You’ve probably heard more than once that saving money is important. However, if you’re living on a tight budget, your first thought may be that you can’t afford to save. While that may be true, it doesn’t change the fact that you should be saving money. If you’re in debt and barely get by, look for ways to lower your expenses. Pay off a debt or eliminate something you can live without like the cable or your Smartphone.
It may take a little time to lower your expenses enough to have extra money to save but at least you’re working towards a goal. Consider taking on a part time job or have a yard sale to help earn extra cash to pay off a debt.
Why should you find ways to raise your income and lower your expenses? The answer is simple. It will free up some of your money allowing you to start a savings account. Still not sure why it matters?
Here are some of the main reasons why saving money is so important:
- It gives you financial independence. If you have money saved to live on for a couple of years, you’re free to pursue a better future. For example, do you need a new job? You have the freedom to quit and pursue a career doing something you love or go back to school to advance in your current field.
- You’ll have security. No one knows what the future holds. You could lose your job or have an accident. Therefore, having some money put back for emergencies will help ease your mind. If something does happen, you’ll have your savings to fall back on.
- To invest in your family’s future. The money you save now will help take care of your family’s needs in the future. If you don’t save now, what happens later when your child needs braces or when she needs help getting into college? Invest in your family’s future by saving money now.
- To enjoy your retirement. When the time comes for you to sit back and take it easy, wouldn’t it be nice to have enough money in savings that you could actually enjoy being home. Who wants to worry about where their next meal is coming from when they’re 65 or older. Save now and you can relax and enjoy this amazing time in your life.
It can be difficult to save money even when you do have extra. After all, you work so hard for it that it only seems fair that you take the extra you have once in awhile to splurge on yourself and the family. There’s nothing wrong with treating yourself to a new outfit or buying the kids a new toy once in awhile.
However, don’t go overboard on spending. Start saving all you can now. You’ll be thankful later that you did save most of your money instead of splurging for a new living room suite or a new car. You now have the money to take care of yourself when you should be enjoying life to its fullest.