5 Ways Saving Makes You Feel Better

You know how secretly bad you feel when you spend money you don’t have? I’ll take your word for it. We don’t have to talk about it. But I read recently in Bloomberg that Americans’ household debt has reached a level similar to what it was before the lingering recession that began in 2008. What if you don’t have to be part of that trend? What if you saved your $5s, and other money, instead?

Here’s five ways that saving money—instead of spending money you don’t have—will make you feel better.

  1. Hello to a brighter future

How great would it be to wake up in the morning with a sense of optimism about your financial future? Studies show that people who have money in the bank generally feel better about facing each new day.  The easiest way to get a brighter perspective on tomorrow is to take positive steps today.

  1. Less debt and more savings helps you focus on the future

Back when I carried credit card debt, it was hard to plan my next vacation.  Now that I set aside some cash every week in a jar I use to save money for future trips, I can book airfare more easily knowing I’ve already saved some, or all of the funds, to pay for it. Phew, since travel is my guilty pleasure.

  1. Saving will make you happier

A recent story in Business Insider said that even though money can’t buy happiness, saving it might. According to a survey of more than 1000 people in the sample, 38 percent of the respondents with savings accounts reported being happy compared to 29 percent of those without savings accounts.

  1. Emergencies won’t seem so dire

Unexpected financial circumstances happen to all of us. The car repair. The co-payment on a medical procedure. The washing machine that konks out and needs to be replaced. We hope they won’t happen, but they do. This is just another example of a time when it would make you feel better to have a savings account to draw on to face the unexpected instead of having to use a credit card, or get a loan, and spend money you don’t have.

  1. Saving makes you more self sufficient

Having a nest egg means you won’t have to go to a relative or a friend, or maybe the local banker, for a loan. Maybe it feels like playing Monopoly alone, but I much prefer only having to consult with myself (ok, my husband too) when I want to make a big financial purchase.

These are just a handful of ways in which saving money might make you feel better than using a credit card to pay for something you can’t afford. Readers, if you can add other advantages to the list, leave a comment and share your ideas with us.

Happy summer solstice!

Yours in Fives,

Marie

 

 

 

 

 

 

 

 

 

 

 

 

 

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