Saving is one method of planning for the future. Saving helps us become less stressed, and gives us a peace of mind when financial problems comes up.
Emergency Savings. We live in a world that sometimes we encounter unexpected events that require financial solution. Setting aside emergency funds can help us prepare for such unexpected occurrences. Example of emergency situations could be medical procedure, mechanical/electrical faults at offices or homes.
Saving for retirement. Nature does not permit us to work till the end of our lives, as we get older our activities and energy level seems to decline. So it is important that while there is abundance of energy, that we plan for our retirement by setting aside some portions of our income.
Saving money for Project. With high interest rates from borrowing, saving could be a good option for projects such as building a house, business, travelling, etc. For one to overcome the temptation of spending, it is advisable to plan and stick to commitments.
Saving for Investment. Money is like a seed, and one of way to multiply it is through investment. These days some banks and other financial institutions pay interest for certain levels of savings. Some Government bonds are also profitable while investing and saving your money. Please kindly cross-check and make sure you invest only in Government certified institutions to avoid losing your money.
Don't wait until you have huge amount of money before you start saving, you can start small and build from there. To be a good saver, you must learn to cut off unnecessary spending. If you still can't develop the habit of saving, please kindly look for a financial adviser to help channel your money appropriately. A good farmer does consume all his harvest, he put aside some seeds for the next planting season, this should be our attitude towards savings. It is also important to have it in mind that you shouldn't sacrifice your health for savings. The essence of savings is to enable us have a better life, be financial independent while making plans for the future, and all of these can't be achieved without health. Health is the greatest wealth.
We all need to save our pennies. Spending more than you make is not the way to live. Thanks for reminding the community of this important fact.
It's indeed a good reminder .
@bestgift, thanks for sharing
Totally agree, can you talk to the US government?
I´m agree. I don´t really practice this, but it is a good adviser. We need to be organized and disciplined. I live in Venezuela, in my country that is not easy but who say "that is going to be easy" Thanks
You got a 14.72% upvote from @postpromoter courtesy of @bestgift!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
saving in your countries fiat currency isn't a good Idea, Long term it will get eaten up with inflation and your retirement you had planned won't have the same purchasing power you believed it would. For Example the US dollar lost over 50% in the last 20 years. The best thing to do is become financial intelligence and save in something else that holds its purchasing power, or has higher cashflow that the inflation rate. Saving money for investments I would agree but, the highest interest rate is almost 1% and banks give out .01% APY. Cashflow real estate or from stocks provides more than interest rate. But this is what I believe and if you try to save like normal people you will come to find out when you are in your 60's you need more cash and social security will not be there or if it is it's purchasing power and amount wont truly help. I do agree amount saving some cash for emergencies and looking for financial advisers, but the problem with the advisers that they aren't retiring anytime soon or might not at all and if they are "trying" to help you they can only do what they know and to be honest not much but do a mutual fun and ride it out. all in all i like your post some of these things are very important
Hmmmm..... Am really still learning how to save. It's good to save cos a hand that eat all he has will always not seize from working. Saving is a means of commanding money to work for you rather than working for money. I use to hear people saying "do you know how hard I work for my money?". When you save it ease stress of working for money but commanding money to work for you. Nice write up. Really encouraging.
sometimes it's hard to save up some money. One of the best ways to motivate ourselves is by thinking ahead of what might happen if we'r running out of money when we need the most. To be financially independent should start from our self-awareness about using money in the right way.
Saving was always difficult for me until last year.I realized there is 2 way to make a saving.Work more (no way) or spend less.For me spending less money works better.