Why You Shouldn't Save Every Penny You Make.

[moonchild]

Sometimes we get caught up with savings and we tend to be aggressive with it to the extent of denying ourselves basic amenities of life.

In the name of savings you'll see that they won't be able to take care of themselves etcetera, but if you have to live poor to save then what you should focus on is to increase your income because that's the only way you'll be able to make a substantial savings.

If you want to save a lot of money then you need to find new ways of making money and increasing your income sources.

Some go to the extent of purchasing stuffs on discount sales or refusing to eat at a restaurant just to save money, this is not commendable, because at the end of the day after making enough money, you'll find it hard to spend it because you've already trained your mind to be spending less.

And if that happens then what's the point of making money in the first place apart from enjoying it and spending.

This is a mindset shift because it'll help you to navigate through your expenses and save efficiently without compromising your lifestyle, hope you have find this helpful, Thanks.

 

[Bard Racheal]

Saving money is important.
If you do not save money, in that way, you are not saving for your future.
Because, saving of money is a preparation for your future.

But, one thing is that, you need to be wise when saving.
Saving money does not mean that you should be starving,or go naked, or you should not do the needful for yourself.

You should be able to arrange your self very well.
And be able to know the part of the money you earn,that you will keep for saving purpose.
And you should be able to separate the money you can use for your needs, to cover what ever you need to do for your self during that period of time.

You can not be hungry and be keeping aside all your money for the purpose of saving.
It won't be a wise decision at all.

If you do it that way, saving all the money you earn; you will surely become stranded at the end (hey, which money will you use for feeding?) If you get stranded, you will be tempted to usurp all the money you claimed to save.

Because there is no body who does not have one need or the other.
If you do not have anything you will use money to. rescue; then, you are free to save all your money.

 

[Yugocean]

People make money to earn a living, so even if they want to save,bethey can only save what they will be able to avoid in diffrent expenditure. Everyone's most of the money is spending food, clothes and living, there are also other bills one must take care. Cutting expenses is not possible unless one actively cut the need the expense. So saving will be there, but only after meeting expenses.

 

[saoussen5765]

Some expenses are essential in our life that we couldn't skip like drinking water or eating something or going to the dentist or nutritionist so we shouldn't private ourselves from essential in name of saving money.

 

[Finger Geek]

There was a time that I was very kind in making money online trading forex and cryptocurrency, so every money I earn them was saved and most things that I needed was ignored. When I have saved enough money that I can start to trade with, I stated the trade. I was doing it for like 2 weeks and I was making some profits and I was happy with the result then.

So as I was trading. It got to a time that things went bad for me and I was lossing. I lost the fund to a points that I stopped and I had to invest in hyip program. And this brought down fall to the money I saved for many weeks and months because I was scammed by the hyip website.

So it is not good to always save that 2e have for investment on a business. We should have percentage of what we should save and use the rest to buy whatever is our daily needs and pay for necessary bills. Because if we don't do that we might loss everything and we will end up blaming ourselves for not buying what we needed when we had the money

 

[Sotherefore]

No matter What May happen , we will not be able to save all the money we are making both online and offline. The reason is because we will need money for airtime and also data to continue to be active online . Sometimes this is not even the reason why we cannot saved , there are so many responsibilities offline that will demands a lot of our money.

I try as much as possible to save some of the little money I make online for a reason best known to me and sometimes I invested in cryptocurrency . It is so unfortunate that I cannot invest a single penny now because the crypto space is down and I don't even have because of so many things I have to take care of offline..

I save some money because it is very important and also used some on something very important too.

 

[Augusta]

This is where common sense is needed. Some people sometimes behaves like people that can't think properly. How can you make money and you start saving all. This is the height of miserly and selfishness because how else can one quantify this lack of critical thinking. it is always good to save no one can tell me not to save no matter how little but I will know when to stop. The thing is that one's life isn't guaranteed even today. I have seen people that woke up hale and hearty and step out of their homes just to meet untimely death on the road a few minutes later.

So In as much as we hustle to make Money on the daily, it is good to have and keep some away. you do not know how rainy it will be tomorrow and your saving might just be your saving grace.

 

[Ayuba Ernest]

We all know that it's important to save money. After all, you never know when an unexpected expense will come up or when you might need some extra cash for a rainy day.

There is a common misconception that the only way to become wealthy is to save every penny you make. While it is true that saving is important, it is not the only factor that determines your financial future But what you may not know is that saving every penny you make can actually be harmful to your financial health.



Here's why: when you save every penny, you're not giving yourself any room to spend. And when you don't spend, you're not giving yourself the opportunity to grow your wealth. Instead, your money just sits in your savings account, gathering dust.


So, if you're looking to improve your financial situation, don't save every penny you make. Instead, give yourself some room to spend and invest your money wisely. Doing so will help you build your wealth over time and set yourself up for success.