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.
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.
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.
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!