The obvious answer is to HAVE MORE MONEY. However, there are a few more specific reasons and advantages to saving money.

Get out of Debt: People tend to go into debt because they buy things they can’t afford, typically by using credit cards. Using your savings to pay down debt will give you more financial freedom, and more importantly peace of mind.

Emergencies: Unexpected circumstances can hit at anytime; you can almost count on it. Whether it's a layoff, flood, illness, or even a bad investment, the financial impact of these situations can compound in a hurry if you aren’t prepared. Building a savings account to cover between 3 to 6 months worth of your monthly expense will help prevent a financial crisis due to emergency situations.

Big Purchases: Once you get yourself out of debt, stay out. Set aside a little money each month to purchase big items you’d typically finance, like a new car, vacation or even a house. By saving ahead of making the purchase, you can either buy the items outright and avoid the danger of borrowing money OR put enough money down to have a very low monthly payment.

Invest In Your Future: Paying for an education and planning for retirement can end up costing quite a bit of money. Being disciplined in your savings will help you achieve those goals early and without having to go into debt to do it.