Did you read the title to this post? Does it freak you out a little bit? Reasons Why You Should Stop Saving Your Money is probably enough to give some people a mini-heart attack. I mean, we all have to save our money to get anywhere in life, right? Well, yes, that is true, however, there are some very valid reasons why you may want to put a pause on your savings.
Here are a couple of valid reasons why you should stop saving your money:
- To pay down debt. Putting money in savings doesn’t do you a whole lot of good if you are busy paying minimums on your credit cards, loans, etc. Think about it. You put $100 in a savings account, but have 4 credit cards that you are making $25 per month payments on all the while paying interest on that money. You would be far better off taking that extra money and putting it toward your credit card bills so that eventually you can be putting $200 in savings instead.
- To enjoy your money while you have it. I recently read that many baby boomers are working to save enough money to leave an inheritance to their children. While I do believe that to be admirable, I also believe that people should enjoy time with their families while they are still here. Ask yourself this, would you rather have an extra $10k left to split amongst your siblings or would you rather have had a vacation of a lifetime with your entire family?
- Maintenance and needed repairs. Too many people will let their house fall down around them or their car moves around on its last legs in order to continue to save. While I get the desire to make things last as long as possible, things will last much longer when cared for properly.
Do you agree that there are reasons to put a halt on your savings? Or, do you save no matter what?
