Savings as a way to stay out of debt

[Carpon]

Debts are very deregatory and harmful to any body and most especially business people. It is so because it is a means by which your income gets expended. Like now, I know of a man whose life is characterised by the word debt. He has a lot of debt in him to the point that immediately his salary is credited, he uses all the money to settle previous debts, may be not even all and then dives into another debt collection and the cycle continues.

But by saving your money you can be able to avoid accumulating lots of debts on you and even come out of debts in case you are in it or fall into it.
As you save your income, it gets accumulated over time and in moments when you need money and don't have and such will warrant that you collect a loan and do transactions on credit, you can simply resort to your savings account and use the funds to support yourself and avoid debt.
And for anyone in debts you can still make provision to save little if the money you get and with time you cab stand tall and say you are without debts.

 

[Heartstrings]

Very well said... Saving is definitely the way to go. That's why it is good to have plans ahead. Saving will save you from alot of stress and headaches. That's why it is also good to have a special bank account for savings.. Savings really help,let me take myself for example. There was a time I was saving up 200 naira every week, sometimes 500 naira,it depends how much at my hand that week. I was seriously saving up for future use because I know Nigeria as a whole is not easy now. Few months after,I got a call that my mum was seriously sick,I had to take all my Savings and travelled down to the north to see my sick mum immediately,so you see, saving up was really my saving grace,it saves me from Dept and helped me in times of need.

I advice us to save up,even if it's 50naira every week, believe me it will go a long way and save you from Dept.