1.) You won't have to pay tens of thousands in interest when you borrow money. 2.) There's always some emergency that pops up...and it won't bother you. 3.) It gives you unbelievable freedom to do what you want to do, when you want to do it. 4.) Having cash helps you become anonymous in your life. Companies profile credit card users. 5.) People will trip over themselves trying to give you money because you don't need it. 6.) You sleep better at night not worrying about loosing your job. 7.) People with money rarely get trapped in a relationship. ("I can't afford to move out.") 8.) Its easier to be "generous" because it comes from your surplus. (its a really bad reason to be charitable but it comes with having money) 9.) You feel more in control of your life because you have more options.
...and my favorite and personal goal...
10.) If you have enough savings you can tell your boss to shove it!
I've been debt free with cash in the bank for 10 years and loving it!
Other benefits are:
There are numerous advantages of saving money in a bank for both the person saving the money and others. a. The money you save earns you interest income b. The money you save is lent out as loans to help out others c. The money you save can be withdrawn at any point in future to help you with your financial needs.
The major advantage is the increased amount of money stashed away for an emergency, major purchase, retirement or simply peace of mind. Also, saving pocket money is easy - you empty the money from your pocket at the end of the day and whatever is there goes into savings. This then builds and reinforces a habit of being frugal and saving money, which can help a person build other good financial habits.