– Why save money at all when you can easily get what you want on credit?
– Why save money when there are so many exciting things you can you can spend it on today?
– Why save money when you are already struggling to live on what you have?
Questions, questions, questions.
Why save money at all?
Of course, you understand the importance of money. However, have you made steps to do so?
The questions we posed at the beginning are the reasons why many people don’t save money at all.
– Credit is relatively easy to get hold of.
– The temptation to live a good life today rather than tomorrow is strong.
– And saving money when you don’t have any to save seems like an impossibility.
Because of these things, saving money becomes an afterthought. It’s something you might consider later on, perhaps when you have finished buying what you want today (probably on credit), or when you finally have the money to save.
But here’s our advice: You need to make saving a priority.
– Living life on credit is only going to get you into debt.
– Living for today is only going to damage your life chances tomorrow.
– And when you have little money to save, at least follow some of these baby steps to get going.
Saving money needs to be a necessity for any number of reasons. Some will be specific to you, but here are some common examples of why you should make saving a priority, regardless of any reasoning why you may not have started yet.
You will become financially independent. If you have money in your savings, you will be less reliant on others to help you. You won’t suffer the embarrassment of asking others for money when you need it the most. You will be able to live comfortably without relying on credit cards and bank loans. You won’t have to suffer the stress of not having enough money to reach some of the financial goals we will include on this list. If for no other reason, this is a key example of why saving money should be the priority for all of us.
You will be able to buy a home. If you’re currently renting, you might not want to do this forever. Owning a home will give you far more stability in life, and you won’t be forced into paying rent for the rest of your life. But you will need a mortgage. If you don’t have the money saved for the down payment, then the bank is not going to lend to you. You need at least 5% of the cost of whatever you have seen on the property market, so unless you intend to beg or borrow from friends and family (which we would recommend against when possible), you are going to need to start saving as soon as possible.
You will dig yourself out of an emergency. Your life might be fine and dandy today, but you can never predict what will happen tomorrow. Your car might suffer an expensive malfunction. You might need to do repairs in your home. You might lose your job. These are just some of the emergency situations you find yourself in. Will you have the money to support you? You won’t if you have nothing saved. You might be forced to rely on credit cards, and that (as you should already know) isn’t the best course of action at all. When it comes to savings, we advise a portion of that goes into an emergency fund. This way, you will be less liable to resort to credit, and you won’t need to dip into the savings you might have been accumulating for something else. So, start saving today to protect yourself from tomorrow.
You will have money for those special occasions. At the time of writing, we are coming up to Christmas. It’s a wonderful time of the year, but it can be expensive. With presents and food to buy, as well as all the other things that go along with the season, you are going to need the money to afford everything. And the same applies to birthdays, weddings, and any other event that is marked down on your calendar. Many people get into debt, especially around Christmas, but if you have savings, you won’t have to. While you shouldn’t splurge all of your savings on a big blowout, regardless of the event or anniversary, you can at least get what you need to enhance your celebrations.
You will have a good life. Imagine a life when you don’t have to struggle for money. A life when you can purchase luxury items without worrying about whether you can afford them or not. Imagine a life when you can escape stress, without the pitfalls of debt dragging you down. Imagine a life after you retire, when you can live comfortably, without having to struggle on whatever pension the State has given you. If you start saving money, you won’t have to imagine. You won’t have to live with regret, wishing you had saved money instead of blowing it all early on. You will be able to live with some kind of happiness in your life, instead of sorrow and longing.
Your kids will have a good life. Should you have kids, you want the best for them. While you should give them a good financial education to ensure they save money for what they need, you will also have money to leave them in your will when you finally depart this thing we call life. You see, saving money isn’t only about what you need it for, it’s also about providing for your loved ones, and should you be a parent, you will already realise this should be one of your priorities.
So, let saving money be your priority today. Use the advice given by money guru Martin Lewis on the best places to save your money. And look at your future goals (and the money-saving reasons we gave you), and let them be the incentive for you to make a concerted effort to not let saving become an afterthought. Your financial security depends upon it.