The Risks of not Saving Money

If you have decided that not saving money is going to be a lifestyle for yourself, you are in a big heap of trouble down the line. Saving money is a fundamental thing that we all have to do in order to ensure some sort of financial stability for ourselves. While it might seem like we have earned our money, we need to be able to avoid the impulse to buy something just because we can. Buying the smaller TV to save a hundred dollars for our bank account will be the decision we praise the most when something eventually comes up.

If you don’t save money for yourself, what are you going to do if something comes up unexpectedly. We all have to make sure that we have money set aside in case of disaster. What happens if you have to go to the hospital, or you have to buy a medicine to help keep your in good health? What happens if you suddenly realize that your rates are going up for electricity, or rent? If you don’t have any savings, you will either have to leave your apartment or find a new job.

If you don’t save money, you are only putting yourself in danger for the future. How can you expect to ever retire if you don’t save money? You should start saving money as soon as you are able to start a bank account. If you even wait until your 30’s to start saving, you will have a lot less money for your retirement as opposed to saving for your retirement as soon as you are able to make a paycheck as a teenager. What will you do when you are 65 and can’t retire because you have no savings?

Not saving money means that you have to live paycheck to paycheck, and that leaves you vulnerable to the job market. What happens if you suddenly realize that you don’t like your job, and you want to leave? If you have no money you can’t quit your job, and you have to stay at something you hate, or not pay the bills for a month because you won’t have any source of income until your new job starts to pay you. If you have even a little bit of savings you will be able to have some flexibility.

Saving money gives you financial independence. You don’t have to rely on the job market, and constant raises to have a constant source of income. We all run into times when we don’t have as much money as we want, and that is a given. If you think you will always have a job, or that you will always have your income to rely on, you are being foolish. What happens if you become disabled, or just have to miss work for some reason?

The point is that you need to start saving money as soon as you can. It can be hard to do sometimes, but you should just make yourself do it. There are plenty of strategies you can use, and there are plenty of professionals out there who can help make a budget so that you can start saving. If you don’t save, you will be in trouble in the long run, so try to save if you possibly can.