Why is it important to have long time savings?

Why is it important to have long time savings?
Saving money over a long period of time has many benefits and can be crucial to expensive foreseeable costs. It's not necessarily the same thing as an emergency fund or vacation money. Instead long term savings tend to be used far far less.

Long term savings will help cover expenses that are in the future, such as a wedding or the cost of college. By setting aside money every paycheck or so, into a long term savings fund, you get the benefit of an ever growing stash of funds that will in most cases accrue interest and be available for huge expenses.