Savings is at the centre of personal finance and lack of it could be disastrous. Failure to save could make you experience any of these.
If you wish to have a nice and lovely life after work, you really have to work and save for it. This is why savings is so important to everybody's personal finance efforts.
For those who think saving is a waste of time, here are five things that will probably happen to them.
One of the best ways to avoid getting drowned in debt is to have enough savings you can fall back on every time you go broke. Not having that will always prompt you to beg friends or neighbours to borrow you some money.
If this becomes a habit, you'll keep living from hand to mouth, not because you aren't earning enough but because you are not saving enough.
If you spend your active working life incurring debt, you'll no doubt leave a financial burden for your family to shoulder on your behalf. When those who save are enjoying their retirement, you'll probably be running around looking for ways to settle the debt you incurred so many years ago. I am sure that's not the kind of retirement you desire.
Of course, failure to save is like throwing one's financial future away. There'll be absolutely nothing to fall back on when you refuse to plan for the future.
This is another negative result of people's negative attitude towards saving. When there is nothing to fall back on for sustenance, the little property you have would have to suffer for your financial recklessness.