If you had to pin down the plague of human existence and the number one cause for depression and restlessness, it has got to be money. The scourge of the modern man is the bills and how to pay them on time, and what amount of money needs to be saved for next month’s loan. Problem is, there’s a love-hate relationship with money.
And one thing is for sure, we love it because it allows us to buy the things we love… and it’s pretty much why anyone works in the first place. On the other hand, you spend endless nights worrying about your debts and how you are going to pay them off. This is why money management is extremely important and might just save your life in the future.
On a more detailed approach, here are some reasons why money management will save you in the future.
It doesn’t matter if you’re a student, a fresh grad, or a working person. Learning the skill of managing your finances is essential at any age, and it will do you wonders. If you’re a student, saving is important to get that new laptop/phone or go on that spring break trip you always wanted to.
If you’re a fresh grad or working person, then saving money is even more important because you’ve embraced that pain that is adulthood, and that requires you to save for your impending responsibilities. At the end of the day, no matter who or what you are, saving helps you reach your future goals, and that in itself is important.
Many who indulge in reckless spending forget the fact that they will be out of a job at a certain point in the future. For many reasons, you don’t want to solely rely on welfare systems for your golden years after retirement. While the welfare system is good, it limits your options and puts you in a spot where you have to rely on someone else for money.
This is why it’s very important to use money management tips and start managing your finances for the future. There’s also the fact that you really don’t want to live with your children because you couldn’t save to buy a house when you had the chance. Yes, children are more important than anything… but you’ll want to be able to see them because you want to, not because you’re forced to live with them.
Perhaps the most important reason why money management will save you in the future is the fact that it could give you financial freedom. Saving steadily over long periods of time means you’ll have the freedom to do what you want in the future when you’re no longer forced to work. This is very important because it means you won’t succumb to old age and debt at a time when you deserve a rest and joy, and that alone is enough reason to start saving now.
Well, truth is, it is not very easy. Managing your finances is like learning to play the piano; it’s a skill that requires some time and a lot of practice to master. This is why it’s important to start early because it can be the difference between you buying your dream house or renting a super condo. You’ll find plenty of tips which you’ll need to start implementing slowly, and gradually, in order to finally be able to save some money for future endeavors and to ensure that your life years down the line is one of peace and tranquility.
Nicole Hicks a graduate of UFT. She’s based in Toronto but travels much of the year. Nicole has written for NPR, Motherboard, MSN Money, and the Huffington Post. Nicole is a financial reporter, focusing on technology, national security, and policing.