3 Reasons I Save
My goals are what convinced me to budget better, learn more, and stay informed on any and all things money
Making a lot of money is easier said than done. Especially when you work in an industry that doesn’t exactly cause need for hosting money in an offshore bank account. But I get by. I get better than by, I do well with what I have. So why should you save? There’s a unique answer for everyone. But here are my 3 reasons:
Without goals, saving becomes irrelevant. Pooling your cash into an account with no meaning can become draining and will provide zero fulfillment long term. It’s a common theme among all those interested in becoming successful financially to set short and long term goals that are both realistic yet challenging.
I save money for my goals because otherwise, I would fall flat. I need some kind of motivation, and those goals are what drives me to save as much as possible. My goals are what convinced me to budget better, learn more, and stay informed on any and all things money.
At the beginning of each month, I go through my banking and plan how much I will spend, save, and put towards goals. This keeps me on top of my budget, and also provides me with something to look forward to.
One of the greatest reasons I can save as much money as I do is highly accredited towards my creativity. Being creative saves me money, because without an imagination I would spend money on things I couldn’t afford (because I thought I needed them). So, here’s a question for you.
Do you think people with higher incomes are less creative with saving?
I don’t mean wealthy people in general, because you can still be wealthy or wealthier than average on a small income. I mean people who make a high salary and don’t manage their day-to-day living costs.
Better yet, do you think if you made more money, or had a secret trust fund that none of us knew about, you’d spend more recklessly? Not because you weren’t money conscious, but just because you could. I believe that subconsciously, people that I know who make more money – spend more money unnecessarily. Simply because they can.
For example: I no longer make grocery lists because I feel as though they don’t help control costs. Instead, I go without any idea of what I will buy – because I only buy things that are on sale. This tactic ends up saving me almost $50 each trip. Other people make a list, and then surpass their budget because they really needed that extra can of tomato sauce. The list said so.
My friend and I always talk about how because we work in a lower-paying industry than others, we would do just fine if we received a large salary increase. Mainly because we would know how to handle an increase in pay without going crazy. However, when you look at the opposite scale of the spectrum, starting with a high salary and ending with a lower one after job loss can cause significant financial destruction.
It’s obvious that saving should be done no matter what your income is, but I feel as though saving more when you have less will help you to be better prepared for a future increase. It will also prepare you in case you’re already capped out. Finding the balance for ways to manage spending and saving is a key reason for so many peoples’ financial accomplishment.
I know we’re all sick of hearing people say the key to success it to “live within your means”, but it’s been so prevalent because it is truly the biggest downfall for young adults trying to find their way. The number 1 cause of debt is having reduced income and the same expenses.
What are the reasons you save? Let me know in the comments!