Why Are You Putting Off Starting to Save?
As pointed out by Adam in his latest post, there are some things that we need to do for ourselves in our lives. One of the most important of these is starting to save some money.
Of course, there are any number of reasons why you might be putting this off. Perhaps understanding these reasons could be the first step you need to take in order to finally start your savings fund.
You Spend Too Much
It seems likely that the most common reason for not saving enough is simply down to spending too much. There are so many tantalizing treats, gadgets and trips around now that it is incredibly difficult to not spend more than we should these days. So how can you try to make sure that you lower your spending in order to start saving?
Well, the first step is to work out what an achievable amount of monthly savings would be for you. By analyzing your income and outgoings you can work out how much you can safely expect to put away in your savings account. By actually having a target to aim for it should be easier to know when you can afford a small luxury and when you should hold back from spending.
You Don’t Earn Enough
The flip-side of the coin is that maybe you feel that you don’t earn enough to build up some good savings. This is a tough nut to crack but there are things you can do to try and stop it being a reason to avoid saving.
In an ideal world you would probably earn more money either by getting a new job or else by asking your boss for a pay increase. Of course, this isn’t always possible but it is definitely worth a try. Why not draw up a list of the reasons you deserve a pay increase and take it to your boss? If that doesn’t do the trick then you could consider looking at the jobs market to see if there are better paying prospects out there for you.
If you can’t get more wages in either of these ways then the next best option is to work out how best to spend the salary you receive, just like we saw in the last point. You might find that by managing your money better there is no real need to earn more before you start saving.
A Lack of Desire or Urgency
Having thought about it a bit more, I have come to the conclusion that in a lot of cases we probably are able to save more than we do, even taking into account the amount we earn and spend. So what is it that really holds us back then? Perhaps the key lies in the desire and urgency to save money that we show.
After all, it is easy to see a savings fund as something to be put off over and over again. If you are mainly concerned about having money for your retirement then the day you quit working may seem a long way off. However, the sooner you start saving the more you will have for your retirement years. There is also the idea of putting some money away in an emergency fund, which is something you will be extremely glad of having at some point in the future.
In the end, we each need to find a way of discovering the desire to save and the urgency to do this. Whether that means getting creative about ways of spending less, finding ways of earning more or just managing your money better is entirely up to each of us to work out.
Is there a different reason that stops you from saving?