Saving money for the future is one of the great habits of wealthy people. The rich is getting richer because of the way they spend their money.
They have successful habits of controlling their expenses in order to grow their wealth. One example is Warren Buffett, one of the world’s wealthiest. He always practices spending money wisely.
He is not fond of buying expensive things. He knows the benefits of saving money.
Saving money does not mean that you have to be frugal. You can spend your income provided you pay yourself and save first.
“You must learn to save first and spend afterwards.” – John Poole
If you want to achieve your financial goal the most important step is to save first.
You cannot grow your wealth or money if you will not start saving first. Don’t you know that Mark Zuckerberg, one of the youngest billionaires and co-founders of Facebook, is great saver?
During their weeding, the reception was held in their backyard in Palo Alto, California rather than in a fancy five star hotel. During their honeymoon in Italy many people saw them eating in McDonalds. This guy is still wearing ordinary t-shirt to work every day.
I understand why he practices saving habits. Saving money is important to him to grow his wealth more and fast. He use extra money into other businesses, investments and acquisition.
5 Importance of Saving Money for Future
“Save a part of your income and begin now, for the man with a surplus controls circumstances and the man without a surplus is controlled by circumstances.” – Henry Buckley
With your savings you can immediately start investing. However if you are overspending your income, there is no money left for investment.
Carlos Slim Helu the world’s second richest man is very keen of saving money at young age. It became his habit to save money out of his allowance. Every week he was reviewing with his father his saving development.
With his saving money, he started buying stocks of Banco Nacional de Mexico at the age of 12 years old.
“All days are not same. Save for a rainy day. When you don’t work, savings will work for you.” - M.K. Soni
Saving money for the future gives you protection for unexpected circumstances. You don’t know what will happen to you next days or weeks. If you will lose your job still you can survive while looking for a job because you have your savings.
You will not stress out if there is an emergency because you have money to spend of.
- To have a debt free life
You can also pay down your debts from friends, family and even other lenders. The bigger you have saved the earlier you can achieve debt free life.
Saving money offers a worry free life.
People who are fond of saving money early for future can retire early. These are the people who are thinking about their future, dream life after 10 years or 20 years.
They sacrifice not to spend things that are expensive. They are particular on preparing themselves to quit the stressful life of working with someone. They are putting savings to their retirement funds.
If you want to retire early, you have to start saving early. It is the power of compounding interest will work hard in your favour and to your savings.
Improve Financial Being
Having a saving habit will improve your life. It avoids you from overspending, debts and stress of thinking of your financial obligation and financial struggle.
You are committing yourself to improve your financial status. You care to achieve your financial goals.
Saving money for the future is very important. Today will not be the same as tomorrow. You don’t know when the rainy season will come.
Every day is full of surprises and to be ready with uncertainty is to save now for your future.