Why You Need A Savings Account

Why You Need A Savings Account // Think having a back up plan is for wussies? Think again! Read this post to find out how necessary a savings is from someone who is not your over bearing mom!

If you've made it to this blog post that means you are somewhat interested in knowing why you have to have a savings. Congratulations, the first step is...curiosity? We'll take it!

Now before you roll your eyes at someone trying to tell you how to live your life, (no judgement because I do it all the time, roll my eyes that is, not tell you how to live your life..) I want you to know I write this from the part of my heart that hurts when I see people in debt, or worrying about how they are going to pay for this unexpected expense or just feeling like they are working and living paycheck to paycheck with no future in sight.

I write this post to tell those people it doesn't have to be like that, and especially not when you are young! People say being in your twenties is the time to spend the money you work for and  live in the moment. (I believe the word "yolo" comes to mind.) They almost expect that of you.

I whole heartedly disagree.

Being in your twenties is the time to learn and master the art of spending vs. saving and just budgeting in general, so that you can set yourself up for success in the future.  I write this from that place in my heart. The place that wants to set us twenty somethings free from the stereo type of broke and in debt. I want to set us, you and me, up for a greater life, not just now but in the future. For that, you need a savings account.

Let's discuss shall we?

I remember the first time I had $1,000 to my name. It was a few months after having my first job, I went to deposit my paycheck that week into my account and when I got my balance back I realized it was just over a grand. I sat in the car and called my mom and sister to share the news. I had never owned that much money before. I didn't even own anything worth that much! (My car was just shy coming in at $800.)

I felt rich.

Soon after that moment I had to get gas. Then I had to pay insurance. The toll on the bridge I took to school. Then lunch on the way home. Quite quickly that $1000 went down.

That's the thing with money, it's fickle, it comes, it goes, it stops all together. You can't depend on it, which means you can't set yourself up to have to depend on it.

It makes my heart sad when I hear people talking about something needing repair or some unexpected fee that they don't have the money for. It doesn't have to be that way. I'm always willing to help those around me, as I think we all are, but so often we ourselves don't have the money either. I think it's better to teach them how to fish, metaphorically speaking of course. Teach them how they can set themselves up for those unexpected things or for their future.

Don't get me wrong, I understand the hard times life can throw at you, where there is literally no money. I grew up as one of five children, there was not a lot of money being thrown around. But what that taught me was that is all the more reason to have a savings, to have a plan and a back up plan as well.

There are multiple ways to build your savings. Keep a lookout on the blog because I'll be going into that next week. I'll be sharing how we build our savings by hundreds of dollars every month. I'll also be sharing other ways people have done it too.

But it doesn't do much good showing you how to build a savings account if you don't end up doing it. So today is the day to explain to you why you have to have one.

So let's get started already!


You can't tell the future. You have no idea what is going to happen tomorrow, or next week or next year. Good or bad you can't fully know how things are going to play out. It is important though to be as prepared as you can for those things. That is what having a savings does.

Things you can't control that can cost you a lot of money if you are not prepared.

  • Weather - A tree falling on your house or flooding in your basement (both have happened to friends of mine).
  • Car repairs - I don't care how "new" your car is, they all have problems you have to be prepared for.
  • Appliances breaking - For homeowners every single thing about your property is on you, are you prepared financially for those fixes?
  • Your health - sure there are precautions you can take, but ultimately you cannot guarantee your health, are you prepared to be out of work for a couple days from the flu? Or if it's more serious, for medical bills?
  • Your job - Sadly employment is never really a 100% guarantee, your pay can be cut, or worse you could lose your job altogether. No one expects these things but you should always be prepared for unforeseen circumstances.
  • Emergencies - Overall that is what these all are. Things that are urgent and you never know when they are going to happen. But you can be prepared if they do.

Anyone of these things, to be blunt, sucks. They are annoying, frustrating, and cause a lot of worry. But what will suck more, I can guarantee, is if you don't have the finances to pay for those things.

Revolt against the expectations that because we are young we don't know what we are doing. We will go into debt or borrow money from relatives at the first sign of a rough patch. Hear me when I say this:

Going into debt because you failed to plan for an emergency should never be an option.

You are better than that and you deserve better than that.

If you didn't have the money then, you aren't going to have the money in a month. Nothing changes in your finances if you don't change anything in your finances.

Learning to live within your means in order to set yourself up for success is the smartest thing us twenty somethings can do. And no one expects it of us.