Do you have money in the bank? Something put away for a rainy day, just in case money for an emergency car or home repair, or even in case you lose your job?? So many people live pay check to pay check, and struggle to make ends meet let alone save anything. If you are in that position, I’m sharing with you my top 5 reasons why you can’t save money, and how to solve them!
1. Spending More Than You Make
If more money is going out of your bank account than coming in, you are never going to be able to save anything. It seems simple enough, but spending less than you make isn’t always so simple. You need to take a hard look at your spending habits and your expenses. What can be cut? What can’t be cut? If you are finding that there is nothing you are willing to drop, than you either need to find a way to make more money (new job? ask for a raise? take on a second job?) or look at my second tip:
2. Treating Yourself Too Often
This is a hard one to swallow for many people: you don’t always deserve to treat yourself! I know all those cute signs on etsy and all the famous tag lines in songs and shows tell you to “treat yo self” but this isn’t practical for most people! Maybe you can’t afford that Starbucks, or those new shoes, or that dinner out with friends. Not right now anyways. Building a savings account isn’t easy, it takes time, and it takes sacrifice. Something has to give, and “treats” should be the first thing to go.
3. Paying Bank Fees
Do you get charged for debit purchases, or pay monthly bank fees in any capacity? You shouldn’t be! So many banks offer free accounts, so either ask your bank to drop your fees, or switch banks. Yes it will be a bit of a head ache, but paying even just a few dollars a month adds up. How much do you get charged? How long have you been banking there? Do the math, I bet you will be shocked at how much you’ve been charged over the years!
4. Trying to Keep Up With the Joneses
This is an old saying, but it couldn’t be more true today! Social media has made this problem even greater! I’m sure you follow several people who are always sharing their new clothes, their fav latte, and their perfect house. And it feels like you are the only one that doesn’t have those things, so you spend money you don’t have to try to get that life you feel you need. Will those things make you happy? Maybe for the moment. But in the long run it wont help! Most people can’t afford to live that way, even the people on social media or the friends that seem to always have them! And yes, this point is very similar to my second one. But that’s how important it is!
5. Not Planning Ahead
Having a savings account is essentially planning ahead for something unexpected. But in order to get that savings account you need to plan for the everyday stuff that happens all the time. In other words, you need a budget. You need a plan for you money, all of it, every penny that you make. A plan for your food, for your bills, for any seemingly random expenses like car repairs and birthdays and Christmas, that aren’t actually random because they happen all the time. Plan your grocery list and meals around whats on sale, plan to have part of your budget for gifts for others because birthdays and baby showers and weddings happen. Plan to save for Christmas before it arrives, instead of planning to pay off a credit card bill in January.
I hope this wasn’t too harsh to read for you, but rather some helpful tips to help with a serious problem. People shy away from talking about money, but the reality is we need to talk about it. Most people have struggled with money at some point in their life. Having money issues isn’t something to be ashamed of; not doing something about it is!