I have heard so many times the phrase "I don't have to save money, I live for the moment". Well, this is the wrong idea to live by and I will explain why.
One of the key habits of the successful people and basically all wealthy people, is that they save the money they get. They do not let the money they acquire, in one way or another, to slip from their hands while buying things that they do not need. Don't get me wrong, you may say "Well, what about the expensive cars and eight bedroom homes they have? Is that how they save money?", but you are missing a key point here and it is - if they earn 100$, they would spend only 50%. So in my opinion for one million you have, you can spend some part of it, but not all of it.
Unfortunately many people don't do it at all. They will get their paycheck and spend it right away. They do not control their budget and they wonder where it all go later on. Money is money - if you cannot manage your financials, don't expect something to change in the future. Your salary may increase, but the costs will increase either and you will accomplish nothing.
So let's go straight to the topic - What To Save Money For? You can save them for, here are the basics:
- Investing
- Starting a business
- Something unusual happens and you need cash
- Not to fall in debt
The first two things can change drastically your life, but if you do not have the required amount when the opportunity suddenly appears... well you got the point.
If you find yourself ready to learn this useful habit you may ask right now what to do? I will suggest one simple basic thing which probably you heard before. Save 20% or more each month. Put that amount in a bank account or an investment plan and do it constantly. You may not become a millionaire, but you will learn one must have habit. And one good habit always leads to another. It is very important to save that money immediately after you got that paycheck. Force yourself to do it, you may not realize it right now, but saving is so important to financial independence.
Personally from all of the people I know, the ones who do not save are the ones in a bad financial positions. The others implemented this habit in their lives and it made a difference to them. Try for yourself if you are not doing it already. Don't ask yourself the best thing to do the next time, do not complain about your situation, because you are the only person who can change it. So why don't you start right away?
Written by Samory Borry
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