The surprising benefits of saving.
“The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, train to forethought, and so broadens the mind.”
I came across this quote from Thornton T Munger (a
pioneering research scientist in forest management no less). It is very insightful,
outlining multiple benefits to habitually savings- beyond what you might
expect. Here are 5 thoughts- on how saving benefits you.
1. Discipline
Saving requires the exercise of self-control. It’s
recognising that our present desires are not necessarily what is best for us
over the long term. Its making disciplined decisions that will benefit us in
the future.
2. Delayed gratification:
By not having now and saving for later we are prepared to go
without today in order to build an improved tomorrow. It’s grown up and boring-
but good for us. We are paying our future selves before our present.
3. Order
There’s a routine and diligence associated with saving which
is well cultivated in our lives in general. It brings a sense of order and
control to out money, which can be chaotic without.
4. Perspective
Saving forces us to think about the future. This is good for
us. The direction our money travels shows where our priorities are. This forces
us to think long term and build long term, to lift our gaze, rather than
thinking about our short-term needs.
5. Broadens the mind
The above four points come together and expands our
thinking. Saving takes us out of our immediate surroundings (financial or
otherwise) and gives us a bigger picture of our lives. We think rationale,
create opportunities and strategise better when we save.
So save. Invest well. Look to the future. Be disciplined and
controlled. It’s good for you!
Gerald Dewes
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Finance with Gerald Dewes
Finance with Gerald Dewes