Why should you save Money? if you make less money, paying your bills can be a major problem, especially in this our present economy where people complain about low cash flow and the thought of saving money doesn’t even come to mind. When you have less than ₦5,000 left after spending from a salary of ₦50,000, why even think of saving? Because everyone has to start somewhere, and if you are focused at it, your financial situation is likely to improve going forward. Saving money is worth the effort.
It gives you peace of mind, it gives you options, and the more you save, the easier it becomes to accumulate additional savings.
Peace of Mind
Who hasn’t stayed awake at 3:00 a.m. wondering how they were going to afford something they needed? If money is really tight, you might be wondering how you’re going to pay your bills.Later in life, the money thoughts that keep you up at night might center around paying for your kids to go to college or having enough money to retire.
As you accumulate savings, your financial worries should diminish, as long as you’re living within your means and not always looking for new things to worry about. if you have savings accounts for your children’s education and your own retirement that you’re regularly funding, you’ll sleep better at night. The reduced stress from having money in the bank frees up your energy for more enjoyable thoughts and activities.
The more money you have saved, the more you control your own destiny. If you’re tired of living in an unsafe neighborhood, you can move to a safer area because you’ll have enough for a deposit on a better apartment on.
If you get sick and need expensive healthcare that your insurance doesn’t cover, you’ll have a way to pay for it even though you can’t work while you’re getting treatment. And knowing that you have options because of the money you’ve socked away can give you even more peace of mind.
No, money doesn’t solve every problem. It you are laid off, it might take as long as two years or less to find a new job, try to think of new ways to make money during this trial phase. Some illnesses won’t go away no matter how many procedures you can afford, and random crime can happen even in a supposedly secure gated community. But with more money in the bank to deal with issues like these, you give yourself better odds of coming out on top.
In your life, you never know what may come across and at what time. You never know which accident or difficulty you may face throughout the life. For this, you need to save a particular portion every month from your regular income. And then, you invest this savings to a good plan that earns you proper interest on the same.
To accomplish your goals
You can make savings for fulfilling your goals and ambitions. Everybody hold a different kind of goal in their lives. For example, your mom would be saving for purchasing a new sari for herself whereas your brother would be saving to buy a new basketball for himself.
Empowering new opportunities
You lose some potential opportunities when you don’t have enough fund in life. What if there is a bright opportunity to start a new venture but you are short of fund? At that time, you would be possibly able to fuel it if you have had money on hand.
Saving money is incredibly important. It gives you peace of mind, expands your options for decisions that have a major effect on your quality of life and eventually gives you the option to retire. Most people who are wealthy got there through a combination of their own hard work and smart savings and investment decisions. You can become one of those people, too.