Two Reasons to Save And One Reason Not To

I’m a fan of saving money.   I’m not doing as much of it as I’d like, but that’s because I’m focusing on killing my final credit card, first.    I postpone saving, knowing that it’s

English: Nursing home in Crick

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something that I need to do the moment my credit cards are paid off.   It won’t wait any longer than that.

Why do I care so much about saving?  It’s because I’m risk-averse.  If I can avoid risk, I do, in most situations.   I don’t want to risk going hungry if I lose my job, and I don’t want to risk eventually(very eventually!) having to fight the cockroaches for the right to drink my fiber supplements.

There are a couple of excellent reasons to save:

1. Peace of Mind.   There is a certain calm that comes from having enough savings to weather a few storms.    If your car dies when you’re broke, it’s a tragedy.  If it dies when you’ve got some cash saved up, it’s a minor inconvenience.  Knowing that the vagaries of fate aren’t going to shatter your life against a cliff is a reward all its own.

2. Cheap nursing homes suck.   When I get old, I want to live in a comfortable nursing home.  One with extended cable, nice beds, and attractive coeds in charge of the sponge-baths.   That’s not too much to ask, but I have to save up for it now.  Medicaid doesn’t cover homes like that.  Those are strictly a private affair.   To make that happen, I need to save and invest now, or I won’t be able to enjoy the fruits of my labors then.

And, of course, there is one shining reason not to save:

1.  You’re living your life now.   Saving everything you’ve got, to the detriment of your current life, isn’t healthy either.   Life is short.   Do you really want to be curled up in bed, trying to enjoy a sponge-bath, shivering at the regrets you’ve built by denying yourself everything?  I’m certainly not suggesting you waste all of your money on coke, hookers, and video games, but it is important to take the time to build some memories, or your final years will be hollow.

You have to find the right balance between your future and your present.   Every moment of your life is important, not just the ones that haven’t happened, yet.

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  • 7 comments

    Comments

    1. Very true! When I was broke in college and my car would break down, it was a tradgedy. Now that I have savings, it’s an inconvenience.

    2. I’ll have to second the car comment again. Our car broke down and we took public transport for 3 months. After that we were able to buy a car with no loan though so the saving was extremely useful.

    3. Sure is nice to reach that point when you’ve got a nice egg set aside, and emergencies (like say, a broken water heater) are not the doomsday event they used to be.

    4. I don’t care if you have enough for retirement or even vacations…but something that IS essential is having an emergency fund. It could really set you back if you don’t. I highly recommend it first and foremost.

    5. I totally agree with your reason not to save (as well as your reasons to save). At various points in my life it really hits me that I have one life to live, and while investing for the future is important, there is something to the idea of having some fun now.

    6. Do you ever dream about that time when you have too much cash in the bank? Like that moment when you go why am I saving more liquid dollars.

      I know I do I am just seeing if I am the only weird guy lol

      • I do think about that, but it seems a long way off. I don’t even have an emergency fund I’m happy with, just a few thousand dollars.

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