Everyone wants to be financially stable but certain factors have made it so difficult for individuals to be financially stable. We all need the good things of life and achieving all this means that you are financially stable. If you are not financially stable then it becomes so hard meeting your basic needs. The cost of living continues to rise, making it harder for individuals and households to maintain a stable financial situation. Issues of house rent, electricity, healthcare, and education costs have increased and it has affected the income of so many individuals.
Job losses and pay cuts have created financial instability, making it difficult for people to maintain their financial status quo. For instance, during the COVID-19 era, a friend of mine lost his job and since then he has been out of a job ever since then his living standard dropped and he is living on hand-to-mouth. Also, last week a friend received his salary but noticed that his pay was cut because he was absent from work for some days. With these challenges raised, it is clear that attaining financial stability is not an easy task. Even when you try, the cost of things keeps ridiculing your effort and then makes it difficult to save.