In Today's society is one of consumerism, a society that has a spending problem. This is also a big case of I want it now so they get it. The emotional pain of waiting, deferred gratification, is to hard for some people to bear. The banks have given the ability to spend without having any emotional detachment to what people are departing with. People are spending money that they do not have in order to impress people of whom they do not know. They when there is an emergency they have nothing to cover them in there time of need. One survey according to GoBankingRates says that more than half of Americans have less than $1,000 saved. This is not if but rather when will something happened. The days on earth are not always sunny. Rather than spending the banks money and then paying them back alot of interest why not collect on some interest. There is a term called opportunity cost. This term means that when one gets some they are also giving something up. So when someone spends money they are losing out on the money that their money could have made for them. It is crazy when someone spends money on a credit card and they don't pay it off at the end of the month. A single purchase of a latte that they have to have could end up cost way more. So pay it off or just pay cash. Here are two tips:
1) Save at least $1,000. For an emergency because one will come. Preferably save 3 to 6 months of living expenses for married couples. Or 6 to 12 months for single individuals.
2) Pay off all debts! Without any debt there is a great freedom. "7The rich rule over the poor, and the borrower is slave to the lender." Poverbers 22:7
https://www.gobankingrates.com/saving-money/savings-advice/half-americans-less-savings-2017/
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