4 Reasons To Save Money
“Many people take no care of their money till they come nearly to the end of it.” – Johann Wolfgang von Goethe
Von Goethe’s quote lays down exactly why saving money can be so problematic; when we have it, we don’t really think about it other than to spend it, and when we don’t have it, we wish we would have saved some for the times when we need it!
It’s important to remember, however, that saving money, although it can be hard when there is so much that is tempting to buy, will help us much more in the long term than spending ever would. Below are four of the best reasons why you should think about saving your money; they might help you to remember to put at least some of your cash aside each month.
You Won’t Need Credit
If you find that you are often using credit to buy everyday essentials such as gas or food, then you need to start saving money where possible. Credit should, ideally, only be used to buy larger items such as property or vehicles, and everything else should be bought using money in the bank or your savings. If this is not the case, then your debt can rise and become a big problem.
Once you have a significant amount of savings and have paid off your credit, you will be able to buy almost anything you need without getting further into debt, which is a wonderfully freeing feeling.
Buy A Property
Even if you have no debt and your credit record is clean, if you have no down payment, then you won’t be able to buy a property. For those happy to rent this isn’t something that worries them, but if you want to buy a property to live in or for investment purposes, saving money each month will give you the down payment you need and the means to buy that house or apartment that you want.
Enjoy Things More
Although it is entirely possible to get a loan or credit card (assuming you fit the criteria) and buy whatever it is you want when you want it, there is something so much more satisfying about saving up for something and then buying it knowing that you worked hard and put your money away for exactly that reason. It might be that you want to buy tickets from ticketsales.com, take a vacation, or buy all your Christmas gifts without using a credit card, for example, and if that is the case having money in savings or simply having money that you are no longer using to service a debt will ensure you can do it.
It might be that your household income is enough to buy what you need (and sometimes what you want) each month, with enough left over to put aside into a savings account. Yet what would happen if there was an emergency and you needed to repair a car or even buy a new one, or you had to travel somewhere urgently, or fix something expensive around the house? With savings you can deal with these emergencies quickly and efficiently, ensuring that life is not disrupted too much.