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It’s no doubt saving money is the most talked-about personal finance tip but not the easiest to practice. It sounds so easy like something a toddler can do. However in reality many factors make it almost impossible to save. Which I can confess saving money is hard.
Seeing all the bills your paycheck have to cover and all the endless plans plus debts here and there. Must make one think those who are able to save money are talented or gifted in that area.
To be sincere I must tell you this, saving money is one financial thing to do that you will never regret. Not the easiest as earlier on agreed but anyone can save money including you reading this. You just need to know what is making it hard for you to save money and work towards fixing it. And that’s what we will be covering in this post today.
5 possible reasons saving money is hard for you
Saving money is hard for you not because your income is low or your debts are high or there is a shortage in different ways to save money. You are not taking some simple personal finance task seriously and it’s making it hard for you to save money even when you are willing to start.
1. Not tracking your expenses
Without tracking your expenses you might never know if you can spare a few dollars for saving. Not in a cheapskate way of doing things but watching how you spend every single cent you earn not only helps with saving but with keeping your finances on track.
When you track your expenses you can avoid things like debt, impulse spending and you become accountable. These few importance of tracking your expenses is enough to make it easy to save money no matter your financial state.
Hence, keeping track of expenses comes with a lot of benefits and one is to make saving money easy for you. But it’s ok to keep thinking saving money is hard without trying to track your expenditure and see how things will change for you financially.
2. No money plans or goals
Isn’t it obvious that a life without plans is a life without growth? Therefore, finances without plans or goals don’t grow. Saving money aims at growing your income and allowing you to live the best life you can ever imagine with financial stability. But when you don’t have money goals you cease to see the importance of saving money.
When you don’t see the need to save money it becomes hard for you to save.
3. Your spending habits
Be it a good spending habit or a bad spending habit you must practice a spending habit that will grow your finances. Your spending habits are the first things you do once you get your paycheck. Do you sit down to create a budget or just starting making purchases. Maybe you spend impulsively and buy the things you really don’t need which you will later regret.
Or you make budgets, keep account of any expenses, and never shop to impress. Then trust me when I say you will find it easy to save money and you will do well financially in the future.
Remember this spending money is a good thing, a matter of fact is we work hard to make money so we can spend it be it on luxury or needs. However, we need to still have spending habits that will not make us broke.
4. Lack of budgeting
Budgeting is a skill set you must learn because of how important it is to help you find saving money easy. The best part about making a budget is that you can include saving on your list.
When I sit down to make a budget, I make saving money important on the list of any month I plan to save money. Remember there are so many ways to save money. It is left for you to decide which saving method works best for you and stick to it.
Budgeting opens your eyes to see somethings that are not super important at the moment. When you strike them off your list you can put the money meant for those things towards saving.
Lack of taking budgeting serious will definitely make saving money hard.
Saving money is a mindset which without you will find it hard to keep money away for rainy days. You won’t see the need to set money goals or plans, make a budget, be mindful of your expenses and watch how you spend your income.
Until you start seeing money differently and how to make it work for you. You won’t see the need to save. As long as you don’t see the need saving money won’t be easy even with the many easy ways to go about it.
Conclusion on why saving money is hard
It is easy to save money when you look at it from the other side. Saving money has a lot of advantages that I am yet to meet a soul who saved and regretted it.
If you think saving money is hard why don’t you try paying off debts, living off credit cards and going from paycheck to paycheck. It so obvious which is the easiest.
Thinking really hard saving money is easy and the only reason you find it hard is because you haven’t put it into consideration. Hence, start saving and build the financially stable life of your dreams.