It is a common belief of most individuals, regardless of their age, to prioritise financial savings for the future. I completely share
this
view because, in my opinion, any individual should be prepared for anything that might occur, including being made redundant at work or having to pay unexpected hospital bills.
It is beyond doubt that people can expect to face unforeseen circumstances that demand a lot of money. Linking Words
For example
, one might recall the coronavirus pandemic, during which many people lost their jobs or suffered from serious physical or mental health issues that rendered them unable to work. In Linking Words
such
unforeseen circumstances, having an emergency fund would be invaluable, lowering the risk of financial strain, Linking Words
such
as missing a loan repayment. Linking Words
Additionally
, what sustained my family during the pandemic was the amount my parents had saved beforehand. Linking Words
This
clearly showed how savings can soften the blow during rough times.
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On the other hand
, saving money without a clear plan can be inefficient. More importantly, people should not only think about their future needsLinking Words
,
but Remove the comma
apply
also
be able to manage day-to-day spending. Dealing with monthly expenses Linking Words
such
as rent, utility bills, and insurance has always been a burden and has become even more challenging in recent years. Yet, if individuals allocate only a small portion of their income to cover immediate needsLinking Words
,
Remove the comma
apply
while
directing most of it towards savings, they may struggle for many years to maintain their current standard of living before facing any actual economic crisis.
In conclusion, I believe that setting aside money for one’s later life is a responsible approach, especially when it is supported by effective budgeting and a solid understanding of personal finance.Linking Words
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