It’s incredibly easy to come up with excuses for not doing certain things. Saving money is no exception. It can be very easy to come up with excuse after excuse to put off saving up for emergencies, possible job loss, paying off debt, or other monetary goals or scenarios. Here are some of the most common excuses used for not saving money:
1) I don’t make enough money.
It’s completely possible to save even just a little each month, no matter how small your salary may be. Before hitting the malls or paying the bills, tuck away a small amount for your savings account. Even saving $10 or $15 per paycheck is enough to get the ball rolling. Try setting up an automatic transfer to make parting with your hard-earned cash a little easier.
2) I want to enjoy my money now.
There’s absolutely nothing wrong with wanting to enjoy your money today—but don’t do this at the expense of your future. Not everyone is able to enjoy job security and good health until they are old and gray. Remember that you need to save for tomorrow, too.
3) I need to pay off my debt first.
Yes, it’s important to pay off your debt as soon as possible. However, keep in mind that you will always have bills to pay. In fact, a savings account will help you avoid digging yourself deeper in debt later on. Set aside even a small amount of money for your savings, whether or not you are debt-free.
4) I’ll save when I’m older.
You can never be too young to start saving. Sadly, many young people feel that they still have plenty of time to build up their savings account and that they should enjoy themselves now. They really should feel the other way around! Set aside a little money now while you have no mortgage or household expenses to think of. You’ll definitely thank yourself later.
5) I’ll wait until my salary is higher.
It’s true that some people actually do follow through with saving when their salaries are higher. However, not everyone succeeds with this mentality. You may earn more money later on, but your expenses will get bigger, too. A better mindset is to start setting aside money now, then increase your amount of savings when your pay increase comes through.
If you find yourself constantly mentioning or thinking these excuses, it’s time to change your attitude about money. We must realize that not saving up can cause us a great deal of financial distress later on. Regularly put money in a savings fund and you’ll rest easy knowing that you’re ready for the future.
Photo Credit: iClipart