As we all know that money is really important for all of us. It is often said that we can’t buy happiness and that is true to some point but it is not true always or we can say completely.

Saving money can give you so many different advantages! Here’s our list of top 10 reasons to start saving money. Majorly its financial or few psychological.

Financial reasons to save money.

7. Save for luxuries: A 3D home theatre or a vacation to Europe. Whatever you have in mind costs a lot of money. If you want to your dream to become reality, start savings now.

6. Save for sinking fund/up gradation: To upgrade to latest SUV or remodelling of home interiors or possessions without dipping into emergency fund or retirement corpus.

5. Saving for a big birthday bash or special anniversary: These are quite common is every family. If cash flows permits start saving for these events.

4. Save for down payment for a new house: Buying a home is an exciting time. The first thing you need to plan when you decide to buy a home is Down payment. Your negotiating power is better when you have significant down payment with better lower interest rates and repayment terms.

3. Save for emergency funds: To meet the unexpected events in life like illness, temporary job loss or any other event which has a financial implication? You need to maintain at least 4-6 of cash outflows as emergency fund.

2. Save for kids future goals: One of the high priority goals of most parents is to provide good quality education to their kids and host a grand marriage, why not education is the best investment you can gift to your child. Start saving the day the child is born irrespective of the amount.

1. Saving for retirement: This has to be topmost. Imagine your near retirement and have find out you don’t have enough. So the sooner you start saving, better off your are during retirement.

Psychological reasons to save money

1. It lowers your stress level: Nothing is more stressful than having bills that you don’t know how to pay, which leads to sleepless nights and creates mental stress. Having enough leads to peace of mind.

2. Allows taking advantage of good buying opportunities: Either in investments when markets are down or big discount sales on merchandise. When you have enough in SB a/c, you are the king.

3. It just feels good: Finally, you should save regularly because if just feels good. It gives you peace of mind and allows making logical financial decisions.

Saving money shouldn’t be a chore. It is something you should do willingly. After all why miss out on all these great benefits when you don’t have to?