Saving money is important since it provides financial security and freedom. In addition, it secures you when it comes to financial emergency. Aside from that, having savings will relieve you from stress. Regardless of the advantages it offers, many people still weren’t able to save money. If you’re one of those people who still hasn’t saved money, check out the consequences of not saving money.
Here are the Consequences of Not Saving Money
Unprepared for emergencies
Emergencies happen at a time when we least expect them. One of the consequences of not saving money is that you’re financially unprepared when an emergency comes which may lead to distress.
Having more debts
If you don’t have savings, debt is inevitable for you. It doesn’t matter how much you save, as long as you do it regularly.
Lack of security in terms of Job Loss
No money means no financial security. Job loss can happen anytime to anyone. That’s why it is important that you expect the unexpected, so if in case this happens to you, you’re prepared. If you have savings, you have money to use while you are looking for a new job.
READ: Saving Tips for Low-Income Workers
Health problems due to stress
Having no money will cause you stress and stress will trigger and lead you to unwanted illness. So if you don’t save money, you risk your long-term health and sanity. Better to save than to torture yourself.
Unable to fund major life event
We Filipinos love to celebrate major events. But how will you be able to celebrate if you don’t have funds for it? So if you want to be able to celebrate an important event with your family, you must know how to save.
No peace of mind
Overthinking will happen if you don’t save. Imagine the emotional damage it can cause you. Peace of mind is very important to everyone, it is hard to live every day with disturbance in your mind. So to avoid that happening, you should save now.
READ:
Saving Tips for Teens
Importance of Saving for your Retirement