Being an accountant, I have dealt with numbers and money my whole career. I have thought a great deal about money, the growth of money, the use of money, and the saving of money. Over these years I have compiled my reasons for saving money, my whys. I am sure your list will be different from mine, but start with mine as jumping off point.
1. I Want to Travel the World
When I was a child, my family traveled, usually to Yellowstone National Park or Bear Lake, Utah. Occasionally to Disneyland. When I married, i married someone who came from a traveling family also. We wanted to continue this legacy of traveling with our children. It took budgeting and saving to make that happen, but we have traveled with our children extensively. The tradition has continued with our grandchildren. Traveling enriched our lives by giving us a chance to learn about other cultures and different life styles.
2. I Want Freedom
Freedom, to me, means that I have the ability to make decisions in my life about what I want to do and the directions I want to go. Control over my money and resources allows me this freedom. When you have debt, someone else controls your freedom. Whether it is a large house mortgage, car loans, or credit card debt, your choices are limited by this debt.
Being out of debt and having cash in the bank gives you the freedom to do as you choose. You can have the job you love, even if it does not pay a lot of money. You can live where and how you want. It is FREEDOM!
3. I Want to Provide For My Family
Financial stability is a sound foundation for a successful marriage and a strong family life. In a marriage, the needs of the family always take precedence. The parents’ wants are most times secondary to their child’s needs and wants. Parents want their children to have better things than they had. By not having sacrificed tomorrow’s wants by today’s spending, I have secured my families future. I can provide for my needs and the needs of my family. I also provide for WANTS.
4. I Want to Own My Own Home
While in college and when I was first married, we rented a place to live. What I could do with that residence was decided by my landlord. I always wanted to own my residence and make my own choices on décor and landscaping. I did not want to rent in my 40’s, just because I had not controlled my money. This was a horrifying thought. By controlling my money, I was given the chance to live where and in the environment I wanted.
5. I Want to Treat Myself
I have the desire to make my life good. I want treats, both little and big. I am sure you have the same desire. Living pay check to pay check was not my idea of a good life. I used budgeting and savings as a method to have the chances to treat myself in a controlled way. My controlled treats are compelling rewards that provide the emotional fuel to stay the course of budgeting and saving. Budgeting and saving allow me to have the good tomorrow, and the day after, and the day after that.
6. I Want to Retire Well
Retirement is an enticement to most of us. To retire, and even maybe to retire early, requires specific goals. What is retirement to you? Do you continue to work at a different job, one that you enjoy more, or do you not work at all? To me retirement is having sufficient money to retain my standard of living. The very choice to retire at all is the result of a savings.
Today or the Future?
Spending is for today only. Saving is for the future. Which carries the most importance to you, today or your future?
You are the designer of your future. You are the person making the decisions.
I encourage you to design the future you want and start to prepare for that future by creating a habit of saving today.