Do you wish you were able to save more money? Us too! If the option to save more is available, everyone would say yes. But it’s a lot easier said than done when it comes to saving. But when it comes to saving money, everyone can always be improving on their money managing skills, that’s why we are going to let you in on some GoDay insight, the top five reasons people are unsuccessful at saving money.
You’re Not Keeping Track
We’ve already given you the inside scoop on why you should be keeping a spending journal, and whether or not you are monitoring your spending can be a huge factor when it comes to your savings. When it comes to keeping track of your spending, a spending journal can show you exactly where your money is going and you’ll be able to manage your expenses to see where you can start cutting back and where you can start saving. Everyone has a different way they like to manage their money, but no matter how you decide to track your expenses, as long as you are is the first step to saving more.
One of the most common reasons we hear as to why people aren’t saving is they are procrastinating and putting it off for later. Whether it is they don’t have the money to save now, or there are too many bills this month, next paycheck is a common rationalization. Another reason people want to wait to save is because they believe they will make more money later in life and will be able to start saving more then. But once you’re in the habit of postponing saving, it’s breaking those habits that become more difficult. Remember you’re never too young to start saving.
Bills, Bills, Bills
Like we previously mentioned, another common reason we are always hearing as to why people aren’t saving is because there are too many bills and expenses to pay right now to save. Between bills, rent or a mortgage, groceries, and everything else in life, these expenses are what are keeping you from saving. With technology these days, you can automatically pay your bills with online banking, so why not do the same for your savings? By treating your savings the same way you would treat one of your bills, have a set amount of funds automatically withdrawn from your account to your savings account. This can be done every paycheck or once a month, but by treating your savings like a bill, it’s a good habit to get into and it forces you to have funds available for saving.
Speaking of spending, another reason people aren’t successful at saving is because of lifestyle and spending habits. Maxing out or over using credit cards, impulse purchases, and spending your money on things you want versus things you really need; these are all classic examples of lifestyle spending habits that need to change for you to become better at saving. It’s these simple lifestyle habits that can make a huge difference when it comes to your savings.
Living For Now
Along with your lifestyle habits and wanting to wait to start saving later, there is the living for right now mentality that a lot of people have. Having that “you only live once” or “YOLO” mentality when it comes to spending your money can be very expensive and it the long run end up costing you. A lot of people believe that because they will continue to make money they can afford to be spending. We’re not saying to not enjoy yourself, just to be cautious when it comes to your savings. It is easy to find a reason to spend money, why not try to find reasons to start saving instead?
It is very common for people to make excuses with their money, especially when it comes to their savings. Do you have any savings hacks that have helped you become a successful saver? Let us know in the comment section below.