Repeatedly, I have been asking myself the same question:
Why do we have to save money?
This question keeps hanging around my thoughts. I have avoided thinking about this matter for the last decade. Consequently, up until 2023, I had a huge amount of debt and didn’t have any savings.
Then, I got married… Let’s see what happened to me!
The 20s Financial crisis
Back in my 20s, I couldn’t find the reasons why I had to save up. So, I spent all of my salary every month. My balance was always negative at the end of the month. Then, I borrowed, and I didn’t think much of it.
I was healthy, single, and had no children. I had nothing urgent to spend money on. Yet I still ended up with zero
When I finally reached 30, I barely understood that I had to save up. I started to feel that I needed a longer-term financial plan. I also wanted to buy bigger things (like a house) for myself. But still, the reason wasn’t good enough. I didn’t try my best, I still ended up having debt, and I stayed careless about financial matters.
Then, I met the man of my dreams.
I started to finally pay my debts and be free of all my debt obligations. My reason was simple: I didn’t want my man to think that I didn’t have the ability to manage finances.
One month after the wedding, I got pregnant…
I was lucky. I was just out of debt and still had a little savings left. I confessed to my man. I could see doubt in his eyes, but he trusted me. Maybe part of that reason was that I was not wearing any liability.
Read more: True meaning of marriage
Why do we need money in our life?
I started to save.
My man wired money every month. I kept saving up to 60% of our income. Personally, I saved all of my freelance salary. My daily account stays around 3M VND per month, enough to cover all my spending.
Our savings started building, just around 1 year ago. Now, my boy is 13 months old, and surprisingly we have more than 2xx million VND in our shared account (excluding personal savings).
Then my boy was sick and stayed at the hospital for 5 days. I didn’t have to worry; I could book the most comfortable room for him without hesitation. It was the exact feeling of knowing I had enough savings for him to stay as long as he needed.
For the very first time in my life, I was not scared of asking to pay…
Finally, I understand the value of money. It was the peaceful moment I had when looking at the hospital bill …
3 Reasons to save money now
Building an emergency fund
When my boy fell sick and had to stay in the hospital, I realized that life doesn’t send a warning before an emergency hits. Having savings means I can pay for sudden healthcare costs or cover urgent car and home repairs right away, without falling into panic.
If you ever face a sudden job loss, that safety net is what keeps food on the table while you search for the next opportunity. It stops you from running to loans or maxing out credit cards just to survive the month.
Reducing financial stress
For a long time, I lived paycheck to paycheck and avoided thinking about my negative balance, but that hidden anxiety follows you everywhere.
Building savings brings a sense of peace of mind that completely transforms daily life. It eases the money-related strain on your mental health and protects your relationships from financial tension. Having money in the bank gives you true control over your life, including the power and confidence to walk away from toxic situations whenever you need to.
Savings and timelines
When I turned 30, I started dreaming about bigger things, like buying a house or building a comfortable future. Saving money isn’t just about hoarding cash; it gives you the mental space and time to evaluate important goals without feeling rushed.
For example, when I want to buy a new house, having a solid savings buffer allows me to look carefully at my current financial status, analyze the market, find a good deal, and map out a realistic timeline to achieve it.
This structured approach works for any major milestone, whether it’s starting a business, changing careers, planning a dream trip, or preparing for retirement. Savings give you the patience to plan carefully and make every step accurate and deliberate.
