A penny saved is a penny earned- Benjamin Franklin. Meaning it is as useful to save money that you already have as it is to earn more, saving is also another form of earning. Learning or knowing to save is an essential in life that we should all be exercising but it is much easier said than done because it does take effort to not spend your money. Saving is an economy of or, reduction in money time or another resource; preventing waste of a particular resource. It can also be known a reduction in expenditure or cost, rescue from harm danger or loss, tending to save or preserve, thrifty or economical, or money that is leftover after personal expenses have been met. Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.Ayn Rand . This quote is simply saying it doesn’t matter how much money you make , it can take you wherever you want it to take you but it is truly how you spend or choose to do with your money that is important. Money will never be able to move itself you have to be the one in charge to move it and place the money where you want it to go, and work for you. It is important to know how and when to save because there are so many benefits that come with saving for example you will be ready to make large purchases if needed, you become prepared for unexpected expenses, your money is kept safe, you are able to take a vacation or be able to treat yourself, and you become able to fund your own education. Along with all the personal benefits of knowing how to save there are several business benefits that go along with saving for example staying on budget, have the ability to plan and backup your future growth. It is very important to save money within a business because there will always be fixed and variable costs that have to be made regardless of how much the company is making or else the business will be shut down or go bankrupt. It is important to know how to save and learn how others save and if you notice or acknowledge that you are not saving enough or at all its important to seek help, with a financial advisor, online, other businesses, friends or even free financial planning programs.
There are so many personal and business benefits that come along with saving, like mentioned before it’s always good to be ready to make a large purchase if needed, unexpected expenses, and vacation. It is beneficial to save money so you become ready to make a large purchase if needed; examples of large purchases in life are a home mortgage, the purchase of a new car, the purchase of a new laptop, pc, electronic. The benefit of having money saved is that you wont have to pay hundreds or even thousands of dollars in interest when you have to borrow money because chances are that you have money saved to pay a hefty amount on a down payment or you can pay in cash and wont even have to borrow money. That is another great benefit of having money saved is that you have the freedom that you have the freedom to do what you want to do when you want to do it.
Another great benefit of saving is that you are always prepared for the unexpected. Life is full of surprises and it is best to be prepared for the worst. Situations or examples that could be unexpected situations in life are having an unexpected medical bill, or overnight trip to the emergency room. Another situation is when you are 15 minutes away from work and you are stuck on the side of the highway because your car no longer starts. That’s if you are lucky enough to have a job, you might be unemployed and if that case it is very beneficial to have a savings fund to be able to live off of until you find a job. Savings for any such emergency can give the much needed and required help to overcome any crisis. Most importantly you do not need to depend on anyone or search for support of others, which at times may never even show up.
Another great benefit of saving is that you have the money to get up off your couch and do...
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