The Benefits of Saving Money

 

Piggy bank from German bank HASPA, around 1970.

(Photo credit: Wikipedia)

 

Since you were a small child, chances are someone has told you how important it is to save money. Yet, in the real world, it can be hard to set aside some of what you earn and not spend it. When you get your paycheck, you naturally desire to take care of your wants and needs. Often, there’s nothing left after you do so.

Yet, there are some specific benefits to setting aside some money before you spend any – even if you’re on a limited income. Let’s take a look at some of the benefits of saving money:

  • Achieving dreams and goals. Every person – and every family – has specific dreams and expectations for the future. If you want to get where you want to be in life, you need to set aside some money. Maybe you have a goal of taking the family to Disney World for spring break, or maybe you just want to own your own home. By saving money, you better enable yourself to achieve those dreams and goals.
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  • Security in old age. The fact of the matter is that Social Security may not be around forever. Even if it is, you don’t want to have to live on a relatively meager fixed income. If you can set aside some of your pay today to put into a 401(k) or a Roth IRA, you’ll have a much more secure retirement.
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  • Saved money multiplies. Even if you’re simply putting your money into a savings account that makes 3% in interest each year, that money will grow over time. If you seek out higher interest savings accounts, CDs, or other investments, you can see the saved money multiply even faster.
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  • Protection from disaster. You don’t know when your car is going to break down, whether your roof will be caved in by a falling tree on a windy day, or even if you or a child is going to need medical care that insurance doesn’t cover. Saving money helps you be prepared when these kinds of unforeseen circumstances arise.

Start saving money today, and you’ll reap the benefits for a long time to come.

 


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