Diligently putting aside money for savings each month, even if it’s only a few hundred Rand each time, might not be easy, but it’s absolutely worth the effort. There are a host of benefits to having money saved, besides the obvious – that you have extra money which you can hopefully spend as you see fit.
Let’s take a look at a few other top benefits to having money saved.
- You’ll be less stressed
Money, or lack thereof, is without a doubt one of life’s great stressors, and it can take its toll on your day-to-day life. Worrying about if you’re going to be able to make ends meet at the end of the month, or where your next paycheque is coming from, isn’t a fun way to live. By having money saved, you can rest a bit easier knowing you have a bit of a “cushion”.
- You earn interest on your savings
If you didn’t know it already, now you do. When you put money into a savings account, it earns interest on an annual basis. The amount of interest varies, depending on the bank and the account type, but the fundamentals are the same; the more money you keep in your savings account, the more you’ll earn in interest. It’s money for MAHALA!
- You can choose what you want to spend your savings on
Emergencies aside, which is, of course, another very good reason to have money saved, you can hopefully choose to spend your savings as you wish. Pay off debt, buy that special something you’ve had your eye on, use it as a deposit on a car (or even a home!), take a holiday…the list goes on!
We hope this is further motivation to keep (or start!) saving today – good luck!