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It’s probably fair to say that spending money is more fun than saving it. And easier too. It’s certainly more challenging to put your money in a bank account than to spend it at your favorite store, restaurant, or vacation spot. To make it a little easier, consider these four reasons to stay committed and prioritize saving over spending. Keep in mind, prioritizing saving doesn’t mean you can’t spend money, just that you’re mindful of how you spend it. Here are four great reasons to prioritize saving over spending.
This might sound counterintuitive, but simply put, if you’re able to prioritize saving over spending when you’re younger, you’ll be much more likely to prioritize spending over saving in your later years. The more you save and invest at a young age, the better compound interest will work in your favor so you can enjoy the fruits of your labor during your later years.
Life is unpredictable. If we could plan every single aspect of our lives, the world might be a different place. The more savings you have, the better equipped you’ll be to deal with life’s surprises. Emergencies, accidents, health issues, even happy life events that come along a little earlier than anticipated can be life-changing. Something as minor as a fender bender could lead to expenses that make life very difficult if you don’t have adequate savings. A reliable savings is more than just a number in your bank account. It gives you more options and peace of mind.
It’s difficult to do good things for others and for our communities when we are struggling to meet our own needs. If you can work toward building a significant savings, it will be easier to meet your own financial obligations. Then you can apply excess funds to help friends, family, or community members. You could donate to causes you believe in or help someone you love pay for college. The options are endless.
While personal definitions of financial freedom certainly vary, most people agree that there is a direct correlation between the size of one’s savings account and the amount of freedom and stability one feels. A sizeable savings account might mean you have the flexibility to change jobs when you’re unhappy or to bounce back more easily should you lose your job. It could mean more opportunities to travel or visit family. It could allow you more freedom in determining when you can retire.
It takes discipline of course, but it usually pays off. When you’re tempted to abandon discipline and spend your extra pennies on something that you don’t really need, remember these four reasons to prioritize saving over spending.