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There’s Benefits to This Savings Thing – FINT – Medium

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There’s a saying that goes ”If you ain’t spend your money now, they will use it for your burial”. A bit extreme, but we get it. You’re working hard for your money and it’s so important live in the present. However, there are a bunch of pretty good reasons why you need to prioritise your financial future as well.

A few reasons why saving is important –

Gets You Closer to Financial Independence

And that’s the goal, isn’t it? To live freely without having to rely on handouts from family and friends. We all want to get to a point where we can stand on our own two feet, and building up a savings nest can help you achieve this goal. With your savings, you can rent your own place or buy that car you desperately need.

Live without fearing the unseen

The truth is we all get slapped by a hefty bill we weren’t expecting every now and then. It could be something small like having to go to the hospital or large like having to repair your car after a serious breakdown. Whatever the case, living in fear of not being to afford these things when the need arises is a whole other stress level on its own. This is why having savings set aside to deal with emergencies is a peace-giver; you can live fearlessly and handle emergencies as they come.

Cushion for Sudden Unemployment

We don’t really like to think about it, but unemployment can strike at any time. The question then becomes ”How prepared am I for sudden unemployment?”, and not really whether or not it is something that can happen to you. Having a nice cushion of money saved up can make the experience less frustrating should it ever happen to you. While you look for another job, your savings can help cover some of the living expenses so you won’t panic and have to settle for less than you deserve.

Change Your Life or Lifestyle with Ease

You’re not really thinking about it right now, maybe, but as time goes on and you grow, you make changes in your life like get married, for instance. Or maybe you’re already married and you’re now ready to have a kid or two. Perhaps your changes are not even going the family way. Maybe you’re thinking about moving to a bigger house or more expensive city. Whatever the case may be, your savings will make the transition a lot smoother and less stress-free.

Getting Retirement-Ready

Maybe you’re fortunate enough to work at a company with a pension plan, maybe you’re not. Either way, you should have your own retirement plan. The money you’ll get as pension when you retire may not be enough to cover your expenses, seeing as the cost of living keeps going up.

Admit it; knowing you have a little extra money makes you happy. It makes us happy too! Ecstatic, even. Saving money isn’t exactly fun, but having money when you need it is definitely a great feeling. Like we’ve said, you don’t need to start your savings with hundreds of thousands of naira. Simply cultivate the habit of consistently putting aside a small amount every week or month and see what difference it makes in the long run.

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