Get out from the Sea of Debts
In a place where debts are floating-waiting to be fallen, they have to find floaties not to sink even more. Floaties do not necessarily mean another debt to pay the previous one. That will be another problem. Anybody's loan will not be solved by acquiring another credit, it will just bring more weight, and worst, it will only lead anybody to get drowned from the sea of debts.
So, what is the best thing to do, especially when you are still young?
It is to save, save, and save. It is not just for an emergency, but also for our future, for we don't know what the future can bring.
If I were to ask a question, which goes like this: Would you instead save or spend?
I would say that I will save, not only because of the things mentioned above but also because I am not more on luxurious things. I just spend when I need to, or when I feel that I deserved to reward myself. I rarely spent on my wants because I prefer saving not only for myself but also for my family.
Now, let us move on to the common reasons why people choose to save.
For Contingency Fund
Contingency, or a future happening that is possible but cannot be foretold with assurance as defined, is one of the reasons why people save. It could either be used when your car needs to be repaired, and you do not have your salary yet, or when you need to pay your bills, among others.
When you save for a contingency fund, you will be able to have something to be used in case an emergency happens. In case you lose your current job, it would be helpful to tide you over until you found a new job.
For Needs
Source of the Photo by sylviaduckworth
As humans, there are lots of things we need to survive. Saving for these needs is of utmost importance. Who would prioritize their wants rather than their needs?
For Retirement
When we have saved enough for our family and have fulfilled the responsibility to help sons and daughters finish their degree and that we will retire now, it is not bad to have retirement savings that will be used to travel or for other things. Saving for life after you stop working and going on the track toward a relaxed retirement, no matter your job or profession or the size of your salary, is still an act of saving, even if you can save only a little bit.
No matter how tempting the ocean of debts is, still choose to get out from it. Applying for a loan is not bad, but making it a habit will never positively impact us.
If it is because of poverty, do not just blame the poor who do not have jobs. It is just that the number of opportunities is not equally given to all people. Anyway, we all have a choice. But once taken, choose the best possible option. We will not progress if we just continue hoping and waiting for the help of others. Do not wait until the guava falls off to your mouth. Instead, do action now.
Saving is a choice and action, not for granted.
"We are not to judge thrift solely by the test of saving or spending. If one spends what he should prudently save, that certainly is to be deplored. But if one saves what he should prudently spend, that is not necessarily to be commended. A wise balance between the two is the desired end." – Owen D. Young
If you have any thoughts regarding this article you have just read, you can freely voice it out. I will be glad to hear from you. I hope you did not just find it interesting. I also hope that you get the point here. After all, we are all humans, and we all have a choice. But when you are given one, make sure to make the most of it and choose the right one. Thank you for being here!
I can see your passion in writing! Keep writing :)