Saving money has fallen to the wayside. Many people now do not save any money each month. This causes them to live from paycheck to paycheck. It can also put restrictions on their future. It can be difficult to sacrifice things today so that you can have better in the future. It is worth it. Here are five reasons to save money each month.
1) Saving money gives you freedom. If you have a large amount of savings you may be able to quit your job, if you ever feel it is in your best interest. I know a couple who saved up enough money that they were able to quit their jobs for a year, and travel across the country. They came back and started life over, pretty much from where they had left off. You could see the wonderful experiences they had because they were able to enjoy that time together.
2) Saving money is improving your future life. It is important to realize that by saving money now you will be able to do so many more things in your later years. You can retire early and spend time traveling the world. By saving money now, you will be able to avoid making decisions about where to cut back when your prescriptions cost too much. It can bring you a peaceful retirement.
3) Saving money will bring you peace of mind. Every dollar that you have tucked away in the bank or other investments is a dollar, which stands between you and disaster. People who have large savings accounts are not nearly as worried when a car breaks down, or someone becomes sick. They know that they will be okay if they lose a job, and it takes awhile to find a new one.
4) Saving money will give you a sense of control over your finances. You are managing your money when you are truly saving money on a regular basis. You are in control of where you spend your money, and what you do with it. This is a very empowering feeling.
5) Saving money sets an example for your children. You can pass on a legacy of financial peace by teaching your children to save money and plan for the future. It may be one of the most important skills that you teach to your children.