The importance of saving money is rarely disputed. However, many of us aren’t following through on that tip. Knowing the reasons to save money can be critical if you want to stick with a savings plan for the long term. Here are some key reasons why you should save money now:
Saving can give you freedom
Even if you don’t know exactly what you’re saving for right now, you’ll likely find something you want to save for in the future
- When you have money available in the bank, you can do what you want without stress
- Think of it as your “freedom fund” or your “build wealth fund”
Why you should save money
It allows you to enjoy greater security in your life
- If you have cash set aside for emergencies, you have a fallback should something unexpected happen
- You may be able to take risks or try new things
- Simple ways to start practicing saving are listed below
Saving provides financial security
Having money makes your life easier.
- Put money in a liquid savings account, or put money into something like a brokerage account, so you can invest in the future with the same security that you have now.
- Kara Perez, founder of bravely, encourages people to start saving because she believes in the importance of financial security for their future.
Saving means you can take calculated risks
If you don’t have savings, it may be harder to pursue certain passions like starting a business.
- Set a savings goal and contribute to your savings each month so you can explore new opportunities, even if they may temporarily impact your earnings.
