Debt and Saving Money

Saving money is one of the most important things a person can do. If one does not learn how to save money, they could lose it all and go into debt. Debt can really screw one over in life. It lowers your credit rating and stops you from doing things you would like to whether it be buying a new car or even a house. People go into debt because of their own personal decisions. This happens because many people choose to buy items with the money they don't have available. People go into debt because they buy more of what they want, rather than what they need. When it comes time to buying food or paying bills, it will be very difficult because of their decision to buy designer clothes or other items, rather than save money for future expenses such as taxes and other payments. There is nothing wrong with buying wants, one just needs to make sure they will be able to afford it without giving up necessary expenses in the future. Another big reason why people go into debt is because they constantly eat out, rather than eat at home. At first it doesn't seem like much, one feels that McDonalds's is cheap so they eat at that establishment a few times a week. However, they do not realize that those little purchases add up to a staggering amount of money. One would be amazed at how much money they could save if they cut down eating out to once a week. Not only would this save you money, it would also keep you healthier and decrease the amount of weight one would gain from eating out. That five dollars one will spend there will only satisfy them for a few hours. That money one saves can be used for more tangible items such as a new television or another item that can last a lot longer than a few hours.
Saving money is a lot easier than it sounds. One just has to learn to limit themselves and make better decisions. Cut back on eating out, and don't buy everything appealing in sight. One would be amazed at how much money they could save and use in the future. One never knows when they'll need money. They could lose their job or be in a car accident tomorrow and have medical bills. Those McDonalds receipts won't pay that bill, you will. A person with fiscal responsibility will have money saved up and will be able to cover these circumstances without racking up debt.

Works Cited:

Lau, Stephen. "Why Do People Go Into Debt?." SG & Singapore Map - Singapura, Singapur, Singapore Information. N.p., n.d. Web. 21 Feb. 2013. <http://www.streetdirectory.com/travel_guide/145566/debts_loans/why_do_people_go_into_debt.html>.