What stops people from making regular savings?

[Stardom22]

In my region, we have higher rates of poverty and most people fail to make regular savings. Probably because they have insufficient funds or unwillingly not interested in making savings. What is your take on that?

 

[Springtime]

People who do not have regular income or if their income can only afford them to buy daily necessities, they do not have spare money to save.

 

[Nomad]

There are two reasons, one, low income, and two high expenses. You can work on these by working more to earn more.

 

[eLdavis]

There are different reasons to this, in some cases it could be due to unwanted expenses, in other places it could simply be lack of self discipline.

 

[Augusta]

it is about Insufficient income
High expenses, Impulsive spending habits and Lack of financial planning

 

[Suba]

There are many obstacles why people stop from making regular savings, such as poverty which is the main factor where they do not have the power to save, difficulty controlling expenses etc.

 

[Starmix]

There could be significant reasons one might be sickness, The individual might get sick and the money must be spent prioritising the medicine maintenance that costs a fortune. Another reason is job retrenchment.

 

[Augusta]

Unexpected expenses ,Peer pressure and lifestyle inflation
and Limited financial literacy

 

[freelancermaria]

Some people struggle to save because their income is low, and most of their earnings go toward expenses. I have experienced this before. Good thing, I can save a small amount every month.

 

[Augusta]

Also Higher debt burdens divert income toward repayments, leaving less room for savings.

 

[Stardom22]

Making regular savings is a very difficult thing for most people. That is because what they get mostly is hand to mouth income.

 

[Kera]

It is basically financial pressures that makes people to be erratic in their savings habits. That's where planning helps.

 

[pousinha]

Unexpected events as COVID-19 and its consequent lockdown that easily resulting in salary reduction or worst, the loss of one's employment get incompatible with regular savings.

There could be significant reasons one might be sickness, The individual might get sick and the money must be spent prioritising the medicine maintenance that costs a fortune. Another reason is job retrenchment.

Of course, especially if you living in a country lacking public welfare.

 

[Starmix]

Unexpected events as COVID-19 and its consequent lockdown that easily resulting in salary reduction or worst, the loss of one's employment get incompatible with regular savings.


Of course, especially if you living in a country lacking public welfare.

That will be the real picture for the individuals who are financially struggling. Savings will never be in their minds, but survival on where to earn money to buy food.

 

[pousinha]

That will be the real picture for the individuals who are financially struggling. Savings will never be in their minds, but survival on where to earn money to buy food.

In Latin America and southern Europe is the real picture of the low/middle-class and even the middle-class also. As the bureaucratic and tax laws in these countries are made on purpose to push the middle classes into poverty (to return to a social structure composed of a low percentage of billionaires and the rest bordering on a homeless condition). It looks like the real picture of the States too, due to the frightening costs of health (imagine, that only to call for an ambulance to get to emergency costs between 1500 and 2000 dollars).

 

[Fire&Rain]

Once you start managing money properly, you start seeing an opportunity to start saving. Some people dont see the need to save though, they feel saving money is a waste of time, they have this theory that since we can die at any point in life, there's no need to commit to saving.