Advantages of Saving Money : Personal Finance Tips

Saving money imposes great advantages for your Personal Finance in the long run. Think about sustainable living that eco-friendly communities apply. They are trying to reduce consumption in order to save our environment for further destruction thus providing good living conditions for the next generation.

The same principle should apply to your money saving. If you reduce your unnessescary expenses today and live minimally, you will be able to save something you can use in the future. That really makes sense, right?

Every penny you get to save will grow. It may not look big now but if you start saving soon enough, and practice restraint, it will certainly rise. Saving money has its own advantages, like peace of mind. You have peace of mind when you know you got something in your pocket when some health emergency arises. Saving money also provides fulfilment and security especially when paying debt and liquidity as a whole.

Saving for your retirement seemed premature while you are on your mid-30 but there is such a thing called early retirement and forced retirement planning. Unforeseen reasons may come up which could lead to these things mentioned so you better come prepared for it.

You also have to save for rainy days. After all, you will never know when it will happen. With the worldwide economic crisis, people lose job everyday and even if you are confident about your income today, you are never sure what tomorrow could bring. It is much easier to draw from your own funds than knock on your neighbor’s door when you need some cash.

But if the need never arises, let say, luck is always by your side; your money saved could benefit you immensely by compensating you big time for a job well done. With lots of money saved, you could provide yourself education or it can send you off to a relaxing vacation. It is always best to have something in excess than living insufficiently.

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  • i think that saving money is a lost art, because over the last 10 years many people have gotten used to being able to spend more and more. There is nothing wrong with spending money but at some point we all need to have a little something to fall back on when times start getting a little more tricky like now

  • most people are so focused in making more money so they have forgotten the really basics of saving it.in these times of recession it’s more important than ever!!!

  • You sure got have a lot of knowledge about finance..I got a lot of info from this post.

  • Ellen S.

    The concept of “saving money” is easier said than done for most people. I understand that it is ‘easy and logical’ for some people, but I also understand it can be a difficult habit to break for others.

    If you’re looking to save money or change your lifestyle, my advice is to take it in “baby-steps” because it won’t happen overnight. Here are some tips that helped me out.

    1. Always pay more than the minimum on any credit card payments – if you don’t believe me you can calculate it for yourself (http://www.csgnetwork.com/creditcardmincalc.html)
    2. Use coupons when grocery shopping
    3. Try online shopping – it’s saves on gas & they have bigger markdowns (http://www.shoptivity.com)
    4. Read a book – it’s cheaper than going to a movie (http://onlinebooks.library.upenn.edu/)
    5. Know your budget! (https://www.dl.ed.gov/borrower/BudgetCalculator.do)

    Good luck and happy savings!

  • It is really good to save money for the future. I don’t wanna be left without money. Thank you for the information.