The Benefits Of Being A Super Saver
There are many benefits of being a super saver. You can improve the quality of your lifestyle. Your life will be in much better order because emergencies don’t impact you the same way it does other people. You’ll have money to cover unexpected expenses.
To learn more about being a super saver read my article “How To Be A Super Saver“.
If you are not a saver and need to know about how to save money read my article “How to save money“.
Another advantage is you’ll be able to plan your future better. And your future starts now.
A supersaver is a person that has designed their life so they can save more than the average American. Typically, a super saver saves 15 percent of their income or more.
Anyone can become a super saver and enjoy the following benefits.
Let me make a point. You don’t save money just to have money. It’s necessary to keep a reservoir of money for when life happens and for planning, but it’s also important to enjoy life.
Stop Living Paycheck To Paycheck
Did you know sixty-three percent of Americans live paycheck to paycheck? Sixty-three percent includes people with six-digit incomes. Living paycheck to paycheck isn’t just a low-income crisis. This means sixty-three percent of Americans consume all their income each month. They live hand to mouth.
Forty-nine percent of Americans can’t cover a four-hundred-dollar emergency with cash.
Living so close to the financial edge can be disastrous.
The two keys to stop living paycheck to paycheck are to create a budget and live by it and eliminate debt.
Your budget should include room for saving money as you pay off debt.
The Benefits Of Being A Super Saver
Retire Younger
Most people are worried about retirement. If you don’t have a retirement plan, you should be concerned because social security will not be enough to live on in your present living circumstances. Most retirees continue to work because they can’t afford not to.
Most super savers save as much as they do so they can retire and not just retire, but so they may retire early with dignity. But there are other reasons to be a super saver.
Take A Mid-Career Break
Many people want to take a career break; sometimes, it’s to enjoy family or to pursue an adventure.
If you are living paycheck to paycheck or have no savings, it’s not possible to lose your income and stay financially afloat. But if you had been saving money, you now have a choice about what you will do.
Decrease Financial Stress
When you are broke and behind on your bills, you are stressed. The thing about stress is you have varying stress levels at any given time.
If you are living paycheck to paycheck with no savings and you lose your job. That’s a very stressful point. Usually, people fear the terrible things resulting from their unemployment—the loss of housing, transportation, and their lifestyle.
But let’s change this scenario a little.
The new scenario is you budget and plan your money, and you live by your budget. You live below your means you have an emergency fund that will keep you afloat for two years. The playing field is now in your favor. You don’t need to run out and accept the first job offer because you know you have the funds to last you until you find a job to your liking. And you are not worried about being evicted or losing your car.
Being prepared is priceless.
I know the above example is severe, but it happens every day. It could also be your car breaking down or an unexpected trip to the doctor, or anything not planned for.
If you’d planned for this type of emergency or inconvenience, you wouldn’t be as stressed. You may not be stressed at all because you have it covered.
Peace Of Mind Because You Have A Large Emergency Fund
This is a subject that I have touched on before and will discuss again and again. It’s true money doesn’t buy happiness, but neither does being broke.
A robust emergency fund will add stability to your finances and strength to your lifestyle.
People don’t want less. They want more. To have more, you need to protect what you have. (hence the emergency fund)
An emergency fund can offset unexpected financial drains and help keep you financially strong.
Travel While You Are Young And Healthy
If you have the travel bug, you don’t have to wait until you retire or hit the jackpot.
You should start planning now. A part of being a supersaver is knowing what you want and preparing for it.
Spend More Time And Money Supporting Causes You Believe In
Most people would help more people than they do now, but they can’t afford it. Super savers set money aside (save) to help the people and organizations they believe in.
The list of people and organizations is limitless. It could be sending your children or grandchildren through college. Your generosity can reach out to as many individuals or organizations as you wish.
Save Money By Not Paying Interest Charges
The average American will pay $130,461 in interest charges over their lifetime. This includes mortgages, student loans, credit cards, and everything else you would pay interest on.
Interest doesn’t add value to your purchase, and it doesn’t add value to your life. The opposite can be said. Not paying interest on purchases adds quality to the items you purchase and to your life.
If you buy an item with cash, you will pay the amount plus tax. If you buy the same thing using a credit card or small loan, you will pay more for that item.
A way to look at it is. You are shopping for an item, and you see two of the same things; one is 40 percent higher than the other.
Why would you choose the more expensive item? But if you use credit to make the purchase, that’s precisely what you’re doing. You are choosing to pay more.
Instead of paying interest, you should save the money for something you want or need. This will improve the value of your life.
Conclusion
The benefits of being a super saver are many, but they all have one thing in common, and that’s you have a better life and less financial stress.