Why save money?

Saving the hard-earned money must be a habit of each one of you. It is an all pervasive advice. The reasons for the said statement are manifold. They may be buying a home, car, living a debt free life post retirement etc. These wishes can come true if you manage your money effectively and save some percentage of income right from the early days of your job.

Some of the important reasons to save money are mentioned below:

Keeping the financial budget in control.

Buying important stuff for home. .

Paying bills of regular and irregular nature like electricity bills, medical bills etc.

You must save money for the big day viz. marriage. It may become a financial burden in case of dearth of money. .

Educating children. Both primary and higher studies require a lot of investment. .

Buying a home. Saving money helps in paying the down payment with a relative ease. .

Handling emergency expenditure like hospital treatments, unanticipated travel, or furthermore. .

Handling changes in economy like recession or inflation or changes in taxation policy etc. .

Buying big vehicles like car, motor bike or truck. .

Saving money for post retirement days. .

Handling unexpected, fortunate or unfortunate changes in lifestyle. For e.g. - termination of job, migration to a different region or country etc. .

One must learn to value money. By adhering to money management habits, financial needs can be met with comfort. Managing money is rather difficult than earning money. The sooner we understand this fact, the better it is for our lifestyle and associated requisites.