Saving money is a very essential and vital tool for people to be out of debt, to have a good life, and to enjoy what we have and what we will have. It cannot only help yourself but you can be an instrument to help other people who are in need and be a blessing. See, by saving money you can be also a blessing to others and if you are doing this yourself you impact others and let them realize that saving money is essential to them.
If you were to ask yourself, what would be the reasons why you must save your money? I know all of us to have our own reasons for saving and we have our own perspective when it comes to saving. You will then consider that saving money is essential and a very important aspect when we talk about the future.
Saving or having personal finance is the foundation of wealth. I would recommend setting aside 10 percent of your income each month but it depends on the status and monthly income of the person. It would be better if you have a bank account where you can put your monthly savings so you can avoid touching it.
We all want to be wealthy in all aspects of our life, so I want to share with you the top six reasons why we have to save money.
Here are the Top 6 Reasons Why Saving Money Is Essential To Everyone.
1. Emergency funds
The most important reason why we need to save is to have the emergency funds, we do not know what will happen tomorrow, the next day, next month, or the next following year. Sometimes, we cannot expect the death of a loved one, termination from work, the unexpected expenses for a month, and the unforeseen event that require us to spend most especially in crisis. These emergency funds can help us in this kind of situation.
According to CNBC,
An emergency fund is a great safety net for any unexpected expenses that may arise.
2. To buy your dream house and car
I believed that all of us have a dream house and a car that we wish to have since we were kids. And buying the same is the very best decision that you will make because the value of the house increases every year and buying a car can help you to save from your everyday fare and can give you convenience wherever you go.
Even when I was a child I dream to have my own house to live with my future family and to drive my own car. This is the reason why we have to save, to build the house that we want and not to pay the rent every month. And to drive a car that gives us comfort and convenience.
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The big difference when you are renting a house and having your own house is in renting a house, you pay the landlord for the monthly rent but nothing happens.
However, having your own house instead of paying in a monthly rent you can keep it and add in your monthly savings.
3. To be out of debt
Who among the people in this universe, wants to be out of debt? I know you are one of them, and I am one who aspires to be out of that terrifying situation and the main instrument is to SAVE. When you have savings you will avoid borrowing money, when you have savings you have money to spend in emergency situations as we have stated in the first reason and when you have savings you can avoid having loans and borrowing from the bank. Simple as “Yes to savings, no to Debt”.
CNN said, there are 6 best ways to pay off debt so that you can get out of debt.
Having a lot of debt makes life harder. Monthly debt payments can eat up way too much of your income, leaving you constantly strapped for cash. Not only that, but having too much debt can make it difficult to build an emergency fund or qualify for a mortgage and other loans, which can mean sacrificing your long-term future.
So once you get started to work, always think of saving, never be tempted by shiny things that can get you away from saving.
4. For vacation
Like everyone else, vacation is the most awaited time of the year. We have our own plan for a vacation, some want just to stay at home and rest but some want to go to other places where they have never been before or to their favorite places and tour.
As a single individual, I have a dream to have a vacation in Hong Kong Disney Land together with my family. I want to give them a vacation where they can rest and at the same time enjoy themselves. So, I must say that this is one of the reasons why you have to save money for your vacation.
Because I believe that you will enjoy your vacation when you have money to spend.
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5. For education
When I was in high school my motto in life is “education is the key to success”. I believed that all of the parents and the aspiring parents want to give the best education to their children. Because they say that good education is the best gift the parents can gift their children.
And if you are a single individual and you want to study again for a Master’s or to pursue your education in college, this saved money can be a great help for your education. Going to school is that easy, it takes a lot of hard work, motivation, and money so you can finish your education.
6. Be a blessing to others
Every one of us wants to be a blessing to those who are in need. When you become a blessing to others, God also blesses you. It’s the best feeling that you can have, to help others.
There is a saying “it’s better to give than to receive” and it says in Acts 20:35 “In every way I showed you that by working hard like this we should help the weak and remember the words that the Lord Jesus himself said, it is more blessed to give than to receive.”
See, you are not just helping yourself to save but also, you are helping other people.
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To conclude, it is very imperative for an individual to know why saving money is very essential. We may have our own reasons but we have the same purpose, to save for the future and emergency purposes. We can be a blessing to others in every way. Being a blessing is not only in material things or financial help; your presence can be a great blessing to other people.
May this article help you and motivate you to save money. Always remember this, yes to savings, no to debt, and be a blessing to others.