Making Savings Why is it difficult for people to save money - 275 Words

Making Savings: Why is it difficult for people to save money (Essay Sample) Content: Making SavingsName:Institution: IntroductionWhile making savings may seem like the most obvious practice that anyone who has an income will be practicing, the contrary is true. Most of the people despite making decent earnings do not have a saving habit. Ideally, people find it hard to make savings as they do not set their priorities right. However, some people do not make savings mainly because they do to understand it value or they do not make as much money. Saving DifficultiesMost people find it hard to make savings on their income, as they do not have their priorities in order. Ideally, one is supposed to prioritize their spending depending on important bills and items and cut down on their entertainment and impulse buying. However, it is common among the young and the old to spend much of their income on entertainment and disregard savings or investment. This means if they lose their current means of income, they will not manage to pay their bills for at least th ree months before they get another source of income. It is common for people to buy expensive cars because they want to fit in while in reality they do not need them.Additionally, people do not adapt the savings culture as they do not understand the value of making the savings. Savings make it possible to secure the future. It is also possible to handle emergencies, especially if there are finances involved. Most people will feel that it is more important to take several vocational trips in a year, other than save for the future. This habit is taken as way of enjoying life (You Only Live Once), while undermining saving for the future.Most people do not practice saving, because they live from one pay check to th...