Why save?

Let’s just say things aren’t great right now. Stocks are stumbling, inflation is holding court, and everyone is lining up at the bar to order a recession so that they can say they were on that trend. Over in the corner, the zeitgeist is sipping on existential dread and blowing smoke rings of nihilism. Who even invited them to this party?

It’s valid, in the middle of all this, to question the value of saving money. The future is uncertain, but the present is real. Live in the moment. If something makes you happy in the here and now, buy it. Why save?

Mo money, mo options

If the past two years have been any lesson, life does not always go as planned. Maybe you know exactly what you want to do next month, next year. Maybe you have no idea. Either way, having some extra money means that you can make plans and change plans as much as you like. Keeping your balances up keeps your options open. There’s a certain freedom in that.

This is how we do it

Some people cut back on long-term savings during the pandemic because it was limiting their options in the present. Now they’re spending more on the things they want to do today. This may be a a fair trade. There’s still an important difference between their experience and the spending habits that keep people living paycheck to paycheck.

I got a feelin I’m gonna be alright

If you have established the ability to save a certain amount every month, and the environment changes, you have the freedom to make a different choice with that money every single month. When the environment changes again, which it will, you can make yet another choice. Maybe that’s a partial spending adjustment, or maybe a different kind of savings. Be intentional about your spending and you’ll always be in control of your money, not the other way around.

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I’m an educated fool with money on my mind. - Coolio

Photo by Toa Heftiba on Unsplash