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We all can admit that spending money is more fun than saving money. After all, it’s harder to put money in a bank account than it is to spend it at your favorite stores, restaurants, and vacation spots. However, there are many reasons why you should budget and prioritize saving over spending not only for your benefit but for the benefit of others too.
Here are some examples:
The greatest gift money can give you is freedom. If you get caught in the perpetual rat race of going to a job you don’t like but needing your job to pay your bills, having a large savings can be your escape. If you have a substantial amount of money in your savings account, you can quit your job whenever you want and search for a new one that would be a better fit for you without rushing the process. Or, if you lose your job, you will have a cushion that will help you pay your bills until you get on your feet.
Saving money also allows you to choose when to retire as opposed to having to work in your old age. It also allows you to cut back at work if you have a health issue or a family issue. Suffice to say, having money is more than just a number in your bank account; it’s your ticket to freedom when you need it most and gives you great peace of mind.
If we could plan every single aspect of our lives, the world would be a much different place. Unfortunately, though, life is unpredictable. Emergencies happen. Accidents happen. Tragedies happen. Without a proper savings account, something as small as a car repair can be a huge detriment to someone let alone a much larger expense such as a trip to the ER or another health scare. Having a savings is so important to be able to weather life’s storms, and again, although spending is much more fun, saving is much more reliable.
If you’re a saver, having a large nest egg allows you to give to help others. When you have significant savings, and all of your expenses and needs are met, you can use any excess funds to help your friends, your children, and even random strangers. You can donate to causes you believe in or help someone you love to pay for college.
Simply put, when you prioritize saving over spending when you’re young, you can prioritize spending over saving when you’re older. The more you save and invest at a young age, the better compound interest will work in your favor so you can enjoy the fruits of your labor during your retirement years.
Of course, prioritizing saving doesn’t mean you can’t spend at all. It just means that you’re mindful of where the majority of your money goes so you can garner the greatest benefit from it in the future.