It is a great thing to save money to have some savings to fall back on or to spend accomplishing some life goals. There are plenty of excuses that people find to justify their lack of savings, but by putting money away, life’s uncertainties can be much easier to bear.
- Benefits of savings
- Being too young or old to save
- Ways that victims are affected
- Not understanding investments or having time to save
- Overspending and the affordability of savings
- Wanting to save
Benefits of saving money
A recent survey by The Money Advice Service concluded that 4 in 10 UK adults do not have more than 500 pounds of spare cash. ING Bank data revealed that around 28% of Britons do not have any savings at all. The debt charity, Step Change has recently suggested that if all UK adults could manage to have some savings of £1000, half a million people would avoid falling into debt. People can always find excuses for not managing to save any money. Let’s take a closer look at some of the most popular reasons.
I’m too young to save money
The younger a person starts to save the better. Compound interest rates ensure that money collected over more extended periods of time pay dividends. A small amount of money invested for a more extended period could be worth more money by retirement age than a higher figure saved at a later point in life. Perhaps the idea of giving up hard earned cash with no immediate benefits does not appeal to you. However, thinking about the future benefits could be enough to change your mind. You might prefer to begin saving rather than possibly turning to guarantor loans direct lenders in the future.
I’m too old to start saving money
As people approach retirement age, it is more important than ever to save money for the time when they will not have their salary. Although they may have missed out on the benefits of investing money from a young age, there are still investments at a later age that will pay some dividends. These small savings, however, little will be a Godsend during retirement that could provide a well-earned cruise or even pay for better medical care.
Understanding investment funds
You do not have to be a financial expert to save money for the maximum benefit. It is not necessary for an investor to understand the inner workings of the financial markets, just to understand and evaluate the risk factors. The main point that needs to be understood is the reason why you are investing in the first place. There is plenty of sound advice for a person who is not sure what steps they need to take to start saving money.
- People make all kinds of excuses for not saving money.
- Many adults have little or no savings at all
- Even a £1000 of savings would make a huge difference to the numbers of people who get into debt
- Saving from a young age can bring higher interest amounts
- Money saved at an older age is still valuable and will be a blessing during retirement
- Investment advice can be sought when a person feels unsure of the financial markets
I don’t have the time to save
Everyone has the time to save. People often find money matters dull and this can put them off taking half an hour of their time to sort out their finances and budget their money to leave a small amount to save every month. By taking the time now to organise their investments a person will protect themselves from the worry that they will suffer in the future when they find out that a good standard of life can be demanding without savings to fall back on. Do all you can to avoid a situation where you need long term loans for bad credit from direct lenders.
I can’t afford to save money
People who can’t afford to save are in a dangerous position. This will never change until they decide to do something about it. It may mean reigning in their spending habits or trying to cut the cost of the bills that they have to pay. It could mean finding better-paid employment. There are hundreds of brilliant money saving advice tips that can cut hundreds off bills and other living expenses. Any little amount of savings soon grow into a healthy sum.
I love spending money
Everyone loves to spend money on themselves to make life as high as possible. Living the high life can be great fun, but what will happen to you during the years when you will no longer have money to splash around and will be forced to spend a different kind of existence. This thought should be enough to make many people save some money to correct the balance.
I’m too rich to save
Having money to throw around is a beautiful way to be. People who do have a sum of money to tide them over can become reckless with their spending and fall onto hard times. Having a lot of ready cash does not mean that the flow will continue forever and good investments still need to be made.
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Everybody can save when they want to
Saving money can provide a better future and allow people to experience beautiful, unaffordable things by saving money to get them. Not having any money to cope with life’s uncertainties can increase stress levels and lead to adverse health. No matter how small a person’s savings are, they are theirs to create a better future for themselves.
So what can we conclude about excuses for not saving?
There are hundreds of excuses for not saving money. However, the loss of future benefits is something that needs to be considered carefully when a person decides not to save. By not having a money cushion to fall back on people are far more likely to need to take out guarantor loans with instant payout. Retirement could be much more pleasant with some extra money.