So you can pay off debt faster
I’ll tell you what, debt ain’t cheap. Anyone who’s ever had to throw an unexpected bill on a credit card knows this to be true. On the occasion this happens, if can sometimes feel like it takes all year to pay it off. If you’re living paycheck to paycheck, this can definitely be the case. If you’re spending less, this will give you a chance to pay down that debt a little faster than you’d normally be able to.
So you can save up for awesome experiences
We all enjoy buying “stuff”. Most the time that stuff isn’t around years later. Sometimes, we’ll remember that stuff we spent our money on years ago, and it seems ridiculous that we thought so highly of it. The things I remember most are people and places, and the experiences that come with it. Next time you want to splurge on an object, put that cash into savings and figure out the best way you can spend it on a memory that can last a lifetime.
So your children won’t treasure material possessions
If you never start your child on a path of needing to have the same things as the kid down the street, not only will they not feel like their self-worth is based on objects, but they might grow up appreciating the little things in life. They also may be a little more frugal when they’re spending their own money one day.
So you can simplify life
Things are nice, but life can be amazing even when it’s simple. Teach your children the value of saving money for the future. Show them there’s more to living than a daily trip to Starbucks or the mall. Eat at home more. Avoid using that credit card. Old-fashioned living can be quite satisfying.