Imbibing the act of saving your money is very important in the journey of life. No matter how little, saving money allows you to enjoy greater security in life. When you have cash set aside for emergencies, you have a fall back should something unexpected happen.
Almost all of us have had a deal with some form of procrastination over the years, waiting until the last minute to begin research papers or inspections. For most of us, long-delayed assignment while others, uncompleted projects are what we have been dragging feet to attend to.
Financial procrastination is something entirely different. It is a big and expensive deal. A nugget of wisdom says, “when it comes to finances, do not postpone the big decisions just because you are still young and carefree. When you do, you are likely to end up old and poor.”
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Saving money gives freedom. You’d probably ask yourself, why save for later when I can get what I want today? Even if you don’t know what you are saving for right now, you will likely find something you want to save for in the future.
A new phone, a new car, new home among other new materials, may be what you will need. When you have money set aside, you can do whatever you want to do. Saving gives freedom to live life on your term.
Also, you will need money set aside for a sudden loss of income, medical bills, to avoid going into debt to pay for your necessities. They are emergencies cushion.
You will need to save towards your retirement. You will probably need savings or investments to take the place of your regular income if you intend to retire someday. For most of us, retirement is in the neighbourhood. Don’t procrastinate; you can start now.
Saving your money is one of the most basic financial advice. It takes discipline and a certain amount of sacrifice. It is a decision you have to take despite the challenges you will face.
Saving your money means you can take calculated risks. If you don’t have money, it may be difficult to pursue certain passions and goals. Therefore, you can develop a budget using your net income as it reflects your take home pay after taxes and dedication.