The opposite of saving money is going into debt. You don’t want that.
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Since credit is so easy to acquire in most developed countries, many people don’t see any reason why they should save their money and make purchases solely with cash. When they want to buy something, it’s easy to just pull out their plastic cards and pay off their purchases with payments that can last for a long time. Even a lot of guys who can afford to pay the full value do this because they see everybody else buying things in such a fashion and they think that it’s not a big deal. What is really unfortunate about this is this type of thinking is widely adopted and men don’t really comprehend the consequences they might suffer.
Here are some of the reasons why saving is a good idea.
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Truly Becoming Financially Independent
There are different standards people have when it comes to measuring wealth. Still, for most guys, being rich means having complete financial independence and a secure savings account you can depend on when needed. “Calling your own shots” financially means being empowered with the freedom to make you own decisions and choices in life, without being tied down by your monthly paycheck. This means a lot for a guy, as you will have more confidence to make your own choices and decisions in life. Furthermore, if you are not married or in a relationship, you will have more courage to approach women as you know that you are taking care of your business.
When you have some savings, you can buy things when there are sales, and buy without rushing.
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This means being free to take a vacation when you feel like you need one, stop working and take time to consider your future, go back to school in order to make a career change, leave work to start a new business of your own, or invest together with your friend, focus on your wife and kids, switch to a job that pays less to do something that you are passionate about or, when the time comes, retire when you feel like you’re done contributing with your work.
By having a stable savings account, you can do all of these things, and if not, you will be forced to stay at your current job no matter how much you hate it.
Saving is Exponential
If you regularly purchase everything using your credit card and leave a bit of debt on your credit card every month, you can get swamped with great interest rates that will ultimately make all of your purchases at least 30 % higher than if you had paid for them with cash. If you are primarily relying on all of your credit cards to be able to afford your current lifestyle, you should try to stop doing this as quickly as you can, because you will get to a place where you don’t know how much debt you have on all of your cards. Save money on your purchases by paying them with cash.
A responsible husband must take care of his family, and you won’t be able to do this without a savings account..
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When you have some savings, you can buy things when there are sales, and buy without rushing while choosing wise purchases. If you have some money on the side, you can also buy more groceries when they are cheaper (items that can last a long time) and save money. Simply put, by saving you will be given the option to save up even more. When you save, you will learn a lot about responsibility, which you will need when you have a wife and kids, and prepare for being a husband and a father. And, no woman wants to get into a long term relationship with an irresponsible person, don’t you agree?
Safety Net for Unexpected Expenses
If you have no savings and have heavy burdens on your credit cards, what can you do when unexpected expenses come up, such as car repair? What will you do when there is something you have to fix immediately, but you don’t have $1.000 or $2,000 on you? Even if you are able to increase your loan amount from the bank, you will have to pay off even more next month and won’t be able to afford anything you want. This is where a savings account can save the day. By anticipating bad scenarios, you can take a cut from your savings account and continue your life unhindered. Furthermore, a responsible husband must take care of his family, and you won’t be able to do this without a savings account.
Act now and start setting aside at least 10% of each paycheck until you have at least $2,000 to $3,000 in your emergency fund. It will take a bit of time and restraint, but once you pass this initial part you will see how much easier it will be to handle your finances and make decisions with YOUR money instead of constantly owing someone.
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Photo: GettyImages
You need to separate you needs from your wants
I agree on your thoughts and points here, credit cards are making a lot of people in debt in the present generation. Great article.
The USA use to be a nation of savers until Reagan came along and turn the country from a creditor into a debitor nation. Furthermore, companies have not been raising wages but don’t hesitate to keep raising the prices of goods and services. Finally, we used to have price controls that were established by Franklin Roosevelt during the Great Depression until President Nixon remove them which explains why your dollar when farther in purchasing good and services.