I Suck at Saving Money
If you suck at saving money and feel like a spender without control, then you need to define your budget, your wants, and your needs and make a new organization in your life. If you feel useless, it is a sign that you lack discipline.
If you want to save money but cannot usually do it like others do, and you feel it’s impossible, you need to consult yourself first.
The major flaw in saving money is the person who keeps on spending, which might have become their strong habit. There are many ways to make money, even though there are double as many ways to save your money. If you do not know how to save money and are not getting the nerve to do so, these might be the reasons behind it.
Why can’t I save money?
You can not save money because of the following reasons:
First, you have got no budget.
The first reason is that you have no budget. You earn and spend without taking notice of anything. Those who spend unthinkingly are because they have no budget set for their commodities. Hence, they spend on high-priced items without looking for alternatives to those products at lower prices because they have no idea how to spend money, so they spend unthinkingly. In the middle of the month, they have no savings, and no extra money to spend is left. Not everyone has this situation, but many go through this every month.
So, if you want to keep up with the money and budget and want to save more or even some of the money, the first thing you need to do is to make a budget, a plan on which you will work, and adjust the commodities on which you need to spend. For example, set a maximum budget while leaving a portion of savings and take full advantage of doing the fixing and heavy-duty work and taking the groceries.
From the month onwards, Oakland will have the minimum spending and a high level of savings. Then spend, spending to it. This will not only make you save more but also allow you to change your habit” of ” ot s “ving” and “only “e “ding” “mone” at all times.
You think you deserve everything.
This is the worst reason one could have for not saving any money from their income. Undoubtedly, people cannot save money if they keep thinking that what they earn is only to spend on themselves, and I was one of them. I always thought that if I got to earn someday, I would spend money on clothes and new trendy things. I will always be eating out with friends, and whatever I like, I will get it delivered.
It was a dream come true for me after I got the job. After spending so much on the things I liked, I was unsatisfied with the materials, so I stopped looking for accessories and trendy clothes every month. Every day,y I make myself realize that the money I spend on clothes that are hung in the closet is just a waste of money; if I could save them, I would be able to buy something more valuable, like I could have my car, or I could travel to some other state as well. But this never happened because I was too careless to care where I was spending my money and where it should be spent.
You can use “wants” with “needs.”
Firstly, you cannot make savings. Another possible reason behind your no-saving attitude is that you mix the concept of wants with needs. You are not able to understand what your needs and wants are.
For a better understanding of needs and wants, here is a brief concept: needs are necessary to your survival and life, and the opposite is the wants that are totally what you desire for yourself. To make a living, you must understand that you should spend more on the needs and less on the wants. You will pay more for both when you cannot differentiate between your needs and wants.
For thenotese, you can take paper and a pen and write down what you and what you do, like entertainment, ng with friends or go or going outside,you can make compromises or spend less on them.
Do you think you will have time to save later?
The other reason for not saving you is that you think you will save next month. When you are unwilling to save today, you will be unwilling tomorrow. Make a decision today; there is no tomorrow. The emergency period is not going to tell you before coming. One needs to prepare beforehand.
I thought that small amounts would not be sufficient for saving.
You might be wrong because you can make a million one day by collecting single pennies. So, never ignore the value of pennies, even if you have them.
Saving less is still a better option than saving nothing. The less you save at the start, the more you will be satisfied that it takes only some of the money to make savings, not much. Then, in the next month, you can save more and more. You will develop this habit of savings gradually.
Thinking that your salary is low to save from it
don’todon’tsomehowehow, maybe because your salary is meager to save from it, but this is not wit’silit’sit’s You can always make the savings from what you earn. You need to make portions of your income like in the bo” k: “T “e r “chest man in Baby” on.”
“e e” explained how he became the wealthiest man in Babylon, so he saved from the money he earned—and divided the income into different portions. The one portion was the one that he gave to himself. So,, at he end of the year or after six months, you will have that portion of your savings. And you will be amazed by looking at the amount you have saved. Then you can invest them in the business or somewhere you have interest, but make sure that you know the company and then invest theirs.
You believe you have lots of time to pay off your debt.
While having debts, you cannot even save because you have to pay off your debt first, so to save for yourself, you need to get rid of the debt; for this, you have to plan how to pay off your debt, for exampleyou can sell something and pay off your debt if it is a massive amount if it is a considerable amount.
If it is not possible, you can invest a significant amount of your income in some business. Gradually, you will generate some extra money from the profit of that business. But make sure that the company in which you will spend money should be the legal one and the one you know every detail about. By doing this, not only can you make more money, but you can also also save and pay off your debt. There are many ways to earn extra money to have an easy and soft cushion while paying off your debt.
