There are a lot of exciting things you can do with your time. Travel, shopping, playing video games, and the list can go on and on and on. On any list you might come up with for yourself, I’m pretty sure that saving money isn’t on it. So, why is saving money a good trait to learn? It is the very foundation that allows you to check off all of those exciting things on that list of yours.
Why is Saving Money a Good Trait to Learn?
There are a number of positives that come from learning to save money. Some of these are tangible and some mental and emotional, but they are all important.
1. Increased Options
Let’s face it, when you don’t have any savings, very often, you are one paycheck away from homelessness.
If you lose your job, you will have to scramble to find a new one…any job…just to keep a roof over your head.
Not to mention, even if you hate your job, you can’t quit.
You have nothing to fall back on.
On the other hand, if you have been saving money, even a small amount of money, each month all along, you will have a cushion to tide you over in the case of a job loss.
If you have enough saved and you simply can’t stand your job one more day, then theoretically you could quit your horrible job and be able to pay your bills until you find the career you have always dreamed of.
While that might not be the best option, it is still an option.
And that’s what saving money does. It gives you more options which in turn gives you more control over your life.
That makes for a happier life as well.
2. Ability to Deal with Unexpected Life Events
As they say, you can plan your life out all you want, but then life happens and most of those plans go to the wayside.
Sooner or later, fate will deal you an ugly hand.
Just when you thought things couldn’t get better, your water heater dies.
Or your car dies.
Or you need a new HVAC system.
If you’ve been saving money, then you can cover this event or the millions of other ill times events that can happen in a lifetime.
Sure, getting sick or breaking your leg still sucks, but if you don’t have to worry about the bills, it makes the experience a little less horrible.
On the other hand, if you don’t have any savings, what do you do?
Most likely you will put the expense on a credit card.
That just makes your situation even worse.
If you can’t do that you might have to ask for a loan from a family member.
You know how badly that can work out.
Even worse, you get a payday loan or a car title loan to cover the costs.
Then you’re looking at a 500 percent interest rate with little chance of ever paying the loan off.
You might even lose your car.
93 percent of people who get car title loans do.
The point is, if you have been saving money and have an emergency fund, you can deal with these events in your life without them ruining your future.
That’s a pretty good reason why saving money is a good trait to learn.
3. Less Stress and Better Sleep
This kind of goes hand in hand with reason number two.
If you have money in savings, you can sleep better at night.
You won’t be tossing and turning worried about bills or paying the mortgage or wondering how in the world you will put your kids through college.
Saving money might be boring, but it is a good boring.
Having no money in the bank is certainly a dramatic way to live, but it is stressful and scary.
Take it from me.
I’ve been in both situations.
There was a time I had a whole $17 dollars to my name after I had paid my monthly expenses.
I used to have to worry about being able to pay the rent every month.
It wasn’t any fun and while I tried to ignore the nagging concerns in the back of my mind, they were always there.
Now, while I am by no means rich or even close to being rich, I do have money in savings.
I can take care of an emergency if it comes up.
That makes life much more enjoyable and stress-free.
4. A More Enjoyable Retirement
When you’re young, it may seem like there is no reason to concern yourself about retirement.
I mean, it is so far off, who cares, right?
Even in your 30s and 40s it still seems light-years away.
The problem is, when you get older, the days, weeks, and years, start to move really fast.
It’s no longer like when you were a kid and a day could seem like it was a week-long and waiting for summer break seemed to take decades.
Regardless of your age, you will be old and staring down retirement sooner than you think.
So, what happens then?
Well, if you have been saving money for decades, you can smile and enjoy the day it happens.
If you haven’t been saving money, you might quickly realize you don’t have enough money to retire.
All of a sudden, you will realize that social security won’t come close to covering your living expenses.
With no savings or retirement, you will be forced to continue working long past the point you really want to.
If you work in a physically demanding job, this will get more and more difficult as the days and years pass.
Not to mention, forget spending time with the grandkids or traveling.
You won’t be able to afford it.
And that’s a shame.
Instead of enjoying your senior years, you will need to continue working.
And that’s no way to live when you’re 65 or 70 years old or older.
Also, you might start having health issues that won’t allow you to continue working.
You might have to sell your house and live in a government-assisted living facility.
Is this the retirement you wanted?
Chances are it isn’t and it can be avoided if you learn early on that saving money is a good trait to learn.
5. More Freedom in Your Life
Finally, if you make saving money a part of your life early on, it will give you a lot more freedom down the road.
For example, you might want to take a vacation to Hawaii.
If you have savings you can do so.
Maybe you want to go to your cousin’s wedding in another state, you can do that as well.
Whatever it is that you’d like to do, if you have been saving money, you just might be able to do it.
But what about credit cards you’re thinking.
Can’t you just charge the vacation?
Sure, you can.
Of course, then you get deeper into debt and one day that debt is going to come back and bite you in the butt.
One day, your salary will no longer be able to cover that debt.
And then what?
It is true that money doesn’t solve everything nor can money buy you happiness, but it does bring with it freedom and contentment, and peace of mind.
When you have savings, you can cover unexpected events, and you can save money to cover the extras, such as travel, that make life joyful.
If you’re looking for a contented, happy, and stress-free life, it all starts with good money-saving habits.
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What are the 3 Basic Reasons for Saving Money?
There are lots of reasons to save money, but when you boil it all down it comes down to having an emergency fund so you don’t have to go into debt if an emergency happens, being able to live the life you want, and building wealth.
To Sum it All Up:
There are a number of reasons why saving money is a good trait to learn. From a happier retirement to sleeping better at night, to being able to live the life you want, learning to save money is the foundation of all of it.