Do not spend all! Save some! Having a problem with saving? This article would help you answer the unique question: why can’t I save?
A quick question: Am I saving any money? Have I saved any money? Or just too many bills!! This article would help you answer the unique question: why can’t I save?
The questions above allow you to have a rethink of what is happening right now in your life. It tells you how much of “your” plans you have made so far. The year is almost running out and nothing to show for it. If this refers to you, please have a rethink. It’s never too late to start.
Well, Saving can seem like a big deal to some Americans, and to some, it isn’t their fault because there are just too many bills to pay. Ranging from college loans, insurance money, or paying for that new house you found around the corner or clearing off your debts. Be that as it may, and you are nearly going broke, don’t let that be your excuse you can still find ways to save a little here and there.
The society has made it seem as if you’d die while saving money. Truth be told, you won’t. Most people take it so seriously when too many things are draining them out and therefore can’t save a cent. For some, it’s just too difficult keeping something out of the little they have. Even for the raining days, they don’t care.
I know of someone who would always say “babe don’t worry when I get my next pay cheque I will save that one” and she ends up using everything. Sometimes what you would hear is I’m so broke then the next thing is that she’s already buying lots of chocolates and when she’s been asked how far, her reply fascinates me “it’s only a few cents, the sweets aren’t expensive at all”
Really!!!! Only a few cents! Do you know how far you could go with just those few cents in a jar for over a month or even a year?. Do you know how that penny could become millions just by dropping every little penny you could get? Well, she sure doesn’t and that’s why she keeps procrastinating the time to begin saving. All she wants to do is save them in bulks forgetting that anything (more bills) can come up and cut down the bulk drastically.
It’s no news that our ways towards life affect the results at the very end as those who fail to plan are deliberately planning to fail. For instance, a student who has refused to study before the start of his exams is more likely to fail when the exams finally come up. That becomes the result of his inability to study.
This as well can be likened to our use of money and finances. When we fail to plan on how we use and manage our finances we end up getting stuck and choked up with debts here and there and might even get depressed along the line. But this shouldn’t be the case.
I know saving money is hard yeah, especially when nothing is left after paying all your bills. It may seem like mission impossible to save but fear not there are still secrets you could learn to get you on the right track towards saving. Now let’s teach you how to save when you have too many bills
Getting The Basics Straight On
Your approach towards saving could be the reason you haven’t saved a dime this year. If you are like my friend who would keep waiting for the next pay cheque to arrive before she can save after paying her bills or buying groceries, how much do you think would be left to save? Probably, very little and since it’s very little, she ends up using them out sometimes on unnecessary things and waits for the next pay cheque when the money comes in bulk. This is a big mistake because the cycle will keep on going on and on.
Uncontrollable Spending Habit
You spend on bills and then you spend on luxuries. Buy groceries and pay for subscriptions too. You change your clothes and plan holiday, and at times impulse buying kicks in. Order uncontrollably, pay for things you can do without for that period. You throw parties every month or have girls hangout every weekend simply sponsored by you for the next six months.
Holiday is cool, yeah but making it an everyday necessity becomes weird. I am not against you having to travel around the world to see everything and everywhere, but, when it becomes a habit and you end up complaining of how you can’t save a dime because your bills are much, then you need to look into this luxurious way of life to see what and what to cut off for some time.
Spending More Than You Earn
There are no two ways about that. It is the way the money flows in that determines how much you spend. Some people earn $100 and end up spending $150.
How is that even cool? You might look for a way to borrow to cover the debt, but, what happens after you borrow, sometimes when you do that, (borrow), you have to pay an interest rate. So, how do you make up for that which you borrowed, coupled with the interest to pay too?
Once you continue this erroneous process over time, it becomes a habit and you are likely to incur more debts. Besides, paying off those debts can drive into many years including the interests lingering at the side.
How Can I Save Then? Even With My Debts
Checkmating Your Spending Habits
Have you checked on your spending habits yet? This is one of the things to do when you are trying to save.
Have you also tried creating up a budget? This sure aids you in being knowledgeable about where your money is going to.
Truthfully, most Americans have no clue about how much they are spending each month. They could just wake up one cool morning and want to move out, travel around the world, buy a new car, eat at an expensive restaurant, all they want to do is just to live life to the fullest because “life’s too short.”
Knowing The Level Of Your Pocket
The amount you have will determine what you spend and the amount to save. Take a look at your rate of spending for each month and decide if anything seems off and should be cut out. For one to decide where to make cuts in spending or where to find extra cash to save, they need to know how their money is being spent and the amount they have on.
Training Your Mindset
Treat saving as paying any other bills. When you get paid your monthly pay cheque you always ensure to clear your electricity bills. What stops you from treating saving no differently.
You can create an account that automatically deposits some money into that account directly from your bank which you will have little or no access to until it gets to the valid time of withdrawal. Once you get paid, there is an automatic transfer of a stipulated amount to this account and as this goes on over time, the money gets piling up, and before you know it you have saved a ton.
Making Up Saving Goals
You can make saving goals for yourself like how much do I need to save to get there?
How about if I invest this at the end of the year? This plan sure keeps you right on track and changes your life positively. You tend to save more when you have a goal to achieve at the back of your mind with a time frame instilled too.
Bottom line is, once you turn your mindset towards a healthy saving habit and living a healthy lifestyle as well, you are on your way towards amassing more wealth.
Truth is, you can start small and as time goes on, you can increase the saving challenge. Just start!
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