Bad about saving and borrowing

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saving

When saving poeple have a plan in mind to deposit maybe so much a monthly or weekly but this doesn't always go to plan as they may have other priorities so this may mean they dont have the funds to be able to put away. When you have savings you may also fail to keep up with the deposit payments if you have continues access to be able to withdraw from that acount .

Borrowing

In my opinion I think borrowing is not always the right solution as when you borrow money For example: you may borrow £200 and may have to pay £400 due to interest. Also borrowing often gets people into more debt as poeple dont have the funds to pay back the money they borrowed in the first place.

Opinion

In my opinion borrowing isnt always the best solution for somebody that has money issues for example if you was to borrow from the bank this could mean you may have to pay more back in charges and this wouldn't help somebody that was struggling hence why they had to borrow in the first place.

Comments (1)

  • Olivia-Avatar.jpg Olivia @ the BNC
    12 Nov 2018

    We've had a couple of posts on this topic about saving and borrowing. Next time, rather than writing a new post, please add your own ideas on a post in the comments section. This way, we can have great discussions with each other, rather than repeating lots of ideas. Thanks!

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