Saving money for no reason

[Anonymous]

Can you help me explain to someone that people save money without needing it specifically for something.
This person can't fathom saving just to have the money for the future.

They are all for saving for paying off debt and putting toward retirement. They don't understand why someone would save just because.

[Anonymous]

Emergency fund. Google.

Bankruptcy. Especially medical debt.

College

Unexpected circumstances

Vacation

Help family in need

...

[Anonymous]

Anonymous wrote:Emergency fund. Google.

Bankruptcy. Especially medical debt.

College

Unexpected circumstances

Vacation

Help family in need

...

I think those are All GOALS.
They don't understand having money just to have it.

[Anonymous]

Unexpected sickness. Natural disaster. Death of a spouse. Inflation. Car troubles. Vacation

[Anonymous]

We save hard because our kids can't/won't and they always need something.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Emergency fund. Google.

Bankruptcy. Especially medical debt.

College

Unexpected circumstances

Vacation

Help family in need

...

I think those are All GOALS.
They don't understand having money just to have it.

Emergency fund and unexpected circumstances are goals?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Emergency fund. Google.

Bankruptcy. Especially medical debt.

College

Unexpected circumstances

Vacation

Help family in need

...

I think those are All GOALS.
They don't understand having money just to have it.

Well, I'm not getting it either, I guess. If someone is saving for retirement, is on their way to being debt-free, and is also saving for the other goals listed above, whatever they may be, what is the problem with spending some money on things they enjoy? Money does no one any good if it's not used. You can't take it with you, as they say.

[Anonymous]

I don't understand "having money just to have it," either. I have very specific reasons for all my savings, which are probably pretty similar to a lot of people on this board. Long-term goals like retirement and college come first. I keep a set amount in emergency savings which is intended for a major problem like job loss or major illness. I have short-term funds for things like house repair and car maintenance/replacement. And finally, I save for fun things like vacations or artwork.

Every month, after bills, necessities, and charitable donations, the rest of my money goes to one of these buckets.

[Anonymous]

Anonymous wrote:I don't understand "having money just to have it," either. I have very specific reasons for all my savings, which are probably pretty similar to a lot of people on this board. Long-term goals like retirement and college come first. I keep a set amount in emergency savings which is intended for a major problem like job loss or major illness. I have short-term funds for things like house repair and car maintenance/replacement. And finally, I save for fun things like vacations or artwork.

Every month, after bills, necessities, and charitable donations, the rest of my money goes to one of these buckets.

I guess another way to look at it is that any savings "for no reason" is by default retirement savings. Every $___ I save is one year earlier we can retire, whether it's in a specifically designated retirement fund or not. (And no, I don't know what the blank is - I'm too young to think about it at that specific level, and it would just depress me.)

[Anonymous]

Life isn't always easy. Money in a lot of cases, can help get you out of those uneasy times.

[Anonymous]

Anonymous wrote:Can you help me explain to someone that people save money without needing it specifically for something.
This person can't fathom saving just to have the money for the future.

They are all for saving for paying off debt and putting toward retirement. They don't understand why someone would save just because.

They need specifics. Most people don't have extra after saving for the above because you can always upgrade your expected retirement. If they need a bucket thell them it is for future expenses you can't foresee.

[Anonymous]

To build wealth? For the reasons anyone does that (and many do). Retirement savings alone don't constitute wealth to me.

[Anonymous]

Anonymous wrote:Can you help me explain to someone that people save money without needing it specifically for something.
This person can't fathom saving just to have the money for the future.

They are all for saving for paying off debt and putting toward retirement. They don't understand why someone would save just because.

To retire young and be financially secure for the rest of my life?

[Anonymous]

So that if you have a health catastrophe or become disabled or live for a long time, you have money.

Do people not realize that it costs over 100,000 a year to hire round the clock care for someone who is elderly and disabled?

[Anonymous]

Money= Power in our society. The more money you have, the more power you have. You have to have money to make money. The more money you have, the more money you can make.