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The advantages/benefits of saving money

It is not by default that money permeates every facet of our lives. Money, as you already know, affects all the decisions we make as human beings. Money influences the kind of home we build or buy, the kind of car we drive, the kind of career we ultimately pursue, the places we go to vacation, the kind of food we eat, the street we live and so on and so forth. Lack of money can lead to immense stress and this explains why some people are willing to go to whatever lengths to acquire lots of money. However, unfortunately, the quagmire we found ourselves in as regards money is more often than not a total summation of our money spending habits.

Most of us use money haphazardly without giving much thought to what might happen tomorrow when you don’t have the luxury of the money we have today. People who are financially secure tend to have peace of mind, sleep better at night and generally have less stress levels. With that said, what are some of the benefits or advantages of saving money?

Saving money is a fun activity

While getting started might be a difficult endeavor for most people, there is no denying that the very act of saving money is a fun activity in itself. 81% of consumers find it fun seeing how much they can save with loyalty cards or coupons. Saving money reduces stress levels and accords us piece of mind in the knowledge that should anything happen, we are safe.

Saving money makes us feel empowered

How are your confidence levels when you know you have money tucked away somewhere? Now think of how confident you are when you are broke and with not a single coin in your bank account. The truth of the matter is that having some savings makes you feel empowered. It gives you the confidence and the peace of mind that should anything happen, you are cushioned and therefore have nothing to worry about.

Saving money makes you feel somewhat saner

The truth of the matter is that having no savings to cushion you in case of anything can make you go berserk. The situation is further compounded if you barely have enough to make ends meet. In this regard, with all the stress levels you could go through, saving money makes you feel somewhat saner and the feeling that you are on top of things. It gives you a better grip on things.

Saving money keeps you from serious medical disorders and conditions

What do you think will happen if you are constantly worried and stressed? The fact that you are living from hand to mouth can be quite stressful to say the least. It could be the catalyst to developing some health conditions such as depression, anxiety, insomnia, heart problems just to mention but a few. To avoid such health conditions, having a safety net in terms of savings is of essence. It is one of the biggest reasons as to why you need to start developing a saving habit.

 February 11th, 2016  
 Benefits of Saving Money  
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Incredibly simple ways to save money

If you are gainfully employed or in self employment, chances are that this is not the first time you have been advised to save money. While making lots of money is relieving and the ultimate goal, developing money saving habits has always been a mirage to many people. People simply find it difficult putting aside some money for the future and this is one of the reasons why achieving financial security is a tall order. To get started or taking the first step and commitment to save money is usually the hardest. However, this doesn’t mean that it cannot be done if one has the will power, the drive, and the commitment to do it. One simply needs to take the first step and chart a path replete with incredible benefits. So what are the simple ways in which you can save money?

Keep tabs on your expenses

You cannot be able to save money if your expenses are running out of control. The first principle of saving money is that you need to spend less and budget for every single coin you earn. It is easy to get comfortable and get carried away by the amount of money you make or the temporal eerie feeling of financial security that you might give a wide berth the idea of saving money. However, remember that no matter how much money you make, if you can’t keep tabs on your expenses, creating a buffer zone and saving for the future will become a mirage. Simply record how you use every single coin you earn for a month and work on reducing on unnecessary expenses. It is one of the most incredible ways to save money.

Set out clear saving goals

You cannot get to where you want to go if you don’t have a clear plan of how you are going to get there. In that regard, saving money requires that you set out specific, measurable, attainable and realistic goals. Have a clear plan of what your saving goals are and work towards meeting the said financial goals. You can begin by setting short term financial goals such as saving money to go for a vacation or buy a car and setting long term goals such as saving for your children’s college education or retirement saving. With a clear saving goal, you are more likely to follow through than when you simply have no plan whatsoever.

Make a clear budget

Spending money without a budget is disastrous and the biggest impediment towards your desire to save money. A budget is instrumental because it helps you limit overspending and also ensure that you allocate money to what is important. If you don’t know how to make a budget, you can always find an expert to help you create one. At the end of the day, saving money requires you take the first bold step of financial discipline.


Decide on your saving priorities

We all have different priorities when it comes to saving money. As such, it’s important that you decide on your saving priorities before you embark on saving. Decide on what you want to save on, how long you are willing to wait and the exact amount of money you are willing to put aside to meet your saving objectives.

 February 11th, 2016  
 Ways to save money  
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