Are you looking for some motivation to save your money this year? If so, you’ve come to the right place. Here are ten undeniable benefits of saving your money in 2024.
There are a variety of reasons why you should be putting money away this year. From having a safety net for covering unexpected expenses to helping you reach your long-term goals, we highlight ten undeniable benefits of saving money in 2024.
Maybe you indulged a little too much at the end of last year and woke up on New Year’s Day afraid to look at the damage done to your bank account. Or perhaps you just want to get things together and start planning for your future.
Whatever your personal circumstances, there are plenty of reasons to start saving. Want to know more? Read on to discover our top ten undeniable benefits of saving money in 2024.
- Are you looking for some motivation to save your money this year? If so, you’ve come to the right place. Here are ten undeniable benefits of saving your money in 2024.
- TMTGN’s top tips for saving money in 2024:
- 10. Cushion against job loss – you never know what could happen
- 9. Investing – a great way to safeguard your future
- 8. Helps prepare for retirement – even if it’s years in the future
- 7. It can improve your overall well-being – one of the best benefits of savings
- 6. You can enjoy financial independence – becoming self-sufficient
- 5. You are ready for unexpected living expenses – saving for a rainy day
- 4. Limits debt – you won’t need to take a loan
- 3. Having savings helps relieve financial stress – one less thing to worry about
- 2. You can enjoy financial security – freeing you from financial ties
- 1. It can help you reach your long-term goals – don’t let your dreams slip away
- Notable mentions
- Your questions answered about the benefits of saving money
TMTGN’s top tips for saving money in 2024:
- Set up a separate savings account that you don’t withdraw from.
- Put a set amount of money away as soon as you get paid. Have this as a non-negotiable.
- Use a ‘Vault’ on banking apps, which adds any loose change to a savings pot automatically.
- Create a vision board with your short and long-term goals to maintain your motivation to save.
- Speak to a financial planner to come up with a savings plan.
10. Cushion against job loss – you never know what could happen
Kicking off our list of undeniable benefits of saving money in 2024 is having a cushion should you lose your job. There are many reasons why this could happen – as 2020 proved!
Whether it’s a pandemic, injury, or bankruptcy, losing your job is a possibility. Should this happen, your savings can help weather the storm, covering any living expenses and medical costs until you can start earning again.
9. Investing – a great way to safeguard your future
Investing is a great way to grow your money over time, putting it into a fund to let the interest do its thing. It isn’t so bad to look at your bank account to find that there’s more money there than when you first put it in.
Of course, there are always risks involved with investing. However, diversifying your funds helps minimise those uncertainties. The options are endless; from mutual funds to the stock exchange to real estate, the options for investing are endless.
RELATED READ: Top 10 brilliant money-saving tips.
8. Helps prepare for retirement – even if it’s years in the future
Putting some money away for when you retire is a great way to safeguard your future – and the earlier you start, the better life you’ll have in your later years.
Having a decent retirement plan is something you might not think of when you’re younger, but it’s always a good idea to have a plan for your future. And your older self will thank you for it.
7. It can improve your overall well-being – one of the best benefits of savings
Knowing you have money in the bank to cover you in unforeseen circumstances can provide greater peace of mind that you won’t be stuck should the worst occur.
Setting money aside for your savings every month also means that what you have left over can be your disposable income to use as you choose. This can contribute to greater well-being as you have some money to spend doing things you enjoy!
6. You can enjoy financial independence – becoming self-sufficient
Knowing you don’t have to rely on banks or family members to bail you out when you need some extra cash is one of the most freeing feelings in the world.
It means you don’t have to rely on others for your finances, allowing you a greater sense of freedom and independence. It’s also great to know that you have prepared yourself to face any unexpected challenges that come your way.
5. You are ready for unexpected living expenses – saving for a rainy day
Whether it’s a leaky roof, a broken down car, or a sudden job loss, one of the undeniable benefits of saving money in 2024 is that you’ll have an emergency fund ready if and when you need it.
We all face hardships in life, but having the savings to get you through it takes away that added financial pressure.
4. Limits debt – you won’t need to take a loan
There’s nothing worse than having to take out a loan, knowing you’ll end up paying back more than you borrowed due to high interest rates.
With inflation right now, these rates are incredibly high, meaning you end up paying extortionate returns for what you borrowed. Having savings stowed away limits your need to borrow, allowing you to embrace debt-free living.
3. Having savings helps relieve financial stress – one less thing to worry about
In our society, money and finances are some of the biggest causes of stress and anxiety. Having savings put away can help relieve some of this stress, knowing you can cover any expense that occurs.
This will not only improve your mental health but also your lifestyle as you can focus on short-term goals and indulge in conscious purchases.
2. You can enjoy financial security – freeing you from financial ties
We all strive to be financially secure, knowing that we don’t have to live from one paycheck to the next. Having a pot of savings means you don’t have to worry so much about losing your job or about what unexpected expenses might occur.
Financial security is incredibly important in modern society, taking some pressure off your mental health and giving you greater freedom of choice.
1. It can help you reach your long-term goals – don’t let your dreams slip away
Whether it’s a university fund for your kids, a kitty for travelling the world, putting a down payment on a house, or paying for your dream wedding, one of the undeniable benefits of saving money in 2024 is that it will enable you to reach your long-term financial goals.
If you need some motivation, why not create a vision board with all that you want to achieve and do in life? Turn to this the next time you want to buy that overpriced coffee!
Leave something behind for loved ones: Not to get too morbid, but having a pot of saved money to leave behind for your children or loved ones is a great way to help them out, even after you’re gone.
Good habits: Cultivating a good savings habit is a great way to train your willpower and restraint, which can bleed out into other areas of your life, such as work and fitness. Financial planning is a great skill that will go a long way.
A fund to work with: Whether you want to put money towards a big life event or even have an idea for a great business, having a decent savings pot is a great way to get you started.
Your questions answered about the benefits of saving money
If you still have questions about the benefits of saving money, read on! In this section, we answer some of our readers’ most frequently asked questions about this topic.
Why is it important to save money?
Saving money is a great way to safeguard your future and help you cover any unexpected expenses without getting into debt.
What are the benefits of savings?
Any of the reasons listed above are some of the great benefits of savings.
What are the benefits of keeping your money?
Keeping some of your money aside for savings is great. However, money is just a tool with which you can make purchases and enjoy your life. So, while it has its benefits, it’s also important to find a balance between saving and spending.