When I was studying finance at the university, a lecturer of mine explained about savings and how they can change a person’s or a company’s finance completely. The only way you can enhance your financial state is by investing on productive businesses and investment opportunities, and the only way you can invest is by saving some money; get the point? This is exactly why you should always save a portion of your income.
At this point, you might start to complain about how hard it is to save some money with so many expenses to cope with and so little income to manage. This is actually not true; you can save a portion of your income in any condition. The key is to save the money right after you get your income and not at the end of the month after you deal with all expenses.
As soon as you receive your paycheck, take out a portion of your income and put it in separate account. The size of your savings may vary, but you should be consistent and do it each month. Start with saving 10% of your income, and gradually increase the portion until you can save at least 30%.
Assuming you have 10% of your income saved, you still have 90% of it to cover expenses, right? Adjust your monthly budget accordingly, eliminate unneeded expenses, and you will be able to still get everything you need with less monthly budget. After a year, you will have 120% of your income saved; can you imagine the size of that savings after 10 years?