Many
people spend money and not save it. What are the reasons? Is it a positive or negative
development?
In this modern era, to enjoy a luxurious
lifestyle, money is mandatory. Numerous individuals opt to spend money rather
than preserve it. In this essay, I
believe without saving as a habit to a person in life is a serious pitfall and
I will elaborate with reasons below.
On one hand, many people like to spend more
because almost everyone today thinks it is necessary to live in the moment
rather than save for the future. Many psychologist’s thing
this way of living is essential as it
keeps a person's stress free. One of the
best examples of this situation is that
public today loves to travel, the need to explore has expanded, they see it as
a way to invest in themselves. For example,
travel and leisure magazine 2018 wrote that at least 50% people prefer travelling to stay tension free and
40% of these, love living in the moment and without worrying about the future.
Indeed, a
non-saving policy as a personal habit is dangerous to the future. Some people
might overspend in a short period of time after paid day. They will soon get
into debts because of over expenditure. The debts usually at a high rate of
interest. They might not be able to get out of the debts ultimately. Moreover,
lack of savings insecure a person's financial situation. Since the inflation is
raising indefinitely, savings allow ones to have a backup plan for the economic
crisis. In addition to this, sometimes in life, a sudden emergency cost a fortune.
For instance, if a family member discovers a breast cancer, the entire
treatment is expensive. Saving money in the past can now help that family to
pay off the treatment fees more easily. so it does not appear as a heavy burden
to the family after all.
To recapitulate, lack of the mentality of saving
money is a serious drawback. Overspending money can happen to all of us. Saved
money secures people unease feelings when emergencies emerge.
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