I was reading this magazine today and one of the articles dealt with saving and managing money at an early age. It listed examples such as a person who saves $1000 in a savings account at age 18 compared to a person that spends it on something such as a portable music player. Typical example on how when they reach at the age of 50 the person that saved would have five figures in accumulated interest and all.
One key point that they emphasized on why you should learn to save and manage your money well is for your own physical health. The reason being was that most people that just blow their money tend to become more stressed out in the long run and the stress can create health implications.
Kind of ironic in some ways when I think about in terms of the spending vs saving money aspects when it comes to stress relieve. I say that because most of the things people would over indulge in is to have fun and relax in life such as going on expensive vacations, buying these high end entertainment systems they need credit to buy and so fourth.
Makes you wonder what is a good middle ground in terms of saving or spending money to relieve stress. The choice of wording was interesting too in the article as it mentioned that you need to suffer a little now to make things a lot better later. That was aimed at people who insist in buying things impulsively or as a form of a status symbol. I can’t honestly say that I have ever made myself “suffer†in terms of saving and managing money as oppose to life experience.
I guess it’s like exercising. It’s more about what you do in the day and not some kind of diet plan. Similar with managing money, I make choices that revolve around my daily lifestyle to keep an optimal financial situation and afterwards it just becomes a habit that only makes sense to continue.
Example, you start shopping for your own groceries and making your own meals as a lifestyle choice and you soon realize how little you are getting for your dollar when going to say a fast food restaurant. Soda’s are the best example at fast food places if you drink those. $1 for that little cup of Coke or 79 cent for a 2 litre at the store? You just kind of don’t want to waste your money like that more often after awhile.
Creates less stress overall afterwards too when you realize how much more money you have in your pocket when making better decisions. They say laughing is suppose to be good for your health. So I guess one way to look at it is I would rather still be smiling or laughing when the monthly bill comes as oppose to crying and moaning. So based on that article, indirectly it should make you live longer and healthier. 