So you debt free or on your way to becoming debt free. That is good! :)

The next thing is to put money aside (save money) for a rainy day. Long term investments are good to have, but saved rainy money can be handy when you need it most. Especially in unforseen circumstances or emergencies saved money on hand, can be very handy.

That is why an emergency fund is a good idea to have.

Life is too short and some people including myself live on the edge and rather spend and enjoy life today and tomorrow will take care of itself. While this can be fun to a certain extend, but it can also backfire big time.

In the bible there is a story of a father that gave his son money and the son spend all his money on entertainment and friends and at the end of the day he ended up with swine. The story does end happy because the father do except his son back again with open arms and gave him a welcoming home party.

So from this story you can see how easy it is to become reckless with your money and end up with lost of debt and even jobless. In the case of the prodical son he ended up with swine and his friends was not there for him when days were dark.

Saving vs Spending

From personal experience I find spending far easier than saving money.

You walk in a mall and see something that you like then you might get tempted to buy it. We sometimes  spend money on unnecessary stuff that we might not even use and just gather dust. If you are an impulsive spender like me then buying take out / fast foods etc. just can become a bad habit.

So to curb your spending habits can be quite a difficult thing to do.

I've tried saving and to be honest it is very difficult for me because I am an impulsive and addicted spender. I live life care free and now I came to a place in my life where decided that I want to clear all of my debt and become 100% debt free. I'm almost there, but it is a battle and the road is not easy.

So there is no excuse to start saving today for a rainy day when you need money the most.

;)