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Money Saving
Disadvantages of saving money.
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[QUOTE="blessingc, post: 240500, member: 73446"] Saving is one of the most basic and most repeated bits of financial advice out there. Despite the importance of saving money, many of us aren’t following through on that tip. The importance of saving money is to give you cash reserves that you can use when and how you want. Despite the lots of benefits involved in saving money, there are still disadvantages. Savings accounts have a notoriously low interest pay out. Some banks do not even give out interest to customers who have a savings account in their bank. It is less profitable to save money and come back to get it just the way you kept it without any addition. Sometimes the bank even take charges from your account for account maintenance. It quite unprofitable. Not only is the money you get paid back low, but you also get hit by the second punch of inflation. When there's inflation, the value of your money won't be as much as when you saved. In a country like Nigeria, when you save your money in the bank without any interest it can affect you when you withdraw, because the amount of money you saved when you are ready to make use of it, it might not be enough to purchase what you planned using it for. Investing instead of saving can help reduce the disadvantages, if you are only putting money into a bank account and not investing it, you are actually losing money long term. [/QUOTE]
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Disadvantages of saving money.
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