Do you worry that you’re not saving enough? Or nothing at all? With the cost of living always on the rise and our salaries struggling to keep up, saving money for a rainy day seems more like a luxury than a necessity.
There comes a time for all of us when we need a little cash injection. Maybe you’ve lost your job, or your car is in sudden need of repairs. But if you fail to set anything aside for financial emergencies then you could find yourself spiraling down into debt.
If you’re struggling to save, then read on to discover the potential reasons why.
You’re not budgeting
Creating a monthly or even a weekly budget is the best way to figure out what you’ve got coming in and what you’ve got going out. You’ll be able to budget for your weekly shops, bills, treats and of course your savings. Click here to check out a simple budget calculator. Neglecting to have a budget means that you’re not keeping tabs on your spending and it’s probable that you’re spending more than what you can afford.
Your debts are taking over
Debt can be all-consuming. It can take over your bank balance, your relationships and your future. Dealing with debts of any size can be enough to put the brakes on your savings plan. Even interest payments alone can leave you financially crippled. If this sounds like you, then you must get some debt advice and speak with a debt solution company.
You’re waiting until the end of the month
When you’re struggling with bills and trying to get your head around budgeting, it’s tempting to add to your savings pot last. However, doing this means you’re less inclined to save anything at all. You’re probably going to wait until “next month” to put a bigger amount aside. This kind of attitude is counterproductive. It’s much better to put something aside, no matter how small rather than nothing at all.
You’re an impulse buyer
We live in a world where if we see something we want, we just get it. With just a few clicks we can make a purchase and have it brought to us within a day. This is why impulse buying is so rampant. And when you consider the get it now pay for later mentality thanks to credit cards and finance options, it’s easy to see why so many of us find it difficult to save. If you want to reduce your impulsive buying habits, then consider paying with cash, waiting several days before you commit to a purchase and shopping less often.
And finally, you don’t earn enough
It’s simple, but it’s true. If you’re not earning enough then you’re going to focus on covering your immediate expenses rather than something that might happen in the future. However, if you’re serious about saving, building a house deposit, or paying off your debts, then earning more money is essential. Consider extra shifts at work, or asking for that raise you deserve. Or even consider starting a side hustle!