Save Your Money - concept #9
I think it's always a good idea to save your money, unless of course you're investing it. If you accumulate money, it's a form of wealth accumulation, and there just isn't anything wrong with that.
Except for day-to-day purchases, money needs to be accumulated a bit before it can do more important things for us. Buying furniture, a car, a house or a vacation are examples of things that are not day-to-day expenses, so we need to save up in order to afford these more expensive non-recurring costs.
An emergency fund is another example of why you'd want to save your money. If you lose your job or encounter other hardships, an emergency fund can help you get back on our feet and keep your life running smoothly while you deal with the situation at hand.
If you haven't accumulated money, you'll be reacting to the adverse situation, and it will be managing you. If you have a bit of the green stuff stashed away, you can appropriately respond to the adversity and manage your way out of it.
In a way, money accumulated as an emergency fund is "peace of mind" in the bank. Having money gives you options, and having those options is often a source of financial peace of mind.
There will also be opportunities that present themselves and can be taken advantage of if you have an accumulation of money. A down payment on a house, or a down payment on an investment property will all require some amount of money that you have accumulated over the years. If you have no "opportunity" fund, then you can't take advantage of opportunities that come along.
Be careful when you're evaluating opportunities, as some of these might "find" you simply because people know that you save your money and you might have a pile of it just waiting for something special. See concept #2 of the money game.
Even if you have no idea what you might use your money for, it's still a good idea to save it. Even if you don't use your money for the things that you originally envisioned when you started saving, it's still a good idea to save it.
At some point you'll find a good use for it, and when you do, you'll have it.
Done with Save Your Money, back to The Money Game