We all know how important it is to save money. Unfortunately, it seems as though you never have money left over.
Why? Why do we struggle to save money? Truthfully, there are several reasons. Let’s look at some of the most common reasons you struggle to save money.
You’re Living Above Your Means
One of the biggest reasons people struggle to save money is that they’re living above their means. If you find that you don’t have any money left at the end of the month, you need to look at what you’re spending. Your rent/mortgage may be more than you can afford. That new car may have been a mistake. Either way, you may need to rethink things and possibly sell the expensive car or downsize where you live.
You Buy Things You Don’t Need
How often do you buy items that you don’t need? Do you really need that new paperback that’s $10? Chances are the answer is no. You can find thousands of free books online. This is just an example, of course. We all have things we buy that we don’t need. Instead of buying something, why not save that money?
You Can’t Wait for Something
We live in a society where instant satisfaction has become the norm. We don’t want to wait for something we could get right now. However, when we constantly spend money, there’s nothing left for the future. Instead of making that big purchase and using credit, why not save for the item?
You’re in Debt
Until you get out of debt, you really shouldn’t be thinking about saving money – other than an emergency account. Until you’re out of debt, your money needs to go towards debt. Work out a budget that allows you to get out of debt as quickly as possible.
You Don’t Know Where to Start
Last, but not least, some people struggle to save money because they don’t know where to start. The truth is it’s as simple as putting $1 in your savings account this week and then $2 next week. Continue this trend until you reach week 52 and put $52 in your account. This savings plan works because it gradually gets you into the idea of saving money.
It’s important to have a savings account. It can prevent the need to reach for your credit card when an emergency happens. Look at these reasons and determine why you struggle. Once you know the problem, it’s easier to start looking for a solution.