Why It Is Really Good To Have Personal Savings
The importance of saving money has been emphasized to us ever since we were young
. Our parents keep on telling us to save up for our future, insisting that there will always come a time when we will be needing extra cash due to an unexpected bill or an emergency. They also told us we have to be akin to ants, which save up on things before rainy days come.As we grow older, that is the time when we realize that our parents were correct. We will be very lucky to have extra cash but more often than not, we could not find even a single penny left in our pockets. The more unfortunate thing is that dire financial situations arise at times when we least expect it and when we actually do not spare money to spend.
What makes things worse is our tendency to overspend. Whenever we have extra cash to spare, our tendency is not really to save up a substantial portion of it but to spend them on things that we do not usually need. It might still sound reasonable if we spend that spare amount on our basic needs like food, clothing and shelter but to burn it on luxury items and other wants is already something ridiculous.
When we ran out of money, we have no choice but to seek borrow some for all possible sources. From asking help from family and friends to actually applying a payday loan, we really find ways on getting additional funds, especially when the bills arrive and unexpected situations such as emergencies come up.
Yes, we already have obtained money from family and friends or from a payday loan that we sought from a creditor. However, that is just actually the start of our headaches. We have to, yes, eventually pay the amount that we borrowed plus, in case of loans obtained from creditors like banks, all the accompanying charges. Again, the money on the palm of our hands disappears like a mirage on the desert.
Having savings is definitely something that will spare us from the inconveniences of things such as pleasing people whom we are trying to borrow money from and paying exorbitant interest rates and charges that a payday loan has. Savings do offer us a sense of financial security. At the same time, it has always been the most stable proven money source.
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