Why saving money is important for Young professionals

Everyone has come in times where you think and ask yourself what if? What if I did this? What if I saved money? But how much would I need to save? Or what if I could do this? Today I will be talking about the benefits of saving, and most especially to young professionals.

Basing myself on the savings that many people do know are important in helping and planning for the future, saving is a good habit that should be adopted by everyone. From the ancient times even through the Bible, saving was something that was practiced by people to help them in future times, for example we see when Joseph saved food in Egypt when there was coming to a drought that was to last for 7 years, he saved enough that in those 7 years of drought everyone in the country had food to eat and also what to drink.

Today many people know that saving is important perhaps they forget why, or some say I earn too little for me to save; not denying the fact that some may truly have expenses that surpass their income, saving money before spending any is very important.

Some benefits of saving money are:

Security in the future and in your old age

We all know that the future can’t be predicted at a satisfying level, and we all don’t want to always live on the monthly income since we shall not always be able to sit in the office or walk to work etc., so when you think of those times, saving today will help you live well in those times.

Protection in disasters and accidents

As we can’t predict the future time we also can’t predict what it can bring, here am talking about disasters. Saving helps you be able to survive in times of disasters that come unexpectedly. As we all know, there are natural disasters around, winds and waters, rains and storms that sometimes come and destroy, if this happened when you haven’t saved any money and you have spent all you earned it could be hard for one to survive. Savings are the ones that one could at least use in these times.

Helps in accomplishing dreams and visions

Everyone has at least one or two goals or visions they would like to accomplish, start a business for extra income, buy a car, or build a house and so on when you save money you can be able to accomplish these goals. Although there are some facilities that provide money such as bank debts, I know that if you can be able to buy your own car in your savings you’ll be happier and more secure than the one who bought a car with money on credit.

Savings multiply

Even when you put money in a savings account that benefits 3% interest per year your savings will grow and they’ll still be making you profit over time. You may also look for higher interests’ accounts, CDs, you will see your money increase amazingly.

As you can see, saving has a lot of benefits for everyone not only to young professionals although they need it much more for them to be able to use their money well.

Challenge:

Imagine if you saved 10 dollars a week, in 10 months you would have saved 440 dollars (10×44 weeks). So imagine if you saved more depending on your income.

Start saving from today and you will see how much more you’ll make after a year.

LendEDU has a guide for consumers who are interested in learning the basics of different savings accounts. Their guide starts by explaining what a basic savings account entails, but then it delves into other saving options such as online bank accounts, money market accounts, and certificates of deposit. Check it

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