October - December 2015 •
The Lion King
• 11
Business
16 reasons to
By Olawale Hamed
I
t is true that though
some of us are experts
in our chosen vocation;
engineers, doctors, lawyers
and astronauts; we do not
know enough about financial man-
agement and wealth creation. Some
of us simply earn money by applying
our adopted skills and spend.
As we step into 2016, here are 16 rea-
sons why we should save some of our
hard earned income:
1.
Saving regularly will enable you to
ultimately achieve financial inde-
pendence.
2.
Savings is your buffer when or if
the hard times come. Financial
experts advise that you have
enough savings to last you a mini-
mum of six months in case you
lose your job suddenly.
3.
Saving money provides you the
opportunity to earn interest. The
interest earned when added
to your principal helps create
wealth.
4.
Savings can help you take advan-
tage of sales or investment oppor-
tuni-
ties that may arise suddenly.
5.
Savings encourages financial dis-
cipline since it prevents the saver
from frivolous and spontaneous
spending which often destroys
wealth.
6.
Savings help us mitigate the risks
of life better as saved funds pro-
vide financial support in emer-
gencies.
7.
Many of us incur annual expenses
such as house rent and home
repairs. If you want to have a
relatively stress-free financial life,
it is important to save for annual
expenses.
8.
Money saved is money not con-
sumed today and wealth built for
tomorrow.
9.
Your savings could
help you secure a mortgage or
make a down payment for house
or a car.
10.
Savings improve your ability to
plan for your future as money
saved can be spent on your
ambitions.
11.
Savings will help you have a more
comfortable life when you retire.
12.
Building a savings culture could
save you from spending money
on harmful vices like drinking,
smoking, excessive eating and
going on shopping sprees.
13.
Savings can help you finance a
great trip for yourself someday.
14.
Savings could help you build the
capital to start your own business
someday.
15.
Savings could help you build your
self confidence as you attain
financial security over time.
16.
Savings helps you avoid going
into debts especially when you
have to take care of an emer-
gency.
save in 2016
