Cars, houses, a college education, holidays and medical bills all have something
in common. They cost money. As time goes on, we need lots of it as inflation and
greed have forced the prices of services and goods upwards.
It is not enough
to have money, it is also important to save some of it. There are always
unexpected expenses like wedding gifts, funerals and birthdays. Even if we give
a token, we need to save in order to pay for gifts or donations.
The next most important reason we need to save is for medical expenses. This
is sometimes covered by medical cards and employers but we always need some
spare cash for the things they don't cover or to pay the premiums. Savings also
help pay for the quality of the medical services we need.
There are also other benefits of savings which are pleasurable. We could save
to make the trip of a lifetime to a place we want to visit. Savings could help
realise the world tour we dreamed of as a kid. Saving money enables us to make
timely investments when the opportunity knocks. We will not be able to grab that
condo, share issue or car on offer if we do not have spare cash.
Saving money helps us pay for our dream home without paying too much interest
to the bank. We could save from a young age and be surprised to see how much we
have at the end. We need to save to be able to afford a college education for
ourselves and our future generations. It helps us to get a better job.
Finally, the habit of saving creates a sense of emotional and mental security
that is essential in today's world. We need that assurance that we are safe
financially to enable us to lead a normal life. Many people today suffer from
tremendous stress if they have financial insecurity. It is one of the causes of
marital problems and can cause a rift between siblings and extended family when
you are unable to meet your financial obligations.
Thus, the habit of saving money is essential to live a happy life.