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Why should you save money?

If you are working at a job that pays generously and you’re comfortably off, with enough income to pay for all your daily needs, you may wonder why you should save money. Particularly if you are young, you may be looking forward to many years of lucrative employment.

You rationalize that you can always begin saving later, when you are ready to start a family, thinking of purchasing a home or getting close to retirement. However, putting aside a little cash every month is relatively painless and will create a nest egg that can be tremendously helpful in times of need.

Each person has his or her own reasons for saving; here is a list of reasons that you may want to start saving money now.

  1. Build up an emergency fund. You never know what tomorrow may bring, especially in today’s uncertain financial climate. An emergency fund will cover you in case of a job loss, health crisis or other unexpected financial need. It is recommended to have at least 3 to 6 months’ worth of living expenses on hand.
  2. Afford the things you really want. Weigh the benefits of an affluent day to day lifestyle against some larger goals. Sure, it’s fun to sample the trendiest restaurants, but maybe you will be willing to eat out less often in order to save for a truly luxurious vacation overseas next year. Looking at the longer term, saving to invest in further education is a great plan if you think you might like to change careers – or advance faster in your current one – someday.
  3. Pay for big ticket items like a car or a down payment on a house. The more ready cash you have, the better your position will be to choose the vehicle or home of your dreams. You will also be able to negotiate a better purchase price and / or more favorable interest rates and payment terms.
  4. Start your own business. If your eventual goal is to get out of the 9 to 5 grind and be your own boss, bear in mind that most small businesses fail within their first five years. Insufficient startup capital is one of the major reasons. A chunk of savings will go a long way in helping you realize your ambition. Remember, too, that money seems to generate money. Investors will be more attracted to your business if you start off on a sound financial footing.
  5. Enjoy your retirement. Retirement may seem a long way off right now, but the day will come when you have a crowd of candles to blow out on your birthday cake and it’s time to retire. Make that a time to celebrate by accumulating funds to live on comfortably for many healthy, happy years to come.
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Grace Chen
Grace Chen - Writer & Editor
A graduate of the Haas School of Business, University of California, which is one of the top three (3) business schools in the U.S., Grace Chen has 10 years of experience in this field and have been delivering stellar business content through her written word. She’s the chief editor of Communicate Better and has written and edited thousands of content published in various online and printed media, including the NYSE-sponsored research studies and MEC Global. Connect with Grace on LinkedIn, https://www.linkedin.com/in/grace-chen-9254ab8/