The 5 Other Reasons Why You Can’t Save Money
|Hi , |
A lot of us find it really difficult to cultivate this habit of saving money but you’ll be surprised to find that how little you earn is not to blame this time.
|I met this driver about 4 years ago who earns 35k a month- he was married with a kid and I was curious to know just how he survived in this same Lagos. |
While it was admittedly difficult, his experiences and responsibilities taught him to put 200 Naira aside daily for emergencies and it’s working for him, no excuses!
If you’ve even been thinking of saving at all, that’s a step in the right direction. If you aren’t even considering it, the other reasons apart from the excuses you’ve given yourself might be one or all of these below:
1. Your Taste Keeps Increasing
You probably first complained that you weren’t earning enough for starters and couldn’t possibly save any money. Now you got a raise or business started booming and you still wind up broke! It’s probably because you started overindulging in the finer things in life- expensive clothes, hair, restaurants, jewellery, car, whatever! Learn to find satisfaction in the simpler things.
2. You Keep Comparing Yourself
So you’re the only one in your group who isn’t driving a Camry, so you’ve not been to all the expensive places, So What?!! If you can afford it easily, without debt or risk of going broke, fine! But if you know that before God and man, you can not, please stop comparing yourself. Envy is a very bad thing and it makes people do very bad things.
3. You Have Poor Spending Habits
The moment money gets into your account, its like you can’t “keep calm” right? When you splurge on frivolities and totally forget about any personal goals for yourself, the result is an extravagant lifestyle without the funds to keep it up. While it may not happen overnight, your habits determine the quality of your life.
4. You Procrastinate
When we say pay yourself first, we don’t mean blowing money fast, what we mean is- Take a certain percentage of your pay check, and allocate it to savings- savings is for you and all your big plans. Think of it as your mini salary. Then, the remainder is what you’ll be left with to use for bills and other expenses. Bad savers are often procrastinators, so they continuously tell themselves they’ll save later.
5. You Are Way Too Nice
Are you the family ATM? Do you freely lend money to anyone who asks? It would be harder to save money if you don’t keep some of it in your bank account. Work to get over your fear of being seen as the “bad guy”, and practice saying “no” every now and then. Don’t agree to lend money if you know that it would put your financial future at risk.
If your life has been so great for you financially, you probably won’t think much of savings but if your life is sort of unpredictable and cash is not so abundant, just one emergency could knock you off your feet! Think of how peaceful your life would be if you started saving today.