- Thread Author
- #1
Most people find it difficult to raise funds on the emergency kits. However it's very possible to take loans and save on the same. What do you think?
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Can you manage to take loans and save on the emergency kit?
- Thread starter Stardom22
- Start date
I find it difficult to understand how we take a loan and save money unless we use the loan to make investments and then save the profits. It doesn't make sense to save the loan money because the interest we pay for the loan is much higher than the interest of a saving account.
I think it is better to get money to invest than getting to save. How would you gain from just saving the money
It is true that many people find it difficult to save money for emergencies. Life is full of demands and sometimes income is not enough. But there are still ways to organize yourself financially even when the situation is difficult.
Taking out a loan for emergencies is not a bad thing if the loan has favorable terms and is aimed at helping a short-term situation. But it is also important to start saving little by little even if it is a few shillings. Savings build financial security and reduce dependence on loans all the time.
The best way is to combine strategies. Set aside emergency savings as much as you can and if you have a loan, you must make sure that you use it for the right purpose. If you plan well, you can build financial stability even in difficult times. Every small step means a lot.
Taking out a loan for emergencies is not a bad thing if the loan has favorable terms and is aimed at helping a short-term situation. But it is also important to start saving little by little even if it is a few shillings. Savings build financial security and reduce dependence on loans all the time.
The best way is to combine strategies. Set aside emergency savings as much as you can and if you have a loan, you must make sure that you use it for the right purpose. If you plan well, you can build financial stability even in difficult times. Every small step means a lot.
I don't like the idea because I don't see the benefits as you have to pay back the loan
To be honest, investing is a good way to grow your money. But saving also has its place. If you save even a little, you build financial security for yourself. In times of emergency or sudden problems, that savings can save you a lot.
Not everyone is ready to invest immediately. Others need time to learn or find the right opportunity. Saving is the first step before entering into investment. Without savings, you can end up taking unplanned loans.
Also, not all money is worth investing. There is money that is for immediate use. If you put everything into investment, you can lose money. So it is good to have a balance. Saving is a good foundation for a financial journey.