Why Save Money Top 3 Benefits of Saving Money
Economics and Finance

Why Save Money: Top 3 Benefits of Saving Money

4 min read

We’ve talked about how to save money before. But we haven’t quite covered the reasons why. So in this post, let’s go over the top 3 benefits of saving money for everyone. If you want to know why saving money is good for you and how it can change your life in the long run, read on!

1. Stability and Peace of Mind

We all know that almost everything in life has a price tag attached to it, even if it’s not financial. And not being able to pay these prices, can be the biggest source of stress in our lives. But when you have enough money, most emergencies aren’t emergencies anymore!

It’s like having insurance. If you know you’re covered, taking a loss won’t affect you as much. Think about a bad thing that has happened to you in the past. It can be as big as a serious illness or as little as your bike breaking down on the way to work. Now ask yourself this: If you had more money, would things have be easier?

Anyone who says money doesn’t change anything, has more than enough of it. But for people who live paycheck to paycheck and don’t (or can’t) save anything, every emergency can turn to a nightmare.

Saving money can give you stability and peace of mind. If you can pay for any emergency, you won’t worry as much. You won’t stress over every little risk. Saving money can be your insurance for life!

2. Freedom

When you’re not worried for every case of emergency, you can take risk easier. And when you feel empowered to take risks, you are able to live the way you want. Money can provide freedom, freedom to do what you want.

If you have enough that you can live without any income for a year or even six months, you can take the risk of quitting a job you don’t like, much easier. This is why becoming an entrepreneur requires saving and financial management skills.

If you save money when you work full-time, you can take several months or maybe even a year off, when you feel severe burnout or just want to live your dreams.

Unfortunately, (almost) everything comes with a price tag and the price for freedom is a hefty one. So if you’re not born wealthy, you need to start saving money and learn the necessary skill to manage your savings.

3. Better Relationships

According to the American Psychological Institution, “almost a third of adults with partners (31 percent) reported that money is a major source of conflict in their relationship.” And I can’t imagine this number being very different in other countries. Money problems often get cited as the number one reason for arguments and number two reason for divorce, only after infidelity.

If you’ve ever been in a serious relationship, you already know about some of the different problems money can cause. When you don’t have enough, you’re always worried about your finances and you can’t really pay attention to your partner.

If your partner spends money on something that you deem unnecessary, you will either keep it inside which is not healthy or say something that may lead to a big argument.

You need money for healthier relationships that last, especially if you’re a man. And saving money is a good way to start. Save, invest, live! This can be your new motto.

Note: I know that saving money can be near impossible for people with low income. And I’m not saying that if you’re below the poverty lines, you should stop eating and start saving. That’s ridiculous.

All I’m saying is this: you should manage your finances, make a budget and see if you can start saving money. (Read this post if you need help.) And if you can, you should start doing so. Because you will definitely see the positive results in the long term.

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Your Turn

Why do you save money? If you don’t save, why is that? Tell us in the comments.

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***Last Updated on 25 April 2022 by Hamed Derakhshani (Guy with a Wallet)

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Avatar of Hamed Derakhshani (Guy with a Wallet)

I am Hamed aka Guy with a Wallet. My educational background is in management, economics and insurance. And for the past 8+ years, I’ve been a professional writer and content creator. My mission here is to educate people on decentralization, cryptocurrencies, economics and personal finance.

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