Is it really that important to save money?

You know how your parents and grandparents always use to tell ya..Save your money now son? Why? Is it really that important that I save money? I don't get it. I just buy what ever I want

Best Answer:

efflandt: Admittedly savings account don't pay much interest lately. But if you live paycheck to paycheck spending all of your money, you may someday find yourself out of a source of income at no fault of your own.

I suddenly lost the job I had for 40 years Nov 2015. Fortunately I had been putting over 20% of my income into my 401k and also had an IRA (which I transferred my 401k to) and Roth IRA. So a year later I still have not decided whether I should look for another job or simply retire, or whether to start collecting social security in 2017 or in 5 years at age 70 (when I would get much more per month). If I had not saved up I could be desperately looking for a job because social security alone is not enough. It is just intended as a supplement.

Other answer:

efflandt:
admittedly savings account don't pay much interest lately… but if you live paycheck to paycheck spending all of your money, you may someday find yourself out of a source of income at no fault of your own…

i suddenly lost the job i had for 40 years nov 2015… fortunately i had been putting over 20% of my income into my 401k and also had an ira (which i transferred my 401k to) and roth ira… so a year later i still have not decided whether i should look for another job or simply retire, or whether to start collecting social security in 2017 or in 5 years at age 70 (when i would get much more per month)… if i had not saved up i could be desperately looking for a job 'cause social security alone is not enough… it is just intended as a supplement…

MaX:
It's important to save money for rainy days… You'll need money to buy new home, fund education, raise kids, plan family events, go on vacation, save for marriage, retirement, buy vehicle, etc

Open bank account & save as much money as you can in savings account. Live on frugal life – cook food at home, use public transport or use own bicycle, go on cheap vacations, etc

It's hard to make money & easy to spend it

Donald B:
I guess if you own a house and a good car then you do not have to save anything untill you are older. Remember, there is no way to know what government help will be when you retire.
hotstuffktr:
Do you want to buy a house? You'll need a 20% down payment, to get a low rate.
Judy:
I'm retired, and pretty much buy what I want now. Keep living like you are and not saving,, and when you're my age, you'll be eating dogfood for dinner.
WRG:
And at some point you will want to but something larger like a car or house. Then later you will want to retire.

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