Everyone would like to have some money set aside in case of emergencies, but saving money is often difficult to do. If you’re unemployed or not earning very much money, there is a good chance that any money you do have coming in is going to go straight towards paying essential bills. You may not even have any money for luxury items and so you’re hardly likely to have money to put in the bank for a rainy day. Even when you’re earning a decent salary, you can soon find yourself with financial commitments that you’re struggling to meet, so that saving money is not really a priority.
Although it can be difficult to save money when you’re living on a low income, it is still worth looking for ways to reduce your expenditure, so that you have money left over to treat your kids at Christmas or to take your family on holiday. If you are prepared to shop around, you may be able to find that there are better deals to be had. If you spend less on groceries, utility bills, clothing and other unavoidable costs, you may be able to put enough money aside to enjoy in the future, or that offers you a safety net in case something goes wrong.
If you don’t save money, there is always the danger of getting into debt and then really struggling to meet your financial obligations. If you don’t have any money set aside and the car you rely on to get you to work breaks down, you have to get fixed and so what do you do? You may end up paying to have it repaired using a credit card or by relying on your overdraft, which won’t help you to become more financially secure in the future. Instead of being able to save money, the amount of debt you have could get out of hand, so that any spare cash you have goes towards paying it off.
It is a different story if you’re earning a lot of money, as you only have yourself to blame if you pick up debts even though there was really no need to. If you earn a high salary there may be a tendency to take this for granted, so that you don’t bother to contemplate the future. However, if you continually live the high life and spend all the money you earn, only to lose your job; you may start to regret having wasted so much money. It is therefore a good idea to look for ways to cut back on the amount you spend, so you have something to fall back on.
Saving money can be difficult when you have bills to pay and an inclination to spend more than you earn, but it can be done if you are in the right frame of mind to do it.