Exercise 24 - Textbook

It is important to save money for the future. Suggest some reasons to save
money.

I believe that it is important to save for an emergency fund as people can

lose their jobs any time, especially during a recession or even a pandemic lockdown.
This means that people would not have any income for months, yet there are rent
and bills to pay, not to mention money for food on the table and other daily
expenditures. Saving for an emergency fund means people can still survive after
they lose their jobs. This is because they can withdraw money from their
emergency fund for their daily needs while looking for another job. Evidence has
shown that people with an emergency fund are less stressed and can still go on
with life as usual if they lose their jobs.

Furthermore, i also believe that people should also save money in case they
suddenly fall ill and need to pay hefty medical bills.(6) To elaborate when people
suddenly need to undergo a surgery and they do not have any medical insurance to
pay for their surgeries, they suffer in pain from their illness and also put their
lives at risk.(7) The best way is using the money saved earlier in the emergency
fund to seek treatment or surgery to heal themselves.(8) This is because their
salary is not sufficient to pay for the surgery or treatment which usually costs
thousands of ringgit. Thus, it is important to save for an emergency fund as we
may face health issues that require extra expenditure.(9) Finally, i would say
that people should save for an emergency because they might need the money for
an unexpected expenditure.(10) There is evidence to support the importance of
saving for an emergency fund. For example, people may need to buy a new car, to
travel to visit a sick loved one or, in the worst case scenario, to rebuild their homes
after a landslide, earthquake, flood or tsunami. (11) Therefore, people tend to
depend on their emergency fund to fund their urgent needs. Some people may not
have enough money when facing difficulties and they end up in debt. (12)This is
the result of not saving money for an emergency fund when they had the money to
do so. (13) In short, saving for an emergency fund is important as people may lose
their jobs, require huge cash for medical treatment and unexpected predicaments
and life challenges.(14) In conclusion, saving money is vital for the future and we
should all save money for an emergency.