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Dangers attached to lack of saving
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[QUOTE="Yusra3, post: 285263, member: 31907"] 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! [/QUOTE]
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Dangers attached to lack of saving
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