If you don’t earn much and you can barely pay your bills, the idea of saving money might seem laughable. When you only have $5 left at the end of the month, why even bother to try saving? 

Because everyone must start somewhere, and if you work at it, your financial situation is likely to improve over time. Saving money is worth the effort. It gives you peace of mind, it gives you options, and the more you save, the easier it becomes to accumulate additional savings. 

Peace of Mind

Who hadn’t lain awake at 3:00 a.m. wondering how they were going to afford something they needed? If money is tight, you might be wondering how you’re going to pay the rent next week. 

If you’re a little further up the financial ladder, you might be worried about how many months you could pay the bills if you lost your job. Later in life, the money thoughts that keep you up at night might center around paying for your kids to go to college or having enough money to retire.

As you accumulate savings, your financial worries should diminish, as long as you’re living within your means. If you already have next month’s rent taken care of by the first week of the current month, if you know you can get by without work for three to six months, if you have savings accounts for your children’s education and your own retirement that you’re regularly funding, you’ll sleep better at night. The reduced stress from having money in the bank frees up your energy for more enjoyable thoughts and activities. 

Finding the best savings account is key to making sure that the money that you put away earns you the highest interest. 

Expanded Options

The more money you have saved, the more you control your own destiny. If your job has you on the verge of a nervous breakdown, you can quit, even if you don’t have a new job lined up yet and take time off to restore your sanity before you look for new employment. 

If you’re tired of living in an unsafe neighborhood, you can move to a safer area because you’ll have enough for a deposit on a better apartment or a down payment on a nicer home.

If you get sick and need expensive healthcare that your insurance doesn’t cover, you’ll have a way to pay for it even though you can’t work while you’re getting treatment. And knowing that you have options because of the money you’ve soaked away can give you even more peace of mind. 

 Open a New Bank Account

No, money doesn’t solve every problem. If you are laid off, it might take as long as two years to find a new job. Some illnesses won’t go away no matter how many procedures you can afford, and random crime can happen even in a secure, gated community. 

But with more money in the bank to deal with issues like these, you give yourself better odds of coming out on top.