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The Importance of Savings

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Written by   81
2 months ago
Topics: Money, Savings, Awareness, Work, Knowledge, ...

A lot of the time, we encounter people who are really good with money, and sometimes there are people who just don't know how to handle one. We often look up to those people who really made their way to the top without having the rich kid privilege of wealthy parents. However, we need to understand that it's not always the same boat that we live in.

There are many obstacles and struggles one can face when facing difficulties in handling money.

First and foremost, money isn't always enough for savings. For example, the prices of goods keep going up. Here in the Philippines, ever since the pandemic happened, there are a lot of products where their prices don't even hit the average price. I have been on a lot of online platforms where different kinds of products have been sold. From the way I look at it, even though there are times when it says that it's on sale, it doesn't really fit into the pocket of an individual making a minimum wage. Although most people say that what we want isn't much of a priority, we can't blame people who find happiness in products. There are moments when they want to enjoy buying something for themselves after tons of work and stress.

We often see millionaires and billionaires who say that they have sacrificed a lot before being in that position where they have financial freedom now. It's like that one motivational speaker who keeps saying it's better to work up until midnight and then have some fun afterward rather than work 8 hours a day for the rest of your life. However, there are tons of privileges given to those people, maybe not all of them but most of them. For example, the companies that start in a garage, I already consider it a privilege because not all people have a garage. I think that it all comes down to how they earn money and how they deal with that money.

Financial preparation acts as a buffer against life's uncertainties, allowing you to live a more rewarding life.

Savings can help you reach a number of goals. Requirements are distinct from desires, and as a result, the money you have or generate is frequently allocated to needs. An individual's necessities range from shelter to clothes to electric and water costs. It will always be determined by where you live. I see a lot of videos where they have this tiny apartment in New York that is expensive compared to putting that money elsewhere. The desires, on the other hand, are similar in that there are people who aspire to live in New York City. Some people travel thousands of miles to be in that place because it's a dream for them. If they have savings, they can easily travel and live there as part of those wants.

Considering that you seem to have an amount saved up for emergencies provides you peace of mind. I have seen people who open "plans" in companies just so they are ready whenever an emergency happens. It's not just about being in an accident but also about times when your kid needs to go to school and you suddenly don't have the budget to do so. There are people who plan this type of situation sooner, however, we can't blame other ones, especially if they try to make a living.

In tough moments, your money might function as a protection for your near and dear ones, assisting them in overcoming financial difficulties. There are times when we don't have beautiful moments with our loved ones. But if we provide forgiveness to them, we are open to helping them. Although I don't think that it's a requirement but since love is felt first in the family, whether by blood or by choice, we must always be available for them.

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Avatar for stellaluna
Written by   81
2 months ago
Topics: Money, Savings, Awareness, Work, Knowledge, ...
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