Advantages Of Saving Money
When is it better to not save money?
If you have debt (a mortgage or a credit card) it is better to pay of this debt as soon as possible. It doesn't make any sense to get 4% interest, when debt will cost you 6% (for example). You should pay off this debt, because it saves you a lot of money in the long run. Consider as much overpayments on your mortgage as possible, as soon as possible. It will help you to save hundreds of dollars on the short run. You will save even more on the long run.
The basic saving rule says that you will need 50% of your income. You can spend a maximum of 30% on the things you want in life. The other 20% you can use to save or to pay off any existing …show more content…
It is no secret that conserving money is crucial. In a time when the value of homes are decreasing and the price of food is rising, saving money is the only way to weather this economic catastrophy.
A person can start doing this by taking account of every penny they earn. The advantages of saving money out number the disadvantages.
Peace of Mind
When a person saves money continuously, it gives them a "peace of mind". An individual will sleep better at night knowing they have additional money put aside. Peace of mind translates into better relationships because if a person can sleep better at night, they will be more alert and receptive to there spouse, children and friends. Since most stress originates from financial worry, saving will reduce this type of anxiety. There will be less tension and irritability. Who wouldn't want that?
Saving money means an individual will have more it at the end of the year. This is what saving money does. It allows a person to have more of the money they earned. Uncle Sam takes enough of it, why not keep more for yourself? A person could have as much as $5,000 more. Sky is the