Many people spend money and not save it. What are the reasons? Is it a positive or negative development?

It is believed that most individuals have high expenditures as per their income source

as a result

these

people

don't have any saved money. The high inflation rate and the way of living are the main causes for no saving. As I think it leads to negative development since we just live in present without caring about the future.

First

, The rate of inflation is one of the most important reasons which leads to zero balance.

This

is the problem which is regulated by the government, as it can be seen that every essential product has high cost due to numerous taxes applied on it. Even, if anyhow

people

manage to purchase these products

then

they have to think about their accommodation,electricity and wifi, which becomes an integral part of the human.

For example

, In the year 2020, I have purchased a car and anyhow

paying

Wrong verb form

paid

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the loan of the car each month but the high cost of fuel compelled me to take debt from my friend to maintain life. So, the rate of inflation disturbs the balance of expenditure and saving.

Secondly

, maintaining a high living standard to create a false impression in society is the

second

significant reason that leads to high spending of money. Nowadays,

people

prefer to purchase branded clothes,gadgets, and luxurious cars and believe in visiting a prestigious hotel for dinner and lunch that needs a huge part of their income.

For instance

, one of my friends always talks about the price and he is extravagant never compromising with his living standard and in the

reality

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,reality

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he is always in debt.

Therefore

,

people

must think about their overall life. To conclude, I believe that

people

must do monthly analysis about their expenditure and saving and should be conscious about the future

,

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apply

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since no one knows what will happen

next

time.