You are probably on this site because you would earnestly like to figure out a way to save more. Maybe you have issues with debt, or you want to build up your savings account, or perhaps you believe that it is just common sense. Whatever the reason, you likely have a problem with saving so far. So, what is it that is holding you back? Here are some common reasons and how you can overcome them.
Having the ability to save actively requires a particular attitude. With this attitude, you should be prepared to make some sacrifices to your lifestyle in order to stash some money away. The thing about money is that you will never have enough, and you can quickly spend everything you have. Therefore in order to start saving, you need to adopt a saving attitude otherwise you will not have a dime in your savings account.
Life happens, and the more you earn, the more possible it is for your lifestyle to change to. When this occurs you will find that rather than enjoying your extra income, you are living from paycheck to paycheck with periods where you are extremely broke. It all comes down to your chosen expenses. Saving requires you to cut back, and you will find that this will not have such a detrimental effect on your life.
For example, you could change the neighborhood that you live in to save on rent, use public transport instead of your personal vehicle, take a local holiday instead of an international vacation – small changes but big savings.
Living in the Moment
Some people believe in YOLO (you only live once) lifestyles, or living in the moment. With this mindset, you are likely to spend everything that you have whenever you have the money because you do not want to miss out on any opportunity. The result – absolutely zero savings. This is a risky way of approaching money because it makes it difficult for you to cope when you have an emergency.
Spending beyond your means
With credit being so readily available, many people are now living beyond their means. What this means is that you spend money that you do not have so that whenever you get your paycheck, all of it goes to paying off a debt. This makes it impossible to save and can easily be curbed.
All these barriers to your saving can easily be resolved with very minor changes to your lifestyle. You need to make saving a priority which requires a change of attitude. Save first, and then spend. Check your expenses and make substitutions where possible.
You may only live once, but you will probably wake up tomorrow morning. Enjoy yourself without being financially reckless. Finally, do not use any credit cards – ever. Spend what you make rather than creating the possibility of getting into debt.
Once you take these steps, saving will be a breeze, and you will be able to enjoy the benefits in the future.