Dangers attached to lack of saving

[Carpon]

Saving is one thing which in my opinion has advantages and no disadvantages and lack of savings has only disadvantages and no or may be a few advantages.

In this thread, I will be giving an exposition on the negative effects and dangers that lack of saving brings about;

1. Financial insecurity: When one has no savings, it mean that he or she does not have something to place a hand on in times of need and when unforseen circumstances come up. It makes you insecure because you will fall into great financial crisis and instability when you are faced with a situation that can only be solved by money.

2. Psychological effects: a feeling that human beings share is that there is a relative peace of mind when someone has money. Lack of money can become or lead to so many psychological abnormalities especially when someone over thinks about the fact that he or she has no money especially if faced with a situation that requires money to be solved.

 

[Axis]

There are many dangers attached to lack of saving when a person does not save money he is prone in being financially unstable even if it is not now but in the future. In the future a person does not know was coming anything might happen and so it is proper for him to save before Time in order to handle such problems successfully. Even when you do not say if your investment habits will be in that many people save money in order to invest in a business but when you do not say you have anything to invest and does the flow of money also be low. Instead of spending your hard-earned money on things that my number listen to intensely it is better to save it all because there's a greater benefit and good in saving your money. And as you have written earlier it can lead to psychological effects when you do not save sometimes crisis can happen in the future and you can be financially broke when you have no money it can lead to psychological effects

 

[Mataracy]

Since savings means keeping something for future purposes or uses
We save in order to meet unforeseen circumstances and to bale ourselves from some difficult situation.
Savings is very good if one can try to do that when there is an access so that when something else happen and the inflow look as if it's stop then one can easily laid hand on the savings one and use it.

 

[Yusra3]

Lack of saving is dangerous for all of us, but it can be especially dangerous for young people.

Let's start with the fact that lack of saving can lead to financial emergencies. Your emergency fund provides you with the ability to manage unexpected expenses and keep your family safe from financial hardship. When you don't have a reserve, you're more likely to use credit cards or payday loans when a bill comes due, which leaves you vulnerable in the event of an emergency.

A lack of savings also means that you may not have enough money for retirement. Without a nest egg, you're more likely to take on debt later in life and defer paying back those debts until it's too late. When interest rates rise, this debt will become even more costly and if you don't have enough saved up for retirement income, there's nothing left over to pay off your debts.

A lack of saving is dangerous for everyone, but especially young people who are not yet established in their careers and who may be just starting out on their own or with their families. Don't let this happen! Start saving now!