Why We Save

by Kate on May 20, 2014

in Money

We live in a world where a lack of savings, can stop us doing the things we want with our friends and families. Savings are a safety net providing us peace of mind, should we come up against an unexpected expense.

Lending is available from companies like MYJAR. Long term solutions however, are something that need to come from hard work and dedication to your future.

Real Wealth
If you want to rid yourself of your money worries, you have to have some of it, or put yourself in a position where you require less of it. Wealth is not about how much you spend, it’s about how much you have versus the amount you spend. i.e. if you lower your spending, you need less money to qualify as wealthy. This is a concept that eludes most of us these days. Have you heard this sentence before? “It doesn’t matter how much I earn, I still have nothing left in my bank account at the end of the month”. We’ve all been there or heard friends and family saying this. In the end, spending to match your earnings, will keep you poor.

Short term aim: Lower your outgoings and siphon new earnings straight into a savings account.
Long term gain: Real security

Be The Change You Want To See In The World
The best way to teach is to lead by example. In a world that is becoming more and more consumeristic, we want our children to be able to manage their money. Older generations, grew up watching parents making ends meet, stretching humble budgets, and fixing broken items. What will become of the new generations who are watching their parents paying for everything on credit, and generally living beyond their means? The divide between rich and poor has the potential to expand exponentially. This is a terrifying thought, and a reason to campaign for government initiatives that favour individuals rather than big businesses. However, a good way to make a small difference is by making sure your offspring have a good example to follow.

Short term aim: Invest in yourself.
Long term gain: Watch your children invest in themselves.

Eliminate Stress
The more you stress about what might happen if you got ill and couldn’t work, the more likely you are to get ill. I strongly believe that the majority of illnesses are caused by stress and bad diet. Sometimes we don’t know how stressed we are until we pay off a credit card and feel the burden being lifted from our shoulders. Debt will eat away at your health. The elation you feel from new purchases, is fleeting, and ultimately, only serves to fuel the fire of debt.

Short term aim: Stop impulse purchases.
Long term gain: A healthy wealthy existence.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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