17. They Could Save – If They Tried
We have already mentioned that most people in the middle class do not have enough money saved for an emergency. However, they should be making enough money to save for a rainy day if they cut back on their spending. That is where all of those “money-saving tips” you read online comes in. They could choose to cut back on their spending, starting with those pricey cups of coffee at Starbucks and by choosing not to trade in their perfectly well-running two-year-old car for a brand-new model. Other things that could easily go are eating out multiple times a week and constantly buying new clothes that they don’t need and cannot afford.
There are many reasons people struggle with saving. They might be procrastinators, or they might have way too much student loan debt for them to handle. They may also be hung up on needing to impress other people that they cannot entertain the idea of spending less to prepare for the future. And for some people, the thought of the future itself is so overwhelming that they cannot even consider planning for it. Even though it would be challenging, anyone above the poverty line can make lifestyle changes to set money aside for emergencies.