It’s that time of the year when we all stop to think about what we have to be thankful for. While I’m thankful for friends, family, health, and coffee, I also find myself thankful I made saving money a priority early on in life.
Sounds like a strange thing to be thankful for, doesn’t it? Well, it’s scary to think about where I would be today if I hadn’t learned the importance of saving money from an early age. Why? Because saving money has given me so many opportunities this year.
1. Saving Money Gives You Freedom
It’s a simple fact: having money always gives you options, which leads to more opportunities. You can quit your job and travel for an extended period of time, take advantage of an investment opportunity, or start your own business.
If you don’t like where you are in life, having money stashed away means you’re not trapped. Money is a tool – a resource – you can use to get to where you want to go. Saving money also allows you to be picky because you have options.
2. I Started Working for Myself
I never would have felt comfortable jumping into freelancing if I had next to nothing in my bank account. I was able to leave my job, relocate to another state, and give self-employment a try. I started at $0 in 2014, and I’m now earning more than I was at my last job.
As an added bonus, I have more freedom because I’m location independent. I can take advantage of cheap travel because I don’t have to ask for permission to take time off. It’s all about having options.
3. Saving Money Made Me a Conscious Shopper
My dad became unemployed when I was eight years old, and my parents didn’t have much saved up. I learned the value of a dollar quickly, which is why saving became such a priority for me. As a result, I’m fairly protective of my money. I try not to be wasteful as much as possible, which means I don’t give into marketing or sales easily. In turn, I save more!
4. Having Emergency Savings Helps Me Sleep Better
While I have student loan debt, having six months’ worth of living expenses saved up in case something goes horribly wrong helps me sleep better at night. I have less money-related stress than most people because I’m not living paycheck to paycheck. I know I can handle whatever expenses life throws at me. Peace of mind is valuable.
5. Having Money Saved Translates to a Secure Financial Future
None of us can predict what the future will bring, but I’m sure most of you are aware that Social Security and pensions will likely be a thing of the past by the time millennials are ready to retire. That makes saving to afford retirement our responsibility.
I don’t want to feel limited in my golden years, and I want to retire on my terms. To get there, I need to save! I’m thankful I started earlier rather than later, because the power of compound interest has more time to work its magic.
Overall, I’m thankful to have even had the chance to save money. I know not everyone is as fortunate. However, there are plenty of money-making opportunities out there, and you can create your own. You just need to make saving money a priority. There’s nothing better than stressing less about money and having more freedom in life.