You'll gain understanding regarding not only your own struggle with saving money but also how to FIX it once you've seen some of these causes.
● You only have 1 bank account.
You must have 2 bank accounts.
- Easy access savings account
- Difficult access savings account.
This is because if all of your money is in one account, you'll wind up spending it on impulsive purchases or frivolous stuff. As a result, you cannot save money.
However, you cannot spend money that does not exist, correct?
So, get in touch with your bank and urge them to put up an accessible but inaccessible savings account. Having two different types of savings accounts can save you from worrying about whether you will have access to money in times of need.
Additionally, emergencies can arise.
This Is Making Us $ 200 Daily Passively.
● You don’t pick and choose what you deserve.
Following on from the, I deserve it, mindset. The reason why you can’t save money could be you think you deserve everything.
I think we need to be kind to ourselves and from time to time it is important to treat yourself HOWEVER, I think you need to pick and choose your treat.
For example, I really like eating good food and I think it’s important to nourish your body with healthy delicious food as it makes me happy.
So, once a week I will eat out somewhere nice. But if I am eating out, I will make sure I pack lunch every day to save money on lunches.
You need to pick and choose what you deserve if you want to save money.
● You think the little amounts won’t add up.
I had a friend who had a ton of debt while I lived in the UK. I sat him down and advised him to start saving $5 per week despite his low income.
I have hundreds of debts, I can't save money, what good is $5, he said.
However, $5 every week works out to $260 year.
With any additional cash you have, pay down your smallest loan first.
You'll discover ways to earn or save extra money to pay more toward the debt after you see the debt paid off, which will encourage you to save more.
● You are still Young and thinking you should spend more.
Yolo is frequently used as an excuse to spend too much money on activities and things.
Without a certain, I do not believe that you should solely think about the future and save without living.
I'm trying to imply that you don't have to give up saving money just because you're young. Experiences can be enjoyed and saved.
● waste money for food
Not being good with budgeting is often the main culprit. You need to have a firm grip on your finances if you ever want your account balance to turn green and grow.
One way is to plan your meals. It takes some time, effort, and forward-thinking, but the results are quick. And once you start, it becomes pretty routine and relatively easy.
● You’re Hooked On Brands
Any time a business can make a customer fall in love with their brand, they have succeeded. gaining a long-term client who will continue to purchase from them. This is the strength of brands; once you become addicted, it can be difficult to stop.
But there is a time and a place for brands. Sometimes it is well worth trying alternatives for things you may have been accustomed to buying for years that doesn’t warrant the loyalty. I go for store brand food items, generic drugs, non-designer clothes labels and non-branded household goods all the time.
● You Don’t Earn Enough
The greatest thing you can do first is to just try to increase your income from your employment, which is your main source of income. Whether or not that comes from your job by requesting a raise, or whether that comes from you changing your business.