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10 Reasons to Start Saving Now
10 Reasons to Start Saving Now
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10 Reasons to Start Saving Now

Eunniah Mbabazi
January 24, 2022

One question I'm frequently asked when I talk to people about personal finance is: Must I start saving now? My answer, technically, is no. However, the sooner you commence saving, the sooner you will get on the road towards financial security.

Of course, you can postpone saving until you are a lot older or you attain a set milestone. But, really, what reason would you have to wait till you are old? The more savings you put in now, the greater the interest you’ll accrue and the greater the time will be there for your investments to mature. With this in mind, I will discuss some reasons why you should embark on saving now.

1. Accomplishment

There usually is the sense and feeling of accomplishing something that comes with saving. This for me is the first reason to start saving now. I do not know if there is a better feeling than watching the numbers in your bank account grow continuously with every deposit! 

Create and keep goals of figures to motivate you to increase your figures. You can start with Ksh1,000, and then increase it further and further. You will be very happy and proud when you see yourself hit your first goal then the second and so forth.

2. Emergency 

A second great reason to save now is for an emergency. Any kind of emergency in which you might need money! I am sure you would like to use the money that you have without seeing the number decrease drastically. 

Sure, it is always not enjoyable to take any money out. But, I am certain you would want to be capable of withdrawing the money you require for any unexpected eventuality and still feel safe about the remaining amount in the savings account and then continue to add to it.

3. Independence

Sometimes life may weigh down on you and yes you might be required to rely on a friend to get out of your predicament. But this shouldn’t be the case all the time! You shouldn’t depend on other people for money. 

After getting to a certain age and the older you become, the more you should become independent. After getting a job and saving up, you will begin to feel more and more independent. It is one of the best feelings to have the power to buy something you want without borrowing someone else's money!

4. Financial Goals 

Another reason to save money could be for a certain goal. Maybe there’s something you need to have or just want to buy. Could be a camera to begin a career in photography or just a hobby. It could be a computer for your research. 

It could even be a vacation that you have been yearning for. Whether you already have a goal or you will formulate one later, you want to be prepared for it and it is always a great idea to start as early as possible!

5. Expenses 

There are, certainly, some expenses that you can’t rely on another person to pay for you. This may include your groceries, electricity, phone’s airtime, toiletries, cooking gas and other things of that kind. Fact is that it’s way more fulfilling to be able to pay off your living expenses by yourself!

6. Gifts

As it is the norm, we celebrate birthdays and religious holidays such as Christmas with friends and family. You will need money for gifts as is the tradition, but even more importantly, because you want to appreciate your loved ones as well as people who matter to you professionally. 

You do not want your bank account to suffer because of this. You want to be ready to leave a big smile on your close friends and family!

7. Building wealth 

If you desire to build wealth in your lifetime, you must make sure saving money is key to your strategy. When you begin saving money, aside from developing good financial habits it also increases your cash reserve, which you can later invest.

Do not forget that, if your intention is to accumulate true long-term wealth you have to begin investing once you get comfortable with your emergency fund.

Saving money in a bank savings account that offers high interest is one good option. You could also consider the money market funds. 

That way, your savings earn some money as you get ready to invest in ventures that provide much higher returns than savings accounts. 

8. If You Build Healthy Financial Habits Now, They Will Follow You into the Future

As I mentioned earlier, you need not have a grand plan to start saving. Any extra cash you have can be invested in your long-term financial future and doing this while you are younger will keep you away from the stress of worrying about what you are going to do as you near retirement.

9. Let’s You Have More Fun

Saving money takes you one more step towards financial freedom (see the 7 stages of financial freedom here) which means you have increased your ability to make discretionary expenses that improve your quality of life. 

On so many occasions, while in my early 20s I couldn’t afford to do fun things with my friends. It made me miss out on a lot of leisure activities that are central to my creative work. 

But as soon as I began saving, I was able to go out and get newer experiences without feeling the guilt of denting my budget.

10. Reduce Financial Stress

One good way to do away with financial stress is by building a bigger cash reserve. It might not take away all the money-related stress in your life, but can, definitely, take away the anxiety that comes when you think about how you would pay for an emergency.

Sleeping peacefully at night, paying bills on time, and not a single bit of worry if I were to lose my usual income or had a financial emergency. These reasons alone are enough to motivate me to save some more.


Saving can be challenging regardless of one’s income and expenses. But you don’t have to live a miserable and stingy life to boost your savings then get small wins. Reevaluate your spending, make a budget then work towards your goals.

Find a reason that will motivate you to start and stick to your journey of saving. Perhaps, your reason is among those I have mentioned or you have another reason that is personal to you.  

Whatever reason it is, you will see that saving is key to financial stability and more happiness.

READ MORE: 8 Ways to Save More, Save Faster, and Invest Better in Your 30s

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Eunniah is an experienced business writer and editor. She is also a published author with two titles under her belt; Breaking Down and If My Bones Could Speak. You can find Eunniah on Twitter @Eunnyversal

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