Private Portfolio – The advantages of saving money
The quickest way for any person to become miserable and depressed is to live beyond your means. Trying to keep up with the neighbours and forgetting about tomorrow. Tomorrow is the day you will not be able to remember the good times you had when you were living a lie.
People who save money are people who understand their financial limitations and who care about themselves and their families. Saving money is like an injection of endorphins. Once you start saving money, you will immediately start feeling very good about yourself.
Even though it might sound silly to you, saving money actually does feel great. It gives you a feeling that you are doing something important for you and your family, which you actually are, and that makes you feel really good about yourself. It is also a constant reminder of what you are saving for.
Whether you are saving for new shoes or a holiday of a life time with your family, every time you put away some money for that cause there will be a smile on your face. You’ll know that you are one step closer to getting what you want.
Once you save enough money and you are actually able to buy what you intended you will feel just amazing. You will cherish the things you bought from your own money because you worked hard for that money. No easy come easy go, type of story.
It gives you the edge over most other people you know because the majority of the people you know don’t save any money.
Yes, I know we live in difficult times and that it is not always easy to save money, but under the circumstances it is also very important not to make matters worse by spending more money than what you take home.
Children that grow up in a household where the parents are seen to be saving are very likely to follow this example. You probably remember how your parents taught you to save money. You also know that the best way to learn is from examples. So, if you want to teach your children how to save money – start saving yourself.
This is a great benefit of saving money, because you will not only be able to get something you need or want from the money you saved, but you will also be teaching your children a very valuable life lesson.
Of course you hope that your kids will never have to be in a situation to need to save money, but learning to save is learning how to respect money and it teaches your children not to be spoiled and to respect the value of a dollar.
Another great reason to save money is that it is good for the economy of our country. Money saved is money that is put to work in the economy. Banks pot up our savings and lend our savings to companies, for example, who are then able to expand their businesses by buying new machinery, employing more people and paying better benefits to their employees and share holders.
All this is good for the economy and for society in general. The more we save the more money we make available for our economy to grow which again benefits all Namibians.
To have money for unforeseen expenses is another way not to fear such inevitable events. All of us probably fear that one day we might just not have enough money to pay for some emergency.
This is why you should save even when you have enough money. It is a cruel world out there and your luck might change in a blink of an eye and you might find yourself in a situation when you’ll need money immediately. So, if you save, you’ll feel safer.
Most of us probably can’t save enough to never feel threatened by the bad economy again, but if you know that at a certain place in a house or at a certain bank account number there is a small amount of money you keep for “dark days”, you will feel less burdened by any economic crises. It is called an emergency fund and you can rest assured, we all get our fair share of emergencies that need to be funded from time to time.
There are many reasons why one should save as much as possible and they will vary from person to person – rich and poor. Most important is to save regularly and forget about how the neighbours are pulling the tail of that big nasty lion called the Debt Trap!