Life is like a roller coaster and you cannot know how tomorrow will be like, young people however might not share that fact until it dawns on them. Young people tend to think that savings are factors to think later in life . It’s not surprising to discover that most youths will associate savings with adulthood when you are taking on responsibilities such as buying of houses raising your own family and view here.
One of the main reasons why people will save is so that they are ready in case they are confronted with a financial emergency. If you have not saved up when life throws those emergencies you will end up borrowing money. In the event when you are faced with what you considered as adult responsibilities such as buying of houses you will hardly make it because you will not be staying afloat as it is. Failure to save for your retirement means that you will be dependent on either your children of provisions given by the government.
For specific people to take saving seriously it might need a little more convincing, the following circumstances that come unexpected in life will have you reconsidering. Falling seriously ill will be very detrimental especially if it exhausts your sick days , this means that you will have no income to sort out with bills and without savings it becomes a problem. If you have been saving from when you were young , you will have an easy time settling the bills when you run out of sick days or when your insurance can’t cover you.
Unexpected pregnancy could turn your whole focus in life because raising a child is no joke, you are responsible for ensuring that they have all that they need to grow into responsible adults, having savings will save you the struggle of raising a child because you can manage for the first few months before you make other plans to provide for the child. Divorce lawyers are not cheap, when you need to break your marriage in the future, it’s not the sweetest thing to think about but it does happen and when it does with savings it will not be that hard to sort out your lawyer.
Job loss is something that people don’t foresee but economies have crashed and there is no reason to think it will not happen again, some savings will help you manage when you are in the process of finding work. That time when you finally /land your dream job and discover that it pays less than what you have been doing you might use your savings to cover the deficit.