One of the best activities anyone can engage in is passive saving because it's one of the best ways to preserve wealth and have resources to fall back on in difficult times. What else do you stand to gain from saving, in essence, other those incredible benefits?
Saving money is a good thing to do because you will gain so much from it in the long term. I can recall that when I started earning money for the first time, I had little to no knowledge of saving. In fact, I spent the majority of my income on frivolous items until reality dawned on me one day.
In my early years, I would typically receive tips from my parents to cover my basic necessities. After I stopped receiving these tips, I realized that I had absolutely nothing because I had consumed all of the money I had received from them rather than saving or investing it.
But after cultivating a saving habit, the following are how I felt and how it impacted my life:
- Increase Net worth: Since I started developing the habit of saving from any of my earnings, I've realized that my value is steadily rising, which gives me a sense of belonging and the ability to be at peace without much worries because I've fund stake up somewhere.
Delivered by Savings: One of the benefits of saving is that it can protect us from hardships. Unlike others who could become anxious when a need arises, a saver can simply access his funds and be safeguarded from such a militaristic element.
Eradicate/Reduce Debt: One of the additional advantages I've noticed since I started saving is that I rarely get into debt, and even when I do, I feel at ease because I know I have resources I can access quickly to pay off the debt without too much stress.
With these few points, I think we can all agree that saving is truly a lifesaver because it can help us get through difficult times and bring us peace.
Thanks for reading through, have a productive week.
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Yes and, just saving money in cash is a very good investment. For example, we can put it in foreign currency, buy gold or buy a reliable stock. Even government-backed investments with 8% return make more sense than keeping cash in cash.
Yes that's a such a wonderful input you've made, and in that process there is likeliness of getting interest in our savings, thanks for stopping by and sharing your thoughts.
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Haha nothing teaches you how to handle money more than a a careless extravagant experience that later opens your eyes to reality.
Lol not saying that is what you meant by your title, but I know a lot of people that spend their savings in the name of “you save money for the money to save you”.
Technically they’re right, but the way they apply that logic is the problem. Someone will save say $1 today and spend it tomorrow. More like just putting it away to spend it the following day. Your savings are supposed to be for stuff like emergencies or rainy day funds, but for some people, immediately it gets a cloudy, they see rain and spend away.
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