can you pay for your big purchase without going into debt? Sure, you can! Saving money from the onset is your best bet. It can enable you to finance your big purchases right away when you’re ready. You can set goals and a saving plan!
#13 Future Home Ownership
Owning a home is not a mean achievement! And everybody dreams of owning a good home.
Many expenses are involved until you get your dream home. From home hunting to mortgages, to furnishings, until full occupation, real money is involved.
While you can source for a steady flow of funds to finance the expenses, using savings offers a better experience. You can save a substantial amount if you start early. It’s good if you set aside a homeownership fund and commit to it.
There’s everything good to start saving early for your homeownership. You can easily finance the down payment for a mortgage with your savings.
#14 Becoming a Philanthropist
Do you know that you can use what accrues from your investment to help others develop? This is philanthropist work. You can help numerous souls with the interest earned from your investment.
Look at this scenario! If your goal is to give charity on a yearly basis, your ability to continue giving is limited if you’ve no savings or investments. But on the contrary, your ability to give is enhanced if you save and invest intelligently.
So, what’s the point here?
Saving money can help you to accomplish your goals easily.
#15 Paying for Marriages
Marrying and settling in life is an expensive undertaking. And you know what? It’s a valued stage in one’s life! The expense is unbearable if a wedding is involved.
Weddings have been postponed for the umpteenth time due to financial constraints. Divorces have also been witnessed if the financial woes are carried into the marriage.
You can avoid such scenarios by setting aside some savings for your wedding and marriage. The worst mistake you can commit is to get a loan for your child’s wedding. The worst still is when you get into debt for your wedding and marriage.
So, what’s your take here? Use your savings to pay for your child’s wedding, or for your marriage. Don’t take a loan, no matter what. Life is better if your married life starts free from debt.
#16 Financing Major Life Events
Events will always happen in life. There are those that are monumental and urgent. And there are those that are trivial and can wait.
Whichever the case, these life events can prove expensive. And therefore, it’s necessary to save for these life events. You’ll be headed for a better experience in life!
#17 Helps You to Leave a Financial Legacy
Sure, we’re all fond of praises. When people tell amazing tales about you, it feels nice. And that’s the motivation for you to do well.
So, what would be your wish when you’re gone? Would you like to hear people complaining about how you couldn’t pay your debts? Or worse still, leave your family wallowing deep in debts?
How would you feel to hear people praising your financial organization? You would feel good, eh?
Sure, everybody wants to leave a positive financial legacy after they depart. Whether you depart in your youth or in your old age, it doesn’t matter. Your kin will remember you for your unmatched financial management when you lived.
How do you ensure that your financial legacy is the envy of everyone?
Just follow these steps! Succeed in getting out of debt. Then learn to save your money heavily. Invest wisely any surplus money. And then, money will work for you!
When you depart, your savings will talk about you.
It’s too unfortunate to live paycheck-to-paycheck. You get embarrassed when emergencies come knocking. But you can avoid it if you learn the art of saving your money.
Saving is paying you first. You’ll need that dollar most in the future than today. So, stash away some of your money now to live happily after retirement.
Do you have a reason to do that? Yes, saving your money can benefit you in many ways. You can get long-term security. You can also reduce stress. And above all, you can finance your enjoyment.
The list is endless. But while still at it, don’t forget to leave a positive financial legacy when you’re gone!
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