You want to save money but you cannot do it in a normal way like others do and you feel it’s useless. Then you need to consult this matter with yourself first.
The major flaw in saving money is the behavior of the person who keeps on spending and this might have become their strong habit. There are many ways to make money and even though there are double as many ways to save your money. If still you do not know how to save money and you are not getting the nerve to do so then, these might be the reasons behind.
You have got no budget
The first reason is that you got no budget. You earn and spend without taking notice of anything. Those who spend blindly are because they have no budget set for their commodities so they spend on the high price of items without looking for the alternates of those products at the lower prices because they have no idea how they need to spend money so they are spending blindly and in the middle of the month they have no savings and no extra money to spend is left. Yes 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 left a portion of savings in it and take the full advantage to make the fixing and heavy-duty works and take the groceries and all.
And from the next month onwards make the budget plan with the minimum level of spending in it and a high level of savings portion in that. Then spend them according to it. This will not only make you save more but also allow you to change your habit of “not saving” and “only sending” money all times.
You think you deserve everything.
This is the worst reason one could have in order not to save any money from their income. No doubt that people cannot save money if they keep on thinking that what they earn is only to spend on them and I was one of them too, it is like that I always thought that if I get to earn someday I will be spending on clothes and new trendy things and I always be eating out with friends and whatever I like I will get them delivered.
Like it was a dream come true to me after I got the job. Since after that, spending so much on the things I like, my feelings do not get satisfied with the materials so I stopped looking for the accessories and trendy clothes every month. Every day I make myself realize that the money I spent on clothes that are hanged in my closet is just the waste of money if I could save them I would be able to buy something more of the value like I could have my own car or I could travel to some other state as well. But this never happened. Because I was too careless to take care of where I am spending my money and where it should be spent.
You confuse “wants” with “needs.”
If you are unable to make savings then the other possible reason behind your no saving attitude is that you mix the concept of wants with the needs. You are not able to understand what the needs and wants are for you.
For making a better understanding of needs and wants here is a brief concept like needs are what that is a necessity to your survival and life and the opposite are the wants that are totally what you desire for yourself. So in order to make the living, you need to understand that you should be spending more on the needs and less on the wants. When you cannot make the difference between your needs and wants you will be spending more on both of them.
For the easy note, you can take paper and a pen and write down what your needs are for the month and what would be the wants like entertainment or having fun with friends or eating outside and make the compromises or you can spend less on them.
You think you will have time to save later
The other reason behind not saving you is the fact that you think you will save next month so it won’t be happening in the next month too. When you are unwilling for savings today you will be unwilling tomorrow. Make a decision today, there is no tomorrow. The emergency period of time is not going to tell you before coming. One needs to prepare beforehand.
Thinking that little amounts will not be sufficient for saving.
Then you are totally wrong because by collecting single pennies you can make a million, one day. So never ignore the value of pennies, even if you have them.
Saving less is still the better option to save nothing. The less you save in 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
You don’t save somehow, maybe because you think that your salary is very low to save from it though but this is not what’s is like. You can always make the savings from what you earn. You just need to make the portions of your income like it is in the book of: “The richest man in Babylon”.
He explained how he became the richest man of Babylon, so he said that he saved from the money he earned. And divided the income into different portions. The one portion was the one that he gives to himself just. So at the end of the year or after to 6 months, you will have that portion of savings out. And you will be amazed by looking at the amount you have saved. Then you can invest them in the business or somewhere in which you have interest but make sure that you know the business then invest theirs.
You believe you have lots of time to pay off your debt.
While having the debts you cannot even save, first of all, 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 you can pay off your debt. If it is a huge amount you can sell something and pay off your debt.
If it is not possible, then you can take a big amount of your income and invest it in some business. Gradually you will generate some extra money from the profit of that business. But make sure that the business in which you are going to spend money should be the legal one and should be the one you know every detail about. By this not only you can make more money but can save too and pay off your debt as well. There are many ways to earn some extra money so that you can have an easy and soft cushion while you are paying off your debt.