For example, I discussed how you can make some extra money in my previous articles through online work or as a part-timer after woYou’reYou’reg’reg for those of your entertainment, which isn’t it.
You cannot save if you pay for commodities you cannot afford on a regular basis. For example, entertainment like Netflix, TV cable, or paying online for movies can significantly damage your saving attitude when you are addicted to or become habitual to paying for them. You do not even get the time to watch them according to the payment you have made, and then you are wasting your money and cannot even save anything.
You need to understand that these commodities are a waste of money, not the following trend for saving behavior. By cutting these things, you can have an actual saving amount for valuable things like going on vacations with your entire family worth it.
You can even use that money to pay off debt or buy your own house if you do not have one yet. You can buy or spend money on many things that are worthy of your effort and money, unlike paying for the channels, TV cable, etc.
You are treating your credit cards as your income.
The biggest issue you have is spending money on your credit cards. You think credit cards are the income you have earned. However, you forget that buying from credit cards is borrowing money from banks through credit cards, and then, when your income comes in, your money will be gone to the bank before you can even withdraw it to use it for yourself.
So where is the portion for saviIt’sIt’s one? You will be left with the amount necessary, which is only enough for your needs, and you cannot save from them.
So it would be best to stop using your credit cards to save and save more. That is not your money. Use the money you are earning so you will have a budget plan in mind, and in the month, you will not be worried about less income because of the bank cuts.
You are not saving because others are not if you do, too.
This is a natural human behavior. If you have an influential friend or spend more time with your friends, you are ultimately following them, or maybe they are following you. So, in the same case, when you see those paying more for less valuable things or spending more money on entertainment and so on, you are doing the same thing because they are doing this.
They are delaying their debt, and so are you, but you never know what they have for them. Maybe they have backup plans for some emergency, but not you. It is the reality people never show all their assets, so they never trust anyone unquestioningly. So stop making foolish assumptions like if so and so have not paid their debt, so will you, and if they are spending more, you will spend more, too.
I bought something in installments.
The other reason is that you have bought something in installments. How and why installments are not supporting you in your income management. Let us take some examples to explain it quite easily, for example, you have bought a car of 90 some thousand dollars, just as an example. You bought it in 20 months of installments, with a 2 percent markup or interest. After the 20 months of installments, you would have to pay the extra money. Because on installments, you were paying the markup in installments on the cone you purchased in installments, which makes you lose all your money without saving anything.
To save money, never buy anything in installments. Otherwise, you will be paying the HR prices for the term periods that will keep you engaged in the installment payments, and you will not save anything.
How do you become a saver, not a spender?
To become a saver and not a spender, you need to find your triggers, define essential things in your life, and define your needs and wants. Discipline in saving and excellent organization are the most crucial things in the saving process.
Although you might be in the above situations, there is always a way to make the changes. You can work on different habits, like changing your spending behavior, eating out behavior, or stopping spending on expensive entertainment.
Those who can control their feelings and spending behaviors can amend their budget plans and go for savings. The best ultimate way to save is to buy a piggy locker. To be frank and open, I also purchased one when I started making money and realized I needed to save. Then, whenever I got cash, I unthinkingly put the amount in that piggy locker, and though I spent more of my time outside working on the job after that, I d ome part-me, and after reaching home, I spent some of my time doing house chores and working on my study thesis. So I barely forget to look in my piggy locker, though I remind myself to put all the cash that remains of the day in the piggy locker.
This was the first time I added piggy lockers in my life and made it my routine duty to put money in them, like feeding that locker with cash, whether less or more, that I had to put in after the day. While doing this at the start, I realized that this was merging into my habit, and I started getting eager to put money in that piggy locker. After a month or two, it finally helped me change my habits and make some savings.
Since then, I have started making monthly budgets and spending according to the budget while saving quite a good amount. You can do this while making money. You can save, too, without taking it on a severe level, like making budgets and all; to take the start, usually buy a cute piggy locker so that it will keep on catching your eye. You will not forget to feed that piggy locker, and eventually, you will feel that you are developing the habit of savings. Then, taking your savings attitude to the next level will be the wisest thing. Then, you can make a budget of your choice, and spending less and saving more will be your benefit option.
Many people say that you only live once, but I must say that if you rightfully live this life, then this one is enough, too. Therefore, think wisely before spending your money because it is what you have gained after spending so much time and effort while spending on other things to help others with their money.
After leaving Wells Fargo Bank in 2014, Daniel began a career as a finance consultant, advising companies and individuals on economic policy, labor relations, and financial management.
At Promtfinance.com, Daniel writes about personal finance topics, value estimation, budgeting strategies, retirement planning, and portfolio diversification.
Read more on Daniel Smith's biography page.
Contact Daniel: daniel@promtfinance.com