“Now is your time to let loose and live!”
“You should be driving a nicer car already.”
“Why haven’t you upgraded from your crappy apartment yet?”
If I had a dollar for every time I heard one of these phrases or something along these lines, I’d be rich by now! I have a feeling that I am not the only person who hears these sorts of lines all the time. If you are in the same boat, then read on!
As a 20 something, I hear all the reasons why I should be spending my money on this or that. I hear the reasons, but I’m ignoring them. Why? Because I want to save my money! And I know that saving my money will open many avenues.
The only way to choose saving over spending is to find a reason that matters to you!
Reasons Why You Should Save Money
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Retirement
I know, you are young and don’t have to worry about retirement for a long time. Wrong!
I don’t know about you, but I do not want to be
It is critical that you start saving early if you want to retire at all. If you have dreams of retiring earlier than the norm of 65, then you will have to save extra to meet that goal.
When you are young is the time to save for retirement because you have time on your side. Compounding interest will help your saving grow over time, but only if you give your money time to grow. Just like a tree, you can’t plant a seed one day and expect an oak tree the next day. It just doesn’t work like that.
If you aren’t sure where to start with retirement savings, then check out my upcoming article about
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Financial Independence
I hate the idea of depending on someone else for money. Whether that be my boss at work or a close family member, I just really enjoy being an independent person who can make my own decisions without having to factor in the money side of things into every single decision.
Unfortunately, I am not 100% financially independent yet because I rely on my boss at my fulltime job to pay me. One day I hope to be able to work on my own terms and not have to rely on a job to be okay financially.
In order for this to happen, I need to save my money.
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Big Purchases
Houses, cars, maybe kids?
All of these are huge financial commitments that you might want to make one day. You can start saving today for the future purchases you want to make.
Even if you don’t know exactly what house or if you even want a new car one day, by saving now you will give yourself some options. Options are always good!
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My Passions
Everybody has something they absolutely love to do. I love nature, adventures, and tea. I save money in order to spend it on those things that I am passionate about.
I would rather wear the same clothes I have been wearing for years in order go on a few more adventures. Or skip another dinner out in order to buy fancy tea. Or go on a hike instead of spending money at the movies.
You should decide on what matters most to you and then spend your money on that. Obviously, within reason but it is up to you to decide what is reasonable. (Even though I love adventures, I still attempt to skip to a budget.)
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Emergencies
Life is crazy! You literally never know what will happen next, but it can be a fun ride. Sometimes life is not as fun. Like when you need an expensive car repair or an unexpected medical procedure. Things like that can be stressful enough without having to worry about money on top of it all.
An emergency fund can help to lift a burden while you are already going through a difficult situation. You never know when something like this might happen, so it is a good idea to create an emergency fund and start saving now.
I want many of these things to happen, so I am saving money now.
I have never heard of anyone complaining about the money they have already saved because it usually comes in handy one day.
Pressures you will have to avoid
As easy as saving money sounds, you will be forced to choose between spending and saving all the time. Sometimes it can be difficult to stick to your guns and save what you planned to save. I have heard quite a few reasons why I should just be spending my money now but I have included a few of my favorites below.
- Now is your time to go crazy because in a few years you’ll be trapped.
I am now sure what people mean by trapped, but I certainly never plan on being trapped in my own life. Sure, things will happen and my commitments might grow but that doesn’t mean I’ll be trapped and unable to do the things I like to do. In fact, I think that if I save my money now I am almost ensuring that I won’t be trapped because I’ll be financially free (or at least close that goal!)
- Treat yo’self!
Yea, this one is hard to argue with. It can be tempting to buy the dress or go out to a fancy bar for drinks, but most of the time I am able to resist the temptation to spend extra money.
Although I attempt to avoid “treat yo’self” spending, sometimes it happens. I know that my willpower isn’t always rock solid though, so I have a built-in part of my budget that is fun for fun things. If I want to buy the dress or buy a nice dinner, then I just consider that fun and call it a day.
If you haven’t started a budget yet, you should. I’ll have more information on budgeting in a future article 😊
- YOLO
“You only live once.” Truer words have never been spoken, but I tend to look at YOLO differently than others. I don’t know about you, but I definitely don’t want to watch my life pass me by from a desk. So I am doing something about it through saving as much as I can. Hopefully, all my saving will pay off one day in the form of financial independence.
Instead of saying YOLO as I recklessly spend myself into debt, I say YOLO as I slowly build a financially free future for myself.
Saving is important at any age, but especially in the beginning of your adult life. You can set up a great financial future for yourself, just start saving ASAP.
Just because I save money doesn’t mean that I live a boring life, just a frugal one. I thoroughly enjoy my life and have never felt that I am missing out on anything based on my habits as a saver.
You can live a happy, normal and healthy life without breaking the bank.
Check out some of my other posts to find ways to keep your life frugal but fun.
