Can't Save Money?

No Good At Saving Money?

Why is it so hard to save money?

It’s a question that has plagued many for generations. Unless you are born into wealth or have a super high paying job, then saving money is hard!

In fact, it’s so hard, many Americans wouldn’t even have enough to cover a $400 emergency. That’ how difficult it can be to save.

I struggled with the concept of being a good saver for years, and it wasn’t until after I graduated that I began to realise the importance. There are so many facets that go into what makes a good money saver, and not all of them are obvious.

How to Start Saving Money

The best thing you can do is really get a handle on your finances. And yes, I’m afraid that dreaded word budget is what’s coming next.

Budgeting doesn’t have to be difficult, the concept in of itself is simple. You want to make sure you have more money coming in that you’ve got going out. And, more importantly, be able to track these payments, with great accuracy.

Not everyone will be able to achieve this, at least initially. And some will rely on credit, and that’s ok. Just make sure you are making the minimum payments and clearing your debt. And then employ some more tactics to reduce your spending.

Then, and only then, will you be able to start growing your bank balance. It may seem like an uphill struggle, but trust me, it’s possible. When I left University I had over £3000 in credit card debt and no job. But 9 months later, after gaining employment and tracking everything like a ninja, I became debt-free.

Why Save Money

It shouldn't be a vanity thing. The more money you have saved the better you are. In fact, it couldn’t be further from the truth. Having a decent stash of cash set aside will help you emotionally with everything life has to offer.

There are times when the worst can happen, and having that financial safety blanket is something you can’t put a price on.

Also, there will be many things you wish to achieve for the future. And having a decent amount of savings will allow for you and your family to accomplish it. Also, and possibly most importantly, when you really start to get a good level of savings, you can help others.

And that’s what it’s really all about, isn’t it?

Mindset

It can be about more than just watching your spending and being eagle-eyed with your accounts. Getting yourself into the right frame of mind will ultimately make you better at saving money

You may have to come up with some reasons for starting your money-saving journey in the first place. And keep these objectives in the front of your mind for encouragement. It’s easy to slip up and spend. And it’s easy to give up and quit saving.

But if you are able to think logically about your plan, and really stick with it, then you will certainly get there. Remember, it’s a long term plan to save money.

Moving Forward

Don’t just rely on the ability to put more money aside. In fact, making more money is one of the best ways to be able to save more.

On top of that, cracking down on your spending is another great option. If you are buying everything for the full advertised price, then you are leaving money on the table.

Money that could be going straight into your wallet or towards that emergency fund.

There are loads of tips and tricks you can use to get better and faster at saving money. I believe anyone with the right mindset can achieve it. But if you need some extra help, be sure to check out 11 Reasons You Can’t Save Money.