Is Saving Money Important? Learn The Importance of Saving Money Now

The importance of saving money cannot be underestimated

I know how hard it is when I think about retirement

That's why saving money is important to both myself and my wife – I hope you clearly see it that way too

There are few affiliate links, if you click a link and make a purchase, I may receive a commission at no extra cost to you

If you ask yourself, is saving money important? then read below my sincere advice on why is saving money important

Learn the importance of saving money

I hope it is not too late to start saving money if you are not

Let me begin with

The Importance of saving money for emergency situation

We all know emergencies happen, they are inevitable so why don't you prepare for it

By saving for an emergency fund you cover yourself against unexpected medical bill, car repair or a family situation that requires you to travel immediately

Make up your mind whether to save for emergency

Or to embarrass yourself asking friends and family to lend you the money to pay it back later

You are lucky if you have a line of credit to withdraw money from but you will fall in debt

Avoid falling in debt at all cost

I would say the top importance of saving money is to avoid falling in debt at all cost

The idea behind not saving money implicitly reflects that you are not building a budget

As saving money requires knowing all your income – money in and all your expenses – money out

Saving money for big purchase

One of the importance of saving money is to plan for big purchase

Like I know every 6-7 years, I have to change my car with a used one

I always tend to buy a well known used car and pay it cash

I have no excuse as I know my used car lasts few years so I plan ahead for that

Not only cars but also furniture or painting your house

Save money to find your dream job

I have a real story about my wife, she pursued what she thought a dream job

But it ended to be a nightmare to her

She was working every day starting from 8:30 am to 8 pm and a lot of times during the weekend and most of the statutory holidays

Because we were confident about our savings, I recommended her to quit and that's what she did

We never regret it

It was a very wise decision as this type of work will drain you leaving no time to look for another opportunity

Her colleague is still working there and after two years she was texting my wife asking how she was not worried about finding other job

Saving money will give you the freedom to make wise decision

Protect yourself for long term life security

To achieve a long term life security you require the concept of saving money over a long period of time with the magical impact of compound interest

If you think about it, saving $10,000 a year for 30 years, you will earn $1,171,914.09

This cannot happen overnight, that's one of the importance of saving money which requires perseverance and time

Pursuing the saving money challenges

Saving money can be turned into a fun game or challenge to yourself

That's why I discussed before the 52 weeks money saving challenge

If you feel the above challenge is putting burden on you

Especially if you are already saving money and you cannot cut more for any challenges

I agree with you, I would ask you to go for the penny challenge as it is fun and possible

Saving helps you reduce your stress level

I will speak about myself, I experienced insomnia when I started saving money

I had less than a thousand and I felt I was not going to make it

Same thing happens to me when I use money from my savings

I worry about how to restore it back to my saving

I cannot believe how someone can live in serenity without saving money

Saving money for your marriage

We all know that one of the top reasons for so many divorce cases is due to money issues

Each spouse comes from different background and each has own perspective about saving money

But the thing that has no doubt is that each spouse consider to approve marrying the other partner based on how the other partner saved money for this marriage

Even if you love the partner, you cannot marry someone who is broke

Marriage requires a lot of commitments and before getting married

The top commitment is having a saved money to make this wedding a reality

Starting from wedding ring, ceremony and all other wedding preparations

Saving money to help others

Regardless of your religion and what you believe, it is a good feeling when you donate

One main importance of saving money is to give to charity or to your place of worship

Only those who save money can really donate

I can never think of someone who is struggling with debt and be able to cut a percentage of his/her income to give away

Saving money for kids education

It is really hard feeling to see your kids not able to go to college

Because you are short in hand

Even if you are not aware of the importance of saving money

At least after you read this you should think twice

According to the American statistics, 35% of students go to 4 years college or university

I refer it to lack of financial knowledge in American society

Saving money for major life events

Your parents take care of you till you leave their house

It is your turn to take care of them when they grow old

Saving money for God forbids the moments when you parents pass away is a wise decision because it is inevitable

Save money for house repairs

Every house needs a sort of renovation unless you buy a new house

It is wise to save money for any emergencies that require some money like fixing your roof after a major storm or a water leaking in the basement

There are so many things you can think of that need to be fixed

If you are not ready you will put yourself into debt as sometimes you cannot defer it till you collect your annual bonus or even apply for credit

Michael launched Wealth of Geeks to make personal finance fun. He has worked in personal finance for over 20 years, helping families reduce taxes, increase their income, and save for retirement. Michael is passionate about personal finance, side hustles, and all things geeky.