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Why do we need to save money?

How impulsive it is to buy that beautiful little black dress for a night out, that mesmerizing French perfume and that designer bag to go with the dress? “I have the money in my pocket, so what’s the harm in using it?” That’s the question one has while the person is on “shop till you drop” mode. Richard Livingston emphasis on the benefits of saving money in The Sydney Morning Herald

What is the need for saving?

Saving money is very difficult when it is jingling in your pocket, right in front of the mannequin sporting that nice dress you so want to buy. That is the impulse that needs to be controlled. The reasons one should save are cited as both mathematical and psychological.

The mathematical reasoning is to invest money in some good stocks and watch it grow by itself over years. Thus, a good share market performance backed by compounding is the key. With the amount of money thus earned, a person can enjoy bigger things in life.

Psychologically one is more likely to have a sleep peacefully, if t. It is always comforting to have an umbrella ready for those rainy days.

How do I get control of tomorrow with savings?

Savings help one to rise up when things don’t look too bright, like losing one’s job. A saving can help sail through a couple of months till the person gets his new job and the new pay packet.

In a broader picture, saving is what prepares a person’s tomorrow in terms of retirement. A pension is not all to keep up with one’s lifestyle after retirement. Saving more of money and paying less of taxes is what will pave way for a better tomorrow and hence give charge of future in your hands.

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