Why you need to save

284 words | 1 minute and 53 seconds read

“Why save for later when you can spend on what you want today?”
“Tumia pesa ikuzoee” is a phrase often used in Kenya to encourage spending.

In a world that celebrates instant gratification, it is easy to overlook the importance of saving. This newsletter aims to shed light on the reasons why saving, especially when you're young, is not just a good idea but a necessity.

Freedom and Flexibility

Imagine having the freedom to pursue your passions and aspirations without being constrained by financial constraints. Saving allows you to take advantage of opportunities when they arise, such as furthering your education or exploring new career paths. By investing in yourself, you open the door to endless possibilities and set the stage for a fulfilling life journey.

Taking calculated risks

The pursuit of certain dreams and goals often requires a financial investment. Take starting a business as an example; becoming a musician or sportsperson; or launching a project close to your heart. Having savings makes it possible to take that leap of faith in order to achieve what you set out for. Having a financial cushion can provide the support you need to invest time, effort, and resources into turning your passions into reality.

Financial security

Life is unpredictable, and having a financial safety net can ease the burden during challenging times. Whether it's unexpected medical expenses, sudden unemployment, or family emergencies, having savings in place ensures you can navigate these hurdles without derailing your progress. An emergency fund acts as a buffer, allowing you to maintain your lifestyle and work towards your goals even when life takes an unexpected turn.

Helping others

Building your financial foundation gives you the ability to help others while also helping yourself. With a secure financial situation, you can contribute to charitable causes and support initiatives that align with your values. Whether it's providing aid to communities in need or helping a friend, your ability to give back grows alongside your savings.

LESSON LEARNT

The choices you make today shape the opportunities you'll have tomorrow. Start investing in your future now.

?