The following is a guest post from guest contributor Martha Beck on saving to survive a financial crisis and the benefits of saving money. If you would like to contribute an article to The Wise Dollar, please email me via the contact form.
It is no hidden fact that money makes the world go round. If you are financially strong, you have everything in your favor. You should keep in mind that saving is equally important as earning. People have been saving money since the inception of currency. Although saving is not an easy task, it should be practiced by all in order to have a secure future. If you have to face any kind of problem in work and your company is in a downsizing spree, having a financial backup will come to your rescue. There are many such unforeseen situations where you face worst financial crisis and saving some money definitely comes handy. Let’s discuss a few prime reasons why you should save money:
- Save money for rainy days: There are many instances where you find yourself trapped in a financial crisis situation. These are sudden emergency situations which need to be overcome by having a financial backup. The money that you have been saving regularly helps you avoid taking any personal loans which could have led you to pay much extra than what you had borrowed. So save money to ease off your tension and sail through smoothly through tough times.
- Save money to avoid stress: Stress is one of the biggest factor which leads to many ailments. If you have to face any crisis situation, it will lead to a lot of stress. Therefore it is advisable to save money and live a happier life. Peace of mind comes from a strong financial strength.
- Save money for a comfortable life: People who save money have the benefit of spending it to lead a luxurious lifestyle. If you have saved money, you could buy anything that you desired to, be it a car, a house or any other thing. Having money power gives you the capability to do what you want to do. You can keep upgrading yourself with changing trends by saving and spending wisely. So it is a cycle where you get to spend only if you have been saving in the past.
If you make up your mind that you need to save, it is not as difficult as it sounds. Saving becomes just another ritual that you follow on a regular basis. If you really want to save regularly, you should follow an easy trick to start doing so. If you set a goal for yourself and set a reward as well for each goal achieved your saving routine becomes easier and something that you look forward to. Suppose you want to buy a car, you should set a goal for yourself that you will save as much money as is required to purchase a car. This setting of a goal will motivate you to save as much as possible so that you get rewarded with the car as soon as you achieve your goal. So keep saving and reap its benefits in future.
- Contributed by Martha Beck