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3 Reasons Why Saving Money Matters

We all know that saving money is an important financial goal. In this brief video, Fool contributor Chuck Saletta spells out three of the most important reasons why saving is such a critical part of each and every financial plan. Those key reasons are:

  1. You have to save for your money to compound for you.
  2. Having savings gives you flexibility when you need it.
  3. The more you save, the less you need to save.

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What 20 years of saving/investing can get you

Monthly Savings 0% Annual Returns 3% Annual Returns 6% Annual Returns 9% Annual Returns
$0 $0 $0 $0 $0
$100 $24,000 $32,830 $46,204 $66,789
$250 $60,000 $82,075 $115,510 $166,972
$500 $120,000 $164,151 $231,020 $333,943
$1,000 $240,000 $328,302 $462,041 $667,887
$1,500 $360,000 $492,453 $693,061 $1,001,830

Table from author's calculations.

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Chuck Saletta

Chuck Saletta has been a regular Fool contributor since 2004. His investing style has been inspired by Benjamin Graham's Value Investing strategy. Chuck also can be found on the "Inside Value" discussion boards as a Home Fool.

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