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There are so many things we learn in life as the years pass. But today I’m want to share the most important life lesson I have learnt in so many years – saving money has no age. We all have different kind of people around us, from our parents to our friends – all differ when it comes to advice. Some tell you to save money all the time because money is the biggest factor for survival and a good life, while some tell you to spend all your money because life is unpredictable and you only live once. I have had similar experiences. But what I realized at later stage of life is
- saving is more important than spending
- That it is not about how much money you save or spend, it is about when you start saving. And the answer to that when is – now!
There is no better time than now to start saving. Yes, you read it right. Whether you are a 16-year-old teen or a 55-year-old father of three, if you haven’t saved anything yet, the first step is to believe that it is all right if you haven’t yet. And the next step is to start saving. Saving money is something you don’t need any experience for. If you earn money, whether from a job or as pocket money does not matter, you can start saving as much percentage as you like. Now, you must be thinking why am I fixating on saving money? Here are the top 7 reasons I feel would be enough to convince you to start saving now.
#1. If there is an emergency
The number one reason for saving up money is for emergencies. Just because you haven’t had one yet, doesn’t mean it only happens to other people. An emergency can hit you at the worst of situations and medical emergencies are the most awful. Of course there are medical insurances to cover that but what if you have to pay a hefty amount in the beginning and you would only get back the claim later? Emergencies are the kind of situations that require saved up money the most. Imagine an emergency situation where you have enough money to get through it all without taking a loan or asking for help. And these are not just for you but there could be times when someone in your family requires money on an urgent basis.
#2. If you pay with credit cards
Yes, I agree credit cards are a god-sent for those who want to buy stuff they can’t in one go otherwise. But do you know the kind of extra money you are spending just because you choose credit cards over saved up money? Credit cards make your shopping seem easier on you initially but actually they are making you pay more than the product is worth. If only you would start saving some money, buying things with that saved up money instead of credit cards would save you so much that you would be able to buy some more stuff with the extra money.
#3. If you want to get education
Education takes up a lot of money and it is a necessity. So saving up for education is always an intelligent thing to do. If you are a teen save up to contribute to your higher education. If you are someone with a job then also you can save up some money because a lot of people go back to pursuing education after starting their career. Saving up money for it would save you from the thought of not getting more education due to lack of finances.
#4. If you lose your job
This is also counted as an emergency but this is an entirely different kind of an emergency. Losing a job for any reason would take a toll on everything going on in your life. If you start saving money, situations like these would never break you down as you would have enough money to survive on your own before getting another job.
#5. If you want to buy a Car or a House
As much easy as taking a loan sounds, it is never good for your finances. Have you ever considered buying a car or a house in the future with a big down payment? Yes, a huge down payment when it comes to buying a car or a house makes a lot of difference to the loan you would repay. The bigger the down payment, the lesser you pay later. Sometimes people even save enough to buy the whole thing without any loan. Striving for such a purchase would be excellent but saving as much as you can should be the priority.
#6. If you want to retire
Ever dreamt of a peaceful retirement? We all have. Let’s be honest. We all want to retire some day from all this running around and settle down peacefully for the rest of our lives. The biggest factor in achieving that dream is by saving enough money that you don’t depend on anyone else after retirement. Start saving money at any point of life but keep a separate retirement fund that you don’t touch that money for anything else.
#7. If you want to live a luxurious life
There are some people who earn and spend of luxuries. Then there are some who initially save up the earned money and then get all the luxuries they want with that saved up money while earning the usual amount. If you want a luxurious life, don’t dream of winning a lottery. Work hard and start saving now. Keep the luxurious goals in your mind and save accordingly. Want to go on a vacation? Plan it and save money for it. Like shopping at the best brands? Save up and then shop. Spending the amount you earn as it is would make you minimize your options.
Focus on saving smartly by defining all your goals. So, go ahead and start saving now.