What does saving money mean to you? This blog is full of ideas for reducing spending
in order to allow savings to be made. I have my reasons
for making savings, but what are yours? If you don’t have any yet, here are ten good reasons why you should start making savings now:
It allows you to follow your dreams – if you want to climb a mountain or start up your own business without taking out a loan, making regular savings over a period of time will support you in achieving those goals.
It can give you choices – for example you could choose to go private with schools or hospitals should you be in a situation where you feel that is necessary.
It means you are living within your means – if you consistently underspend against your income, then you will never get into a situation where you have unmanageable debts.
It can buy you time – if you want to take a career break to go travelling or reconsider the direction you are going in your savings can support that.
It can encourage you to think for yourself more – rather than just buying things every time a need arises, you can spend a little time thinking up alternatives to spending money.
It acts as a safety net in case of emergency – if your source of income dries up for whatever reason e.g redundancy, you can fall back on your savings for a time.
It means you don’t have to rely on others – it may allow you to move out of your parents house or to travel to places your husband or partner doesn’t want to go to for example.
It can lead to financial freedom – paying off your debts such as student loans and mortgages can be very liberating and by making savings you may find these debts can be paid off earlier than they need to be.
It can even out your cash flow – if you save a little each month for yearly expenditure, then any large bills which come in during the year, won’t affect your cash flow.
It can support you in enjoying your retirement – having savings in the bank / in a pension scheme will give you a far more enjoyable retirement than if you have to work through it because you didn’t put anything aside.
I think it is really important to try and save a little regardless of your income and try and live off less than you earn. Those savings give you the freedom to make choices and follow your dreams, plus you might sleep better at night knowing they are there!
I would love to hear the reasons why you choose to save money and how far you will go in cutting your spending to support this, so please let me know your stories in the comments section below.
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Disclaimer: This is not a sponsored post, but was written for entry into the Piggy Bank Tales Competition hosted by Brit Mums
and sponsored by Virgin Money
(also accessed via Red Ted Art