Low income is the main obstacle for not saving!

MOSIUR

Active member
Surviving is first not saving to some!
There are many people in the world. They want to live in peace all the time. So, they have been working hard in their own sectors for the welfare of life since maturity. They are also having their payment from the respective places regularly.

But, there is a striking feature here that everyone does not have the same payment. Some get high salary whereas some have poor salary. Those who have high salary can spend much money and save easily. On the other hand, those who have low salary cannot spend for family let alone save money.

Saving comes to the mind of a person when he has a rich payment. To survive is the first factor to the low-income people. On the contrary, to have a luxurious life and to save money for the future are only for the people having a high salary.

So, I think, low income is the main obstacle for not saving money. Please tell something what you think regarding this issue.
 

Chibson

VIP Contributor
Definitely someone who does not earn enough money I will not save anything. the person will only be interested in solving his problems rather than save you. The reason a lot of people save a lot of money is because they have high income and they can spend and still have extra.
 
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Princess2063

Guest
On the contrary, I have spoken to a lot of middle-class people who think saving is a waste of time and would rather spend all their money and be motivated to get up and work to make more. I will mention that this mentality started as a result of the pandemic and the high rates of people who died suddenly.
 

kayode10

VIP Contributor
Another reason some people don't save it because they like to experience instant gratification. These are people who always buy on impulse and end up acquiring most of the things they don't really need. a person with small income might find it difficult to save in the first place but if they make it a habit they will surely have their way.
 

Abigael

Valued Contributor
Yes, low income is the most prominent obstacle for people not to save. It is why I am currently not saving myself. I hope that when I start eating better, I can start a savings and investment plan. Otherwise, for me right now, surviving is the main goal. In the meantime, I push myself to start earning better income.
 

Finger Geek

Verified member
Surviving is first not saving to some!
There are many people in the world. They want to live in peace all the time. So, they have been working hard in their own sectors for the welfare of life since maturity. They are also having their payment from the respective places regularly.

But, there is a striking feature here that everyone does not have the same payment. Some get high salary whereas some have poor salary. Those who have high salary can spend much money and save easily. On the other hand, those who have low salary cannot spend for family let alone save money.

Saving comes to the mind of a person when he has a rich payment. To survive is the first factor to the low-income people. On the contrary, to have a luxurious life and to save money for the future are only for the people having a high salary.

So, I think, low income is the main obstacle for not saving money. Please tell something what you think regarding this issue.
You may be right in your own way. But I don't believe that to be true. Does that mean because I earn low income is an excuse for me not having a savings and not been able grow. I still don't believe that. There is no how low the income can be that a person can not have a savings with it. What the person needs it to reduce his spendings and never to buy what is not necessary.

If I know what I am doing and I want to end life of receiving low income. I can reduce my daily meal from 3 to 2. I can make a budget on how I will be spending my earnings and adjust it to a level that at the end of the amount I will be having certain amount of money as savings. But I should know that my savings will take a long time to grow.

That is now why I need to think of a very small business that I can start with low capital and start the business. With time the business will grow together with my saving mentality. This will help me in growing from low income to high income.
 

Alexandoy

VIP Contributor
Before I got a job I was saving a little money from my school allowance. But when I started working and having a good salary I seemed to have momentarily forgotten my savings. It may be extravagance on my part because I had become too generous with my family. I got a feeling that I was a big shot so when there is an extra expense I would offer to pay for it. After some time I realized that I was spending too much not only for my parents and siblings but also to my friends. That may be the reason why people think I was rich because I easily part with my money. So many have borrowed money and so many have asked for financial help. It was ironic that I had helped a lot and I was there wallowing in debts.

In the years that followed, I slowly shifted to a new lifestyle of being frugal. At least I had the support of my wife so I got bold enough to refuse when someone would come to borrow money or to seek financial help from me. With the low income, I think we just have to cut down on the expenses to be able to save even just a little from our income.
 

Kendy

Verified member
To some relative extent, I definitely agree with you that low-income can be an impediment to savings but to a higher degree of percentage, I disagree with such notion because there are people who are still earning high above and they find it very difficult to save and I know people who earn very low but at the end of the month, they make it a culture to save and manage judiciously the little they have left. Low income or high income is not even a measurable yardstick to not being able to save or otherwise. I have seen people who immediately they get their salary, the first thing they do is to spend it on things that are not need full at the moment and when they realise they actually going to borrowing and loaning of money because they failed to set their priorities straight and at the end of the day, when the loan repayment elapses, they keep on going with the cycle of taking loans, which makes them to end up in bad debts. No doubt, there are sometimes where you are being paid your salary and the budget for that particular month may be over the money you have but definitely cannot be every month because you would have to definitely save even if it is 10% of the total income.
 
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