Top 7 Reasons Why You Should Save Money Now

To build wealth, it does not have to be fancy. An easy and best way to save money is to set aside a little bit each month.??

Here are the?Top?7?reasons why you should start saving today.?

1. You Start The Habit of Saving

Saving money is the basis of all financial success. But in reality, it can be difficult to implement.?

?

Common excuses are that you don’t have enough money and will wait until your income increases, or you will save money if you get a big bonus. But with a little creativity, even these excuses for not saving won’t work!

?

If you start small, it means that over time you can save big.?

?

Let's say, you put away just $10 per day.?

The result is not only an extra $300 a month but also some great habits to make your future self proud!

??

2. The Power of Compounding

Compound interest is awesome.?

It can make a little bit of money grow into a larger amount. It is also a reason why you should start saving money as early as you can.?

?

For example, should you save $300 monthly and gain 10% interest per year, you’ll have $4000 by the end of the year. And when you reach 20 years, you’ll have $200,000.?

3. An enjoyable life doesn’t have to be expensive.

Is it true that you can’t have an enjoyable life without paying for expensive items??

?

Who says a good time in this world has to come at such high costs?

You don’t need luxury cars or designer clothes to be happy and content with your lot in life.?

We buy things we don't need, with money we don't have, to impress people we don't like

Fight Club

Simplicity is the key, which doesn’t mean being boring but rather focusing on what brings you joy rather than accumulating more things all the time.

?

You can find happiness in the simplest pleasure, such as having ice cream with your best friends, walking in the park, cooking with family and friends, etc.

4. You don’t need to waste your money just because you can

This is a tip for those who have a habit of buying things they don’t really need and want, but simply because they have an excessive amount of spending cash on them at the moment.?

?

Before purchasing anything new, ask yourself if there’s something else that could use replacing instead or, more importantly – do I even REALLY want this item?

5. Dollar Cost Averaging (DCA)

Do you want to grow your wealth without fear?

If you invest in Unit Trust, DCA is a simple yet effective strategy to help you grow your wealth.?

?

As the market is always up and down, DCA helps to take the fear out of investing, and you don’t need to time the market.

?

If market prices are up, then your net worth will be increased because there was a capital gain from an increase in price and so on!

?

Likewise, if markets were down when you invested into the said fund- now with lower asset values – more units of the fund would mean greater returns over time.

?

6. There’s no guarantee that you’ll always have that income stream.

Nowadays, especially with pandemics, there are so many ways that your income can change. No matter how much you love your job, you don’t know how long you will be on the job or how long that job will last.?

?

You never want to get too comfortable with your current job because it’s not guaranteed that tomorrow will be like today.

?

You cannot control whether you will be on the job for the next 5 or 10 years. But you can contribute to saving money, and it will prepare you for the unexpected.

?

7. Starting to save money now will change your life.

Have you ever thought that if you start saving your money now, everything will be so different in the future?

?

?

Saving money is great. It’s easy, and it makes you feel good. And if you’re?starting early, it?will change your life in the best way possible!?

?

Try to reduce a small number of habits like buying brewed coffee or fast food daily.?

?

You’ll be surprised at how the savings of just $20- $50 per week on these items can help you to accumulate significant savings over time.?

Final Thought

Saving is important because, when you have savings, your future self will thank you.

??

I have seen many beautiful stories about what happens to most people who start saving, although as little as $200 each month from their monthly income!