There are plenty of reasons why someone would love to save money. Below are ten of the most important reasons why someone should save money monthly.
get out of debt
Lets face it, everyone is going to end up with a little bit of debt. Even if its something as small as a doctors office bill, its still going to be considered debt. No matter how small this debt really is, youre going to have to work extra hard to pay it off. Not only are you going to need to pay off the monthly bill that you now owe, but you are also going to have to pay off the interest. Just remember that the faster you pay off the debt, the less you are going to actually have to pay.
preparing for college or a car
If you have kids you know one of your biggest worries is are you going to be able to afford college. Everyone worries about this but if you are able to put money aside now into a savings account eventually that amount of money is going to grow on its own, not just from you adding money monthly. Now if you don't have kids this is fine. Everyone dreams about a new car but have you ever actually thought about how nice it would be for you to get those keys in your hands? Most likely not, but now you can work towards it with a savings account. Every little bit helps.
eliminates reckless spending
If you are responsible for a "savings account bill" you are going to have to limit your spending. You cant spend money you don't have and the faster that you put money into the account the faster you stop yourself from going out and buying more shoes. Everyone buys recklessly even those who are shopping from a list.
allows you time to store money in a savings account
Once you make your account you can just leave it, if you just put a few hundred dollars in there after a while its going to add up. For example, if you put 470$ in an account with 10 percent interest youre going to end up with twenty-two thousand after 20 years. Now you know you don't want to wait twenty years for that, so add more and you'll see the benefits!
shows how much you spend frivilously
The more you add the the account the more you are going to see how much you spend at random. A lot of people don't think about what would happen if something tramatic happened. If your dog gets sick youre going to need vet money, if you decide its time to move youre going to need money to get into and to move all of your things. Having this extra money is going to be beneficial to everyone in your family in the long run.
get you used to living on what you make
If you are adding money to your account you are going to have very little extra. This is going to give you a type of perspective that you probably havent had in a while. You are going to see just how much you need to survive in your current lifestyle. You are going to see what your exact bills are, how much gas youre spending, how much rent is, and how much you were spending at random. This is helpful for those who cant keep up with whats really being spent wisely.
keeps money from being spent without you knowing it
We all go out and buy things just to put them in a closet without using or wearing them. If this sounds familiar its an even better time to start an account. If youre spending money on things you don't need you can be saving for things you really want.
develops a financial plan
Once you start saving you will start to understand the importance of money. It will stop looking like something that is just handed to you and you will begin to understand the value that small paper really holds. This will also help improve your credit score because youre not going to be investing in credit cards or loans.
gets your family headed in the right direction
This is going to teach not only you but also your spouse and your children just what saving money is really about. A good way to show these facts are to get savings account statements and to examine how much money youre making over a set amount of time. This will encourage your kids to start saving as well and you will be able to give them their own account too.
provides you with a clear mind to set goals
If you are able to stick to saving money you are ready for just about anything. Saving money takes time and strength. You are going to come out of this with a new skill, control. Being able to save money is going to give you the ability to invest in more important things like education and health.
These are just a few of the most important reasons why you should start saving money in a savings account. There are several more out there that might fit you better than these, but you are going to need to research a little to find out what you think are good reasons. All in all savings accounts are for everyone and should be an investment for the future.