For example, in my previous article, I have discussed how you can make some extra money. Like you can earn through an online working or you can work as a part-timer after your job.
You’re paying for those of your entertainment which you can’t afford it.
You are unable to save if you are paying for those commodities which you actually cannot afford on the ground basis. For example the entertainment like Netflix or TV cable or paying online for movies, these are some of those entertainments which actually can cause the major damage to your saving attitude when you are addicted or got habitual to pay for them and you do not even get the time to watch them according to the payment you have paid for them then you are totally wasting your money and could not even saving anything.
For the saving behavior, you need to understand that these commodities are a wastage of money, not the trend you are following. So by cutting these things you can have an actual saving amount for the valuable things like going to vacations with your entire family that worth it.
You can even pay your debt from that money or you can buy your own house if you do not have yet. There are many things you can buy or spend money on that would be worthy of your effort and money. Unlike spending money on paying for the channels or TV cable etc.
You are treating your credit cards as your income
The biggest issue you have is you’re spending from your credit cards. You think the credit cards are the income you have earned and you are forgetting the fact that buying from credit cards is the money you are borrowing from banks through credit cards and then on the coming of your income your money will be gone to the bank before you could even withdraw them to use them for yourself.
So where the portion for saving is?? It’s all gone you will be left with the amount necessary that is only enough for the needs of yours, and you could not save from them.
So to save and save more, you need to stop using your credit cards. That is not your money, just use from the money you are earning so you will have the budget plan in your mind, and in the month you will not be worried about the less income because of the cutting from banks.
Not saving because others are not saving, so it’s fine if you do too
This is a natural behavior of humans, if you are having an influential friend or you are spending 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 and so, and you are doing the same thing because they are doing this.
They are delaying their debt 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 their all assets so never trust anyone blindly. Stop making foolish assumptions like if so and so have not paid their debt so will you, and if they are spending more so you will spend more too.
Bought something on installments.
The other reason is that you have bought something on installments. How and why installments are not supporting you in your income management. Let us take some example to explain it quite easily, for example, you have bought a car of 90 some thousand dollars, just as an example. You bought it on 20 months of installments, with 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 the installment’s money. So the culprit in making you lose all your money without saving anything is the car that you have bought on installments.
For saving money never ever buy anything on installments, otherwise, you will be paying the higher prices for the long term periods of time that will keep you engage in the money of installments and you will not save anything.
Although you are might be in the above situations, there are always a way to make the changes you can work on the different habits of yours. Like changing your spending behavior, changing your eating out behavior, or like stop spending on expensive entertainments.
Those who can control their feelings and spending behaviors can make the amendments in their budget plans and go for the savings. The best ultimate way for saving is to buy a piggy locker, to be frank, and openly I also purchased one when I started making money and realized that I need to save too. Then whenever I got cash I blindly put the amount in that piggy locker and though I spend more of my time outside working on the job and after that, I do some part-time and after reaching home I spend some of my time doing house chores and working on my study thesis. So I barely forget to take a look in my piggy locker though I do remind myself to put all the cash that is remaining of the day in the piggy locker.
This was the first time, that I made the addition of piggy lockers in my life and make it my routine duty to put money in it. Like to feed that locker with money whether less or more I just have to put in it after the day. While doing this at the start I got to know that this thing is merging in my habit, and I started getting eager to put money in that piggy locker. After a month or two it finally helped me to change my habits and made me do some savings.
Since that, I started making budgets for the month and spend according to the budget while I save quite a good amount indeed. You can be doing this while making money you can save too without taking it on the serious level like making budgets and all, just for taking the start normally, buy a cute piggy locker so that it will keep on catching your eyes and 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 wise thing. You can make a budget of your choice and spend less and save more will be your benefit option.
Many people say that you only live once but I must say that if you live this life in a rightful way, then this one is enough too. Think wisely before spending your money because this money is what you have gained after spending so much time and effort, while spending on other things its better that we help others with our money, who need them most.