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Life is uncertain. People save primarily because of the inherent uncertainty about the opportunities and threats that they face or could face in the present and future.

The benefits of saving (setting aside money for future use) arise because saving allows us to take advantage of opportunities and mitigate threats. Beyond that, saving is a fundamental financial activity that promotes sustainable living. There is a plethora of benefits and merits of saving that ultimately improves the quality of our lives.

Saving reduces risk

Saving is self-insurance against life's uncertainties. Typically, your life span is unknown, you may have unforeseen expenses or urgent needs and opportunities that arise from time to time. Saving has all the benefits of a good insurance plan- it prepares you for any eventuality and gives you peace of mind. Whether it is the risk of outliving your savings or covering the immediate final expenses of a loved one, saving is provident. It does not protect you from life's vicissitudes but it surely prepares you for them.

Increased options and choices

The power to choose is one of the greatest powers you can have. There is a positive relationship between saving and choices. You may suddenly need to upgrade your career skills or take advantage of a low price on stock or real estate. If you do not have the savings, it would hamper your chances of taking advantage of any opportunities that arise. Even lenders feel more comfortable with savers than spenders anyway- yet another benefit of saving.

Eliminates or reduces unnecessary or bad debt

Saving is a wealth accumulating activity. Unnecessary or bad debt handicaps your wealth by handicapping your wealth accumulation. Since saving has the opposite effect, it can help you to reduce your good debt and eliminate unnecessary or bad ones. When you save enough, you have a reduced dependence of credit card facilities for minor expenses, can afford more in the future and have more to eliminate your debt balance. Debt puts a lien on your assets and even your income! Saving is the force and habit that counteracts bad debt.

Sustainable living: Saving helps you to live within your means

Living within your means is a critical benefit of saving. Saving enough enables you to maintain your standard of living and reduces profligate spending by disposable-income reduction. The effect this has on your life can go beyond the financial realm. When you have a sustainable lifestyle, you feel in control of your

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