This article was last updated on July 11
While many people will tell you money isn’t everything, it’s hard to deny that having a bit of it can make life easier and provide peace of mind. With that being said, many of us still find it difficult to motivate ourselves to save. Inspiration is often lost in the ‘here and now’ among all the wants and needs of everyday life. And when we do end up stashing a little cash away for a rainy day, it often ends up being spent on Christmas gifts, a new set of tires for the family vehicle or repairs to the furnace, and then we’re back to square one. So what are some reasons to really start buckling down and saving money?
Peace of Mind: While peace of mind might not seem like an important motivator for saving money, you might be surprised how nice it can be driving to work each day knowing that if you car breaks down you can have it towed somewhere to be fixed. Living paycheck to paycheck can be incredibly stressful – particularly in today’s world. This stress can affect not only your personal well-being but that of your family, friends, and co-workers as well as the pressures of financial difficulties affect your personal and professional life.
Security: Peace of mind can tie in closely with the sense of security you may gain by saving money. When you are creating a financial cushion for yourself, with it can come an increased confidence at knowing you are financially secure. For some however, financial security for oneself is not always enough of a motivator to save. Therefore, consider the security of a spouse, your children, your extended family, or even close friends. The financial security that comes with saving for your loved ones can be a wonderfully unselfish motivator.
To Help Others: Continuing with the line of unselfish motivators, helping others can be another altruistic reason for saving money. Donating to causes that you find important, such as education, fighting hunger, religion, historic preservation, or whatever is meaningful to you, can be strong motivators to save money. If saving for particular causes isn’t exactly your thing, consider saving to help friends, family or co-workers who are not as fortunate or have suffered a financial setback.
Quality of Life: Now let’s move on to some of the less philanthropic motivators for savings, the first of which is quality of life. Saving money to live a better, more fulfilling life can be a great motivator. While large sums of money aren’t always necessary to be happy, being comfortable is often a bit easier when you can easily provide the necessities of life, with enough money left over just a touch of excess now and then.
Money Breeds Money: It’s been illustrated time and again that many of the wealthy people out there aren’t necessarily rich because they are smart, but instead because they had money to begin with, and money breeds more money. By making sound financial decisions and saving, money can begin to work for you, making you more money without you having to do much but watch. While you might not be able to quit your day job right away, by saving money and investing it wisely, you can supplement your regular income nicely.
Enjoyment and Education: For some, saving money is almost like a drug. It becomes a habit, just like smoking or biting your fingernails. When taken to the extreme, it can be dangerous and destructive, however, in moderation saving can be fun, healthy, and make for an interesting hobby. Being motivated to save money can also be a great lesson to those around you, including younger generations.