Why Saving Money Matters

Have you ever wondered why adults keep asking you to save money rather than spending it? The phrase “A penny saved is a penny earned” truthfully stands as one of the most powerful statements in economics till date. Saving money at an early age is the smartest and most crucial step to secure your future. The money we save now increases in value over time and makes us even more money. This is the power of compounding in which money held by you with a financial institution(banks, post office etc) earns interest over the years. Saving money early grooms an individual instilling discipline and a sense of responsibility which prevents risky and unnecessary spending which may cost you in the long run. If ever an unexpected cost comes up like a lost phone or medical bills, the saved money could be utilized making one self-sufficient and reducing dependence on others. People who save early feel more secure and worry less about money. It’s one less thing to panic about in today’s hectic urbanized lives. One can start saving money at a young age with as little as putting 100 rupees in the piggy bank every week. Saving money isn’t about being rich, it is about being smart- the more we will save the more we will benefit. The onus is on us.