There are countless benefits of saving. But saving money is hard. Retirement? 401k? Excellent credit? Those are problems for Future Me.
But saving really is important, even if the benefits seem like they’re a million years away. Here are just a few:
Benefits of Saving
You don’t want to work until you die.
With the way things are going, who knows if social security will even exist by the time we retire. By saving now, while you’re still relatively young, you can ensure that your wrinkly, 80-year-old butt won’t have to work at a Chick Fil A until you keel over.
You might want to do some fun stuff when you’re old.
My grandparent’s are 86 years old. They’ve been married for 65 years. They had 10 children, and have over 45 grandkids (I can’t even keep track at this point.) Right now, they are on a month long cruise around Europe. They have international adventures like, half a dozen times every year. Basically, they are cooler than you’ll ever be. Did they grow up with money? Heck to the no. Grandpa was an Army man. They had ten children. TEN. My mom tells stories of grandpa putting MREs in the car’s radiator during road trips and BAM, a hot meal for all! So how can they have so much fun now? They saved. They clipped coupons. They bought dented soup cans. For years. And now, they are reaping the benefits. And having a blast doing it.
Freedom to be generous
Ok, I’m going to brag on my grandparents again. They are the most generous people I’ve ever met. After years and years of careful saving, they are free to be exceedingly generous to all of their children, grandchildren, and the community at large. They never miss a birthday, a wedding, an anniversary, a baptism, or graduation. They pour out generosity on everyone they love. Something they wouldn’t have been able to do without planning ahead diligently.
Building excellent credit.
By saving and using your money wisely now, you’ll be on the way to building great credit. Something you will absolutely need if you ever plan to own a home or get low interest rates on any loan. If you have terrible credit now, fear not. It can be fixed. But it will take a little bit of time and self discipline.