You know that saving money is a good thing, but have you ever thought about all of the benefits of stuffing that savings account, piggy bank or money jar to the brim?
If not, read on because you’ll likely discover that saving your dollars and cents (or pence, depending on your area of the world), can give you many different advantages that you likely never even realized.
#1: It lowers your stress levels
There is nothing more stressful than having bills that you don’t know how you’re going to pay. It can keep you up at night, make you irritable, give you ulcers, and put you on blood pressure medication.
If the stress gets real bad, it can cost you your life. Therefore, you’ll save yourself a lot of angst (and medical bills) if you simply set aside enough cash to keep your mind at ease.
#2: It creates some independence
When you have enough money available to cover your own expenses, you’re not stuck relying on someone else to survive which opens a world of opportunities to you as you’re not limited by your financial situation.
That means not staying in a no-longer-wonderful relationship or dead end job as you’ll have the ability to leave both if you so wish.
#3: You’re not stuck at home on rainy days
How many times have you found yourself with some extra time on your hands but no money to do anything?
You won’t run into that problem if you have a rainy day fund that has cash in it to cover going to different events or activities when you find yourself bored and in need of some excitement.
#4: It keeps you from overpaying for things
Once you start paying attention to your expenses, you’ll soon notice all of the areas where you’re wasting money. You’ll comb through bills to look for hidden expenses and you’ll buy more sale items instead of paying regular price.
It keeps you in tune with your money and allows you to save your cash instead of paying for things you don’t want or need.
#5: It allows you to take advantage of good buying opportunities
Sometimes there are sales that you simply cannot pass up. Well, if you have a savings account stocked with cash, you won’t have to.
You can make purchases when they’re best for you financially as you have the money just sitting there ready for these types of opportunities.
#6: So you can buy a house
While you can certainly purchase a house with no money down under certain programs, you get a better rate and save yourself a lot of interest over the course of the loan by being able to put 10-20% down.
Sometimes the short term savings means you pay more in the long run.
#7: You’re not sidelined by unforeseen costly repairs
Accidents happen and things break, usually at the most inopportune times.
Don’t let car repairs or home projects break you financially. Set up a savings account to cover these types of expenses and you’ll be able to make them without living on bread and water to do so.
#8: You can help fund your kid’s education
As a mother, it is very important to see your children succeed. You want them to reach new heights and achieve their goals.
Isn’t it a great feeling when you know you can give them a college education without having them worry about paying back the debt over the next 20 years of their life? Your thriftiness can create their financial peace.
#9: You allow for a retirement that is actually enjoyable
Can you imagine getting to retirement age and finding out that you didn’t save enough to be able to enjoy life? Or, worse yet, that you have to get a part time job just to make ends meet?
Save now for your retirement so that you can sit back and relax when you’re ready. Don’t wait until you get to that point in your life to discover that you can’t live like you want to.
#10: It just feels good
Finally, you should save money regularly because it just feels good. It gives you peace and contentment knowing that you have your finances in control. You don’t have to worry about sudden expenses or rising interest rates because you’ve taken the steps to safeguard yourself.
Saving money shouldn’t be a chore. It should be something that you do willingly and welcomingly. After all, why miss out on all of these great benefits when you don’t have to?