Saving money is an effective way of preparing yourself for major expenses in life. Whenever you wanted to get a new house, buy any vehicle for important purposes, or preparing yourself from any emergency situations, you think about saving some of your income. However, a lot of us are having difficulties in doing this.
In this article, you’ll get to evaluate yourself through these five major reasons why someone would have hard time-saving money.
Most of us upgrade everything we have with every paycheck
Come to think of it, every time we are expecting a major bonus at work, a huge incoming profit from our business, or a good salary raise for a job well done, we start thinking about what to buy from it. Only a few can admit that they have thought of setting up the added income or extra money for savings or investments.
Instead, our extra income is translated into new signature clothes, shoes, electronics, appliances, or any type of merchandise that you have been longing to have. There are others who spend their extra income or profit getting a brand-new car, even when the current one is still operational, or the latest smartphone, even if the current one is still in tiptop shape. We all have our guilty pleasures, but these usually end up as obstacles for us to start saving our money for the future. While buying the things that we love is not that bad, using all of our money for this is, so try to tone your shopping sprees down.
We don’t think of savings, so we tend to not have it done
We start to think that we don’t need to prepare for anything else, nor save up for unexpected events if we get to make our ends meet from paycheck to paycheck. So as to not accuse anyone, we can all say that, at some point, we have told ourselves that we must start saving up. We have thought about opening a savings account or buy a child’s piggy bank to store some of our loose change or extra income. However, if we’re not consistent with saving, chances are, we’ll end up procrastinating and continuing our spending habits and forget our saving plans altogether.
We usually get afraid when we have more money
For some of us, we just become too afraid to amass more wealth than we currently have. If you are currently experiencing one, it is best to talk to a psychiatrist. These kinds of people usually have impulse buying habits, making too many investments with fewer returns, or simply do not push themselves to go beyond the extra mile in their life plans. Contentment is not an issue but not being able to make bold steps in life can cause serious damage to you personally and financially.
We just tend to become too nice to say “No”
These types of spenders do not amass wealth for themselves. These are those who are too philanthropic or having an impulse to always pick up the tab whenever you are with your friends for a night out. They are also generous to allocate most of their salary to their parents, partners, or children, or they just give too much when they’re asked for money. This, to be honest, is good, but this must be taken into moderation.
We just don’t classify ourselves as good money managers or strict money saver
“I just don’t know how to save.” This line has always been heard by financial experts. Technically, there is nothing wrong with admitting, but it shouldn’t just stay right there. Money is a powerful tool that can generate a lifetime of bliss or a full day of debt dooms. Plus, life is an array of unexpected events. The important thing to remember is that we must “pay ourselves first” and stop thinking that “today’s wants outweigh tomorrow’s needs,” and this should get you motivated, breaking free from bad spending habits and getting yourself started to save up for the future.
