Saving: Is It Really Important In Personal Finance?

[moonchild]

Saving means keeping some part of your income for a later use, this could be 10%, 15% or even more aggressively 50%, depending on your expenses, but to an extent, that is if saving is extended on a very long term it loses it's cred, for example if you want to get rich, the last thing you should be thinking of is saving, it is not going to get you rich.

I think saving is important if only geared towards a goal, let's say a machine you want to buy t do a business or an asset you want to buy with the hope of making profits upon it's appreciation but outside of this, saving just for the sake of it will not help you much, it is at best going to keep you comfortable and make you complacent, when you are just starting out, savings might be important to get somethings out of the way like rent, food and other basic needs.

But out of that you are better off working on getting actual freedom which is by building a business and making it profitable, it doesn't make any sense to be in your old years and still thinking about money problems because you followed the mainstream advise.

 

[Holicent]

Saving is a crucial aspect of personal finance that helps individuals achieve their financial goals and secure their financial future. Saving allows you to build an emergency fund, which can help you handle unexpected expenses and avoid debt. It also allows you to invest in your long-term financial goals, such as buying a house, starting a business, or saving for retirement. Saving money also helps you develop good financial habits and avoid overspending or living beyond your means.

By saving regularly, you can take control of your finances, reduce financial stress, and achieve financial stability. Therefore, saving is a critical component of personal finance and plays an important role in achieving your financial goals.

 

[Yusra3]

Saving is important in personal finance, but it's not the end-all, be-all of your financial future.

The truth is, you'll never make it to retirement if you don't have any savings at all. If you have a lot of money saved up and no debt, then you'll be able to take care of yourself during retirement but if you don't have any savings, then there will come a time where you'll need to work again. And that can just be one thing after another until all of your money is gone and your retirement dreams are crushed by medical bills or something else entirely.

So how do we get there? We need to think about saving in terms of what it can do for us: It allows us to put away money that we can use later on when we're older and don't want to work for money anymore. And that's what we want! We want to be able to stop working so hard and enjoy our lives without having to worry about paying the bills every month.

 

[moonchild]

Saving is a good way to add some grease to your whole making money plan, for example you want to start a tailoring business, you have test demand and it turns out that there is a lot demand for the service and you are working job that do not pay much, now you are in a tight spot, the only way to get your business started is to save from your job and get yourself a tailoring machine to start your tailoring business.

That means you are actually saving towards a goal, with this your savings has a purpose but if you are just saving for the sake of saving without any goal in view just because you are told to save then overtime you are going to lose momentum and spend all of the money on other stuffs, have ideas, test them out and if any stick out, save and invest in the idea.