why you need to start saving money

Nevertheless, the idea of saving is something that never appealed to me when I was younger and just beginning my career, and my parents’ rationale that saving was simply the right thing to do did not appeal to my own sense of logic.

Of course, I knew intuitively that saving was a noble endeavor, but I personally needed more solid arguments. If you are following the same train of thought that I am, here’s some inspiration that got me on the money-saving bandwagon.

Here’s a good mutual fund calculator for excel

1. Stuff Happens

The proverbial emergency fund is perhaps the most important reason to start saving money now. While you may think that nothing that bad could possibly happen to you, think again. After all, as Murphy’s Law dictates, anything that can go wrong, will go wrong, and I’ve learned that tough lesson the hard way.

Having a substantial emergency fund will enable you to deflect the more insidious implications of the law that eventually affects all of us at one point or another. See how long your savings will last calculator.

2. A Nursing Home ≠ Retiring in Florida.

Parents without retirement savings
Parents without retirement savings accounts

So retirement for many of us is probably several decades away, and the time until then seems so far off that saving for retirement just doesn’t make immediate sense. However, think about it for a minute. When you retire, you’ll probably not have a significant source of steady income aside from some government or company benefit package.

But considering the way governments and corporations are going these days, that’s really not a good bet to place on your future. Believe me, you’ll want to enjoy your retirement, and most nursing homes aren’t where you want to end up.

3. One Word: Kids.

Kids are cute, and everyone, no matter what gender, fantasizes about passing on their genetic material at one point. But if you are serious about having kids in the future and doing it the right way, be forewarned that birthing them is only the beginning.

Can you afford a baby without saving? I doubt it. Just having kids is expensive. Raising kids costs even more serious dough, so take care to plan for expenses like clothing, food, college, and more by saving substantially beforehand.

4. Big Dreams Cost Money. Often Lots of It.

Like a lot of people out there, I hew to the saying, “go big or go home.” I have dreams of doing lots of different things, and unfortunately so much of this big dreaming comes with a price tag.

If you have ever considered owning your own business, relocating across the country, or going back to school in search of better career prospects, again, you’ll need some substantial savings.

5. Truly Memorable Experiences Also Cost Money.

Just like dream careers, dream vacations and such are only possible with some extra money. This is a great reason to save some money because you get to reward yourself with the fruits of your labor much faster than these other reasons for saving like for retirement, which is distantly off into the horizon.

Of course, there are tons of more reasons that you should put away some money on a regular basis, but these are the basic ideas that really got me to thinking about the importance of a healthy savings account. What are your reasons?

No responses yet

    Leave a Reply

    Your email address will not be published. Required fields are marked *