Money makes the world go round. That is something we all have to admit. We often try to save money but once spring sales or holiday sales kick in, we blow all our savings by breaking the bank.
It sure is hard to save money especially if you see something on sale and sometimes when we window shop. We also have a tendency to buy things. Most of the things that we buy are not necessarily what we need but we buy them because they’re just too pretty to be sitting there at the shop.
Apart from binge spending what else stops us from saving money? Here are a few things why we fail to save enough money:
1. Just Not Having Enough
This is the most common reason for many people but not having enough money to save is not the real issue. We usually do not have enough because we spend too much money. Growing savings in the bank requires us not to spend and that on its own is a rather difficult task. One thing all of us should remember though is –it is doable.
2. Not Starting Early
Saving money should be part of a person’s values even at an early age because the earlier we all start saving, the more money is saved in our bank accounts. Children should learn how to save money at an early age so they can be educated about finances. Financial literacy is sadly not taught in schools even if it is vital for day to day activities. If you have children teach them how to save so they won’t have to go through what most people are going through –not having enough most of the time.
3. Not Prioritizing
After getting our paychecks, we usually spend on a few things that we don’t actually need. Prioritizing what needs to be paid first would definitely stop us from spending on unnecessary things. Prioritizing would also keep the bills from piling up. This is something that most of us want to escape from –paying three or even five months worth of telephone bills or cable bills. Something that should have been affordable in the first place turn into big amounts just because we do not know how to prioritize.
4. Not Budgeting
Not doing our monthly budget is one culprit of overspending which leads us to not saving a dime. Budgeting will lay down all the things that are needed to be paid and what are needed to be purchased. By budgeting you sometimes come to the realization that there were quite a few things bought last month or last payday that aren’t actually needed.
5. Not Paying Up
A person who has a lot of debt and is not keeping current with their payments gets more interest fees and owes more than they did. Having to pay on credit cards for a very long time makes saving money barely possible. Put an end to this vicious cycle by making payment arrangements with creditors.
