Woman with coins in jar

Benefits of saving money

Granted, money is a great source of stress. When you don’t have money, you cannot have peace of mind. There is no way you will be at peace when you are unable to pay fees for your kids, meet their basic needs, unable to pay rent of even accord them the most basic of necessities. When we don’t have money, our thinking is affected, our social life is affected, our productivity is affected and our self-esteem is also affected. It is for this reason that people are encouraged on the need to save money for emergency purposes. The money a person saves should be able to cater for their needs at least for a whole year should they lose their jobs.

The truth of the matter is that we have a love hate relationship with money. Money affects the ultimate decisions we make. It affects the kind of home we live in, the type of car we drive, the model of phone we buy, the places we take our families for a vacation, the number of children we wish to have, the careers we inadvertently pursue and so on and so forth. Given the power of money, it’s no doubt that most people end up stressed when they can’t make enough money to make ends meet. For this reason, why should you embrace money saving? What are some of the scientific benefits of saving money?

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  • Saving money makes us feel empowered

When you save a couple of bucks on purchases, it gives you the feeling that you are winning. You become confident and feel empowered when you have money as opposed to the feeling of disillusionment when you don’t have money.

  • The aspect of saving money is fun

There is something inherently amazing and fun about saving money or when we get the best deal on a purchase. The adrenaline rush we experience makes the brain to produce dopamine. This is essentially the same chemical that the brain produces when you just had a great date or when your favorite team registers the much needed win.

  • Money makes you less connected to brands

Ideally, individuals have at least two brands that they are connected to and which they will buy products irrespective of the price that the product is retailing at. The rest are basically at the mercy of the money they have. When you save money and have sufficient of it, you become less connected to brands. You can buy a product for whatever brand without having to worry about money or being at the mercy of your wallet. The benefit is that you are less exploited and can also end up getting amazing deals.

  • Peace of mind

When you save and have sufficient money, you won’t have to deal with stresses related to not having enough money. You have peace of mind, have high self-esteem and inadvertently feel empowered.

To sum it up, developing a good money saving habit is of essence. Desist from carelessly spending money without planning for the future. The above mentioned benefits should be enough to dissuade you to change your way and attitudes should you be the kind of person that gives the idea of saving money a wide berth.