Why Does Saving Money Feel So Good?

It’s a great question and one we’ll try our best to answer. Saving money feels good because no matter what anyone tells you, you work hard for your money. Although it’s important to remain appreciative towards God and all that he’s given us, money just doesn’t just drop out from the sky and it sure doesn’t grow on trees either. Due to this anytime you save money you get this good and warm feeling inside knowing we were able set aside some of our hard-earned money instead of just letting get blown out to the wind.

Lately, if you’re an everyday working class American it feels like you spend and give out money with two hands while we only take and receive with one hand.

Just Getting by and Maintaining

For consumers around the country and around the Globe there are many trying to do more than just get by, but that’s what they feel they’re limited to. Many consumers aspire of becoming homeowners and for many that goal just simply seems to be out of grasp. It’s getting more and more difficult just to get by and manage, never mind how hard it’s becoming to get ahead financially.

This is all the more reason why saving money feels so great. In a world where we constantly need to pay to maintain things we already own—like property taxes—saving money has become a breath of fresh air for so many.

Saving Money on Interest Payments

One of the best feelings and one of the best ways to get in a good mood is to save money on interest payments. One of the best ways you can do so is by paying down debt obligations earlier than required. You can pay down your personal loans early, auto loans early, pay down a mortgage early, the list goes on and on but paying down accounts early is a fantastic way to save on interest payments. This is especially the case for accounts that do not have pre-payment penalties.

Early Mortgage Payments

Did you know that even just paying your mortgage payments earlier in the month or splitting up payments into two could help you save tens of thousands of dollars (or more) from interest payments in the long term? This isn’t a joke, over the course of 15 or 30 years just making 1 extra mortgage payment a month or simply splitting your payments up into two can have a tremendous impact on your paydown rate and the total amount of interest you pay. It could equate to you paying off your mortgage much earlier and saving you a lot of interest payments.

Eliminating interest in all formats can be one of the best ways to save money. Typically speaking, interest is one of the worst ways to spend money. When you spend money on interest you don’t receive any goods or no services end up being rendered. Due to this, the money is simply wasted if you have available cash. Although a loan was the service you received, if you have the available money you can eliminate it altogether.