3 Reasons Why You Should Start Saving Money

by Pam on July 5, 2015

3 reasons to save your moneyFor some people, saving money can seem like a stingy thing to do. They think that people who save money are cheapskates and don’t like paying for stuff. This isn’t true, there are many reasons people save money. Even people who are well off can save money, there’s nothing ‘cheap’ about it. As a matter of fact, saving your money can have lots of benefits too. Here are some great reasons why you should start saving money:

In Case Of Emergency

If you have your money saved up, then you know you’ll have money in case something bad happens. If you, or a family member, get hurt and need to pay for medical treatment, you’ll have money saved up to pay. Similarly, if you lose your job, you’ll have money available to live off of until you find a new one. If you just spent your money all the time, then you’ll be stuck if these situations were to occur. I know people who’ve lost their job but had no money saved, so they ended up in real financial trouble. They couldn’t pay their bills, so had to take out a massive loan, and are now struggling with debt. Saving money is a non-risky way of living your life.

Better Friendships

By saving your money, it means you’ll have to cut down on spending. Amazingly, over the top spending is seen as a major reason for friends falling out. In fact, studies by one lottery company suggest that one in three people have lost a friend because of money reasons. If you’re constantly spending, and flashing your cash about, your friends can get jealous or just plain sick of you showing off. But, if you’re saving money then there’s less chance of you falling out with someone over financial issues. By not buying many material goods, you start to appreciate other things in life. One of those things is friendships; you start to appreciate your friends more and become a better friend yourself.

You’re More Financially Independent

Saving money is a great way for you to become more financially independent. Many people get paid monthly, then spend all their wages and are desperate for the next payday to arrive. This could seem like a fun way to live, at the time, because you get to buy nice things for yourself. However, it’s not a sensible way to live your life. You’re constantly dependent on that payday, every month you go through the same cycle. Whereas if you save your money, you’re not dependent on payday. You don’t need payday in order to survive because you have money in your bank anyway. It’s a much better way for you to live; you’re never going to be stressed out worrying that your next payment won’t come in time.

Before you read this article, I bet you didn’t know saving money had these benefits! But it’s true, saving can have positive effects on your life. Not just in a financial sense, but in a personal sense too. I’d always recommend that you look to save money here and there, it’s just an all round great idea.

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