So, you walked into the bank and setup an account just for the purpose of saving. And a few months down the line, even though you’ve been getting paid, there’s not a penny in the account.
Here are top reasons why you’ve not been able to put in money into your savings account:
You’re not paying yourself first
Each time you get paid for the month, or you receive payment for a project, you probably always have something to do with money. Either that shoe you’ve been planning on getting or a TGIF party for your friends, so you end up postponing your savings to when the next pay comes in. If you pay yourself first, you won’t have reasons to spend money on things that you don’t need. This would translate to less money for all the things you’re yearning for, but don’t actually need. But when you need the money, you’ll be glad it’s there.
You’ll “do it later”
You probably have it in mind to begin saving, but you’ve decided to push it to a later date which always never comes. If you feel you can always start saving later, that later might never come if you don’t start now. While you keep planning for later, you just might be unlucky, and life sneaks up on you. Don’t wait till that moment when you’re in an emergency situation, and you realise you could have begun saving earlier.
You don’t have any concrete savings goals
A lot of times, the reason you’re not saving is because you have no goals. Goals like buying a car at 25, saving to buy a land at 30 can catalyze a more serious attitude toward saving. If you aim for nothing, you’ll hit it every time. Learn to save from your paycheck regularly, while also creating milestones to keep you invested in the process of saving.
You don’t have a budget
Tracking your spending is often the first step toward creating a budget. Create a budget. You can include spending on “fun” things if that’s something you can’t do without. When this is done, you’ll know how much you spend on a monthly basis, and be able to keep the rest in your savings account in order not to squander it.
Start preparing yourself today so the next time there’s an emergency you won’t get left out in the rain.