Well I have also met quite a few, who do not joke with their savings, and take it as seriously and religiously as waking up in the morning, brushing teeth, and taking a bath. Believe me, these are the people I really envied, who made me take a deeper reflection on the importance of savings, and the benefits it has on the individual. Observing the lifestyle of these savings-oriented people really helped me to see savings in the proper light, and understand how important it is for everyone.
Some people have asked me why do they have to save if they make enough money to pay for everything they need already? There are many proper ways to answer the question, and all answers have this basic truth, that savings provide financial security, while no savings provides none.
Having established the value of saving, it is important to start saving early, and to save more with time. Starting to save early puts time on your side. the longer your funds are working, the more the power of compound interest works for you. You earn on what you have saved and also earn on what you have already earned.
Personally, I think it is good to have the equivalent of three months' salary set aside to cover for unforeseen and unexpected events such as medical emergencies, job loss, property damages etc.
Such emergencies can come as a complete surprise - and without savings, you may find yourself in a most difficult situation.
Saving doesn't come easy for everyone, especially for debt-ridden folks, the repaying of debts may take priority and it's only possible to save when they have 'spare' money.

It is good to establish a Consistent Saving Habit. One of the easiest ways to do this is to participate in a contribution plan. A second way is to consistently save with an automatic debit instruction from your income accounts to your savings account with your financial institution.
Also how much you can earn on your savings will determine how fast your money grows. Therefore it is good to work with a financial advisor, who can wisely advise you on good investment programs that can yield good and high returns on your invested savings.
In view of all I have said so far, let me still list out some reasons why you should consider saving your money.
1. Save for emergencies
Having an emergency savings fund to cover unexpected expenses is very critical. The unforeseen and unexpected such as car breakdown, job loss, medical emergencies etc. can happen anytime and your savings will be a saving grace at such times.
2. Save for Retirement
You are not getting any younger, soon age will tell on you, when you can't go out to earn a living anymore as you used to. The sooner you start saving for retirement, the less you will have to worry about your finances in the future.
3. Save for a House
A third reason to save money is for buying a house.
4. Save for Vacations and Other Luxury Items
A fourth reason to save money is to have fun. You can save up for your tour of Europe or that Caribbean cruise, or for an expensive item you have always wanted.
5. Save for Sinking Funds
A fifth reason for saving is to set up a sinking fund. A sinking fund is money you set aside for future repairs or improvements on your car, home or other possessions. This planning can help you to stop dipping into your emergency fund every time.
6. Save for Education
A sixth reason to begin saving money is for the education of your kids and to further your own education.
Now that we know how important having a savings culture is, how do we go about implementing a savings strategy in our daily lives? I think the best way is by drawing up a budget plan and sticking to it. Drawing up a budget plan for your finances will make you use money more effectively and also improve your savings ability. We will discuss the really important steps to drawing up an ideal budget plan in another topic.
Until I write you again, let wealth and riches be in your homes.
Sent from my BlackBerry wireless device from MTN
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