THE IMPORTANCE OF SAVING MONEY

The importance of saving money cannot be stressed enough, although it is not an easy task. It takes a lot of discipline & sacrifices. Surely, everybody somewhere has gotten broke at some point of their life. How did it feel? Did you enjoy passing through the cake store and looking into your wallets or purse, sighing and just walking away? What if it had been an actual do or die situation and you needed money? I’m here to enlighten you on the significance of saving money.

Consensus in Nigeria show that a high number of government workers are contract staff which translates to no entitlement to pension and gratuity after retirement.

1. Financial security

This refers to that inner peace of mind that comes along with the knowledge that your money is enough to cover your expense. One way to achieve this is by planning, more precisely, BUDGETING. Carefully mapping out your expenses could help you save money more efficiently. Being financially secured means to be free from worry about money for expenses that may arise now and in the future. When you save money, you can achieve this.

2. Retirement plan

Surely, you dont intend you intend to work forever, theres a period in life where some human beings decide to take a bow from work due to old age or health concerns. A person who doesn’t have any money  saved up, what do you do ,when you no longer have a regular source of income and you need to leave your active job? That’s where savings comes in serve as a type of retirement cushion to fall back on and serve as the income you’re no longer receiving.

3. Setting up your future.

In this case, i’m talking about buying or building a property or properties if you’re feeling thrifty. If you calculate the amount for money you’d spend on rent for a period of 10 years, it’d be just enough to build yourself a nice comfortable place so you’ll be free or having a landlord and be your own landlord.

The Bottom Line

Start saving now! Don’t wait till your 30 before you do. Cut back unnecessary spending habits i.e live within your means because you do not know when you may loose that your job or your business hits an iceberg on the way. That is why it is always important to have that safety net hanging, waiting to catch you in case you fall.