Why Save Money?

Why Save Money?

Today’s post is by Scott Russon, Social Media Director at TOP CFOS

Welcome to our blog today! TOP CFOS offers the finest CFO services to companies around the world who want to take their organization to the top. We love to be the catalyst behind your firm’s soaring profits as well as being a part of your team! For your convenience, we provide an RSS feed at the bottom of our website so you can subscribe to our Blog. Today’s post comes from the Finance category entitled, “Why Save Money?”

In case you haven’t noticed, the world pretty much revolves around money. We couldn’t all provide for ourselves without being able to trade and barter. So we have the form of money which is a standard currency at a set value. It is important that we always have enough for our needs, therefore it is important to save money.

You can never have too much money in your possession. But you can always have too little. When things are running smoothly, it’s a great idea to put a portion of your income into savings. Accidents happen and you can’t predict the future. You want to be prepared for the worst of circumstances.

Businesses also need to set aside money for later purposes. Down the road, a business may want to upgrade their store and remodel, pay a major debt, or invest in a new product. Savings will never go to waste, there will always be a need for more money, sooner or later. When you put money into savings, you’re paying yourself.  The more you put in, the better you will be.

Imagine this; Company A is busy running their business and putting their excess income into a savings account. Company B is also busy running their business , but they decide to go ahead and buy fancy gadgets for themselves with the extra income they’re making. A few months later, both companies take a turn for the worst, and they are losing money temporarily. Company A is worried, but they can make it through by using their savings account. Company B is very concerned and soon has to shut down and file for bankruptcy. Simply putting away a small portion of money can make a big difference when it counts.

Even though we might want to impulse buy the next greatest thing, it’s better to pay yourself first and put the extra money into savings. You can wait to save up more money and then buy the next best thing out there that would be better use of your money. Just keep in mind, you don’t know what the future holds, and whether it’s for yourself or the business, it’s always better to save the extra income you have.

We hope you’ve enjoyed our Blog today. Please remember, TOP CFOS offers the finest CFO services to companies around the world and would love to be a part of your team. Feel free to reach out to us anytime. Your feedback is most welcome, and we invite you to share this post with friends and associates. Our contact information can easily be found here on our website, so give us a call today! Our next post will come from the Human Capital category on our website and is entitled “Integrity.” Thank you for joining us!