Are you trying to put away money each week or month when you get paid but it seems like your savings is constantly draining rather than growing? There could be some very good reasons why you struggle to save money and they might surprise you.
Here are some things to ask yourself if you are trying to save money. First, do you notice new opportunities? Secondly, why do you save? What overall goal or purpose do you have for saving? Can you make your decisions consciously and do you map out on paper what you plan to save and for what?
If you’re not able to answer these questions, that could be a very good reason why you are struggling to save money. There are actually several different ways to save money and it’s possible you are not using any of them correctly or that you are not using the best one for your needs and this would be one reason why you are struggling to save money.
So one reason you might struggle to save money: You don’t know how
It may sound silly but many people are never actually taught how to save money so you are not alone if you don’t know how. There is nothing to be worried about or ashamed of but it pays to take the time to learn. There are many different ideas out there and what you really need to do is find the one that works best for you. This might mean trying a few different saving methods until you find the one for you. Learn more about how to save money and then begin trying these methods until they become routine.
If you don’t know what you are saving money, you have no goal. This doesn’t help you to stay motivated towards what you need to do. Maybe you are saving for an emergency or urgency. Maybe you are saving to make a big purchase you really want or that you really need. Whatever the reason, it pays to have goals. Then you know why you are saving and each time you are tempted to break your plan, you can just remember why you’re saving and it will help you remain on track.
Another reason you might struggle to save money: Who is it for?
So another reason you might struggle saving money is because you don’t know who will use the money. You can save money for yourself, your spouse, your retirement, after your death or for your children. Think about your future self and what your needs may be in the future. This future you might seem like a stranger to you right now but try to envision who he will be and what his needs will be. This will help you better picture who you are saving your money for.
Before saving money, take some time to prepare. List out why you are saving, how much you need and what you need it for. This will make a huge difference when it comes to sticking to your plan and keeping your savings.