It is always a good idea to save some money back from each paycheck. Sometimes people make the mistake of living paycheck to paycheck without saving anything in between. This “might” be fine for some people but the majority of folks out there should be more responsible than that.
There are plenty of good reasons for saving back some of your hard earned money. You just never know what can happen between paydays.
Whether it is a leaky roof or a cracked windshield on your car, you never know when a repair of some sort can pop up. What if your only mode of transportation gets a flat tire? You either pay to get it fixed or you take to walking everywhere! Unforeseen repairs and accidents have a way of popping up at the worst time like between paydays.
Some repairs can be put off for a while but some, like broken pipes in your home, cannot. People that make sure they have money saved back can weather those repairs without a second thought.
No one wants to think about bad things happening, but unfortunately they do. A relative or friend can become ill and you may need to travel to visit them or you can become ill or even get hurt at work. If any of these things happen, having money saved back can really come in handy.
It is very unfortunate that some people have the attitude that nothing bad will happen to them or anyone they know. Because of this attitude, they do not prepare themselves financially and then if/when something does happen, they are in big trouble.
You would be amazed at how comforting it is to know you have money put back for something special. Saving for a really big vacation or to put a down payment on a house or new car gives people a goal to shoot for and can even lift their spirits on a bad day. Sometimes just having a nest egg in general, without a specific purpose, is good enough to make some people happy.
There is a certain sense of pride when you know you have scrimped and saved and earned something really big and special. That prize may not come until retirement but how sweet it is when you know its coming.
Some people feel better knowing that they have money set back for whatever may along. They have the satisfaction of knowing that they are not suffering and doing without, plus they have money on reserve. They know they can handle whatever life tosses their way and that they will be okay. It is very comforting to know that you have plenty of money for life’s ups and downs.
It is so important to save money back whenever possible. You can never predict the future or when you might need money for something important. Some people save change, every single penny they come across goes into their change jar. This is actually a good idea because change adds up, even pennies. When your jar is full, you heft it down to the bank and exchange it for bills and then start all over.
Some people save one dollar bills, some people have a set amount that they save out of each paycheck. No matter how you do it, it is wise to have some money put back for that infamous “rainy day.”