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I'm sure you've heard about saving money a lot of times and may have even tried it sometime or presently doing so. In today's article we are looking at the importance of saving and reasons some may have for not saving in order to determine if it's worth doing.
You may have doubts about saving money or you may assume it's not possible, especially considering your income level. I hope this article can help shed some light on whether it's possible and also important to save or not.
You Should Save Money And Here's Why.
1. Emergencies
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Do you remember the last emergency you had to deal with personally or in your family, maybe your automobile got spoilt. Or some health problems just surfaced. Or a loved one was seriously in need of medical attention? What happens then? You suddenly wish you had a stash of money somewhere. Or worse you ran around to see how to raise the money, maybe falling into debt in the process.
This is the kind of situation where saving can save you. When you save for emergencies, you don't panic when the emergencies come because you can handle them. For example, if it's a loved one that needed urgent medical attention and you had some amount saved up to fall back on. Imagine that feeling of relief.
2. Money For Investing
Whether it's investing in the stock market or a business or crytocurrency, saving can help you achieve that. If you continue to hope for a time you would get a sizable chunk of dough to make that investment, it may never come. But you can get that money by saving a few months to a year depending on some factors like your income etc. So don't wait till the right amount comes, save up that amount and you can make that investment.
3. It Can Help You Avoid Debt
Savings will provide you funds to solve problems and eliminate the need to borrow. Imagine a scenario where you need to replace or repair your automobile and you withdraw from your savings to solve the problem and another scenario where your automobile needs repair or replacement and you have no option but to borrow to do it. Which scenario would you rather be in?
4. Gives You Peace Of Mind As Far As Finances Is Concerned
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Of course when you know that you have some financial reserves to fall back on when life puts you in a difficult spot you will be at peace as far as financial matters are concerned. On the other hand not having a savings might leave you worrying what to do in case this or that happens.
5. When You Are Out Of A Job
Whether because you were fired or decided to quit, your savings can help you out here. You will have enough money to sustain you till you land another job or you can decide to be self-employed.
6. Achieving Your Life’s Goals And Dreams
Saving can provide you money to pursue your dreams and goals, all those dreams you've fantasized about and drawn up plans for just waiting for the finances to make them realities.
These are the most important reasons why you should save.
Reasons You May Have For Not Saving
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There's Never Enough To Save After Making All The Expenses.
This is not entirely true. There are unnecessary things you are still spending money on that you can put into savings. You need to develop the habit of only spending on your needs. The wants can wait, and you save that money.
I Just Can’t Do It
Well with the right motivation and the right tools I think it's pretty easy for anyone. At least you should do it for the problems it can help you avoid in life. You just have to realise it's importance. Except if you are a high income earner. Even so you still need to save. Financial statuses change you know.
There Are A Lot I Want To Spend On
I think it all comes down to separating your needs from your wants, getting your priorities right. You should definitely spend on all your needs but not all your wants. Then you can save the money.
Few and flimsy are the reasons for not wanting to save. I just hope the info you've read through can help you decide whether saving will be beneficial to you or not. If you decide to save here are …
…Some Tips For Saving
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Determine how much you spend. Keep a close eye on all your expenses and meticulously record them. This will help you know where to make room for saving.
Have a savings goal. Consider what you want to save for, either in the short term or the long term. Calculate the amount of money you'll need and the time it will take to reach your savings goal.
Know your needs from your wants. Needs are absolute necessities. Wants are not. Spend on needs and maybe some of your wants and save the money.
Learn to manage your resources to prevent waste. This includes cooking your own meals and finding smart ways to reduce your energy usage etc. You should have considerable amounts to save just by doing this. ETC.
Here are some helpful links:
Thanks for your time. Have a great day.
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