Saving is one of the most basic tools of personal finance. Saving can help you achieve financial freedom. But many times people, however much they try to do it, fail.
Why cannot you save?
If you have already tried, and you know that it is very important to have savings, but you do not know why you did not, here are some of the most common reasons and possible ways to solve it.
Do not have a goal
The goal or purpose of saving is as important as saving itself. Not only does it help you to know how much money you have to save, but also to stay motivated and reach that goal.
When you do not have a defined purpose to save, you can easily spend those savings. If you have not defined goals or dreams yet it is as simple as blowing the imagination. Make a list of things you need or would like to have that are not at all affordable prices. That list could be your savings goals.
He has not made the habit
Let’s say you really have a dream or a purpose of saving but still you have no idea why you have not. Much of that is because he probably failed to develop the habit of saving during his childhood.
It is not about finding guilty or knowing why you did not develop the habit of saving when you were a child. Now it is about exercising this habit to make it a habit.
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You can start easily with saving all the money you have left over as coins could be. The trick is to do it steadily, you can start doing it daily when you get home to rest and after you have finished your day. Always try to leave some money to save at the end of the day.
Once you have mastered saving something every day it is time to put a fixed amount to save. Try to realistically stick to an amount that is not very high and is easily achievable.
Compulsive shopping can be a consequence of emotional gaps. It can also be a way to get distracted and stop thinking about problems. When you are depressed or when you have a problem, do you turn to shopping as a means of consolation? When you see offers you cannot let them pass even if you do not need them? If you answered yes, you could have problems in the way you spend and consequently, your pocket could be affected.
Some of the solutions are to stay away from offers and promotions. Try not to charge your credit cards or stop using them completely. Debt repayment could be preventing it from starting with saving.
Do not have a budget
Without a control of inflows and outflows of capital, you can hardly allocate the amounts that you want to the concepts or purposes that have been put. Take the time to organize exactly what you do with your money, how you spend or invest it, and you can make changes that allow you to include savings.
No matter how much money you start saving while saving an amount, you can gradually be sticking to an amount.