If you are spending too much money, this is why you must stop and save now

Savings is undoubtedly a cushion that you can fall if you need some extra backup. The sad truth is, many people do not see the essence to save just because their accounts buzz every month to signify a paycheque.

Well, life is not a bed of roses and anything can happen at any time. That is why saving some percentage of your income is not such a bad idea.

Even the richest people in the world save, so as a temporary worker, you are doing yourself great harm if you tend to spend your entire income.

Below are some reasons why every worker must develop the habit of saving.

1. Incase of a health crisis

We all know that our health is very important. No one can get up early in the morning and head out to work with a poor health condition. Sicknesses also do not notify us before they strike, therefore having some extra cash saved somewhere can prevent your health condition from deteriorating. It is important to save because certain unfavorable conditions like this can happen.

2. In case you get fired or lose your job.

Well, your boss might decide to lay you off especially in this Covid-19 times. Many people have lost their jobs and are at serious risk of becoming poor. In America alone, about 3 million people filed for unemployment. If these people did not save before the pandemic struck, they will definitely resort to begging on the streets just to make ends meet.

3. General maintenance

If you own a property like a house or a car, you will definitely have to maintain it on regular basis. Your house might need new wiring or a piece of new furniture. Your car might break down suddenly. You are going to need your savings to bail you out of these crises.

Source:Gossips24.com