The Unexpected Benefits of Saving Money

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Let me guess – you know saving money is important, but you think it’s boring or challenging. You’ve got 100 other things to be concerned about, who has time to budget? You want to enjoy life, not live it by the numbers.

What if one of those 100 things you’re concerned about is being broke? Or being afraid that you’re missing out because you can’t afford to go somewhere? Suddenly, saving money doesn’t seem so boring, does it?

Learning the Importance of Saving Money

I learned the value of a dollar early in life at age seven. My dad had just been laid off, my mom was working part-time, and they were facing a pile of credit card debt.

Money was tight. No matter how hard my parents tried to keep it from me, I knew they were stressed and worried that they wouldn’t make their mortgage payment.

Thankfully, my dad was eventually hired on full-time at a company he stayed with for the next decade.

I’d love to say my parents learned their lesson during that time, but they didn’t. If they managed to save anything, it was maybe $1,000, and it got wiped out every single time an emergency occurred.

The air conditioning went, the water heater died, the plumbing needed to be reworked, and termites had the nerve to invade our house (and gross me out).

It was a constant assault on their bank account, and because they couldn’t break the cycle of debt, they paid cash for whatever they could and charged the rest.

Of course, history repeated itself. My dad was laid off once again when I was 19. My parents were left scrambling, and I was left shaking my head.

The Start of My Journey to Saving Money

Not surprisingly, I learned exactly what NOT to do with my money from the way my parents (mis)managed theirs, something for which I’m very grateful.

When I got my first job at 17, I immediately started saving my paltry paychecks. I never wanted to end up in the same situation as my parents. I quickly learned to spend less than I earned, to track my spending, and to avoid credit card debt.

When my dad lost his job the second time, I had $3,000 saved up. I helped my parents out when needed, and paid rent when I continued living with them after graduating college.

I realize that’s unusual. Most teens blow through their money being social with friends, impressing significant others, or buying the newest shiny object to hit the market. They’re not concerned with keeping money – they’re just happy they can buy whatever they want.

Saving without a goal isn’t something I’d recommend for most people, but it had an unexpected benefit: I was able to quit my job, relocate to a cheaper state, and become self-employed, all because I had six months’ worth of living expenses saved up (and yes, I have student loan debt to deal with).

Consistent Saving and Financial Freedom

I hadn’t planned to start freelancing full-time, but I never would have tried if not for the savings I had. Now I get to enjoy working from home, in yoga pants (of course), whenever I want.

So, the next time you think saving money is boring or pointless, remember it can give you a hell of a lot more freedom than your credit card can. Debt traps you; saving gives you choices.