Why you should not save seems quite counterintuitive, doesn’t it? Everyone’s giving bits of advice on why you should start saving now. But, when it comes to saving money, 62% Americans have no emergency savings or have less than $1000 in their savings account, as a survey by GOBankingRates.com revealed.
Do you too have some convincing reasons or self-confessional excuses for not saving money now?
Here’s a list of 5 common and funny excuses that people often use to put off saving for some later time, along with the perils of buying into one of those excuses:
I’m Too Young to Save
Most of the people in their 20s put off saving with this excuse. If you think you’re too young to save and instead need to enjoy life, you have your reason. But, this will not leave you with a regular cash flow to help you fulfill every financial obligation in your later life.
You can’t meet with an emergency unprepared and if you really want to enjoy life, stop postponing saving to a future time. Your lack of savings will hit you hard. So, stop falling for this excuse and start saving now.
I’m Too Old to Save
Here’s another – You’re too old to save is an excuse that most people of older generation use. If you haven’t saved all your life, it’s too late to start now, right? Wrong.
Even if you are nearing your retirement age, you must start saving now for your retirement. It’s never too late.
Start by saving a little amount and invest in a high-interest option like 401 (k) or Roth account. Savings will come really useful to pay your medical bills and take that dream vacation after your retirement.
I Love to Spend Money
Who wants to save money when one loves to spend it on shoes, and gadgets and all fancy stuff? You would probably need a lot of cash stashed in your backyard to satisfy all your spendthrift instincts, though.
Otherwise, if you’ve got to pay your bills and you really want to spend on building some assets, keep a check on your spending pattern and start saving now.
I’m Too Rich to Save
Well, if you’ve lots of money, you’ll find it harder to find a reason to save. A fat cash cushion tricks most people into not saving money and rather tempts them to climb on the spending bandwagon. That’s when people turn reckless with their money which lands them in trouble.
Lots of rich people have had to face the brunt of over spending. But, even then those who had stowed away money for such ’emergencies’, led their life quite smoothly. Now, you know why you should save. If your spending fails to catch up with your earning, your savings will come to your rescue. Don’t let the illusion of an everlasting financial stability trick you into not saving at all. You never know when a recession looms large. Ultimately, your savings will come to your help, not reckless spending.
I Can’t Afford to Save
You’ve many liabilities to pay off, such as your college fees, housing loans, car loans, high-interest debts or it could be just your low-income job that doesn’t leave enough room for saving. You’d prefer to meet the urgent requirements rather than saving for retirement. So, you can’t afford to save.
Just ask yourself, can this go on forever? Certainly, not! You need to change something. You might need to change your job or plan out your expenses and save any little amount to start with. Putting off saving will cost you more in the long run.
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