Savings Canned: Why aren't you able to save·
Posted By: Matt in Saving on 06/09/2017 at 14:28:01
If you're someone who has the best intentions when it comes to saving money, but yet you simply can't, you might not want to totally believe that all is your fault.
Chances are you have the right idea, and you realize the basics when it comes to saving money, such as having a budget to follow, knowing that you need to spend less than what you make in order to save and that frivolous spending deserves a second look before you impulse buy, but the question remains do you follow your own advice all the time·
You'd be surprised to know that not being able to save money is more about a mindset and a mentality rather than the nuts and bolts of budgeting 101. Sure, you do need a budget, a guide to follow as you start saving and pay attention as well to what you make and making sure those numbers don't look askew.
But habit also plays a big role in not being able to save the way you'd like to, particularly on those aforementioned impulse buys and not being able, for example, to tell the difference between a want and a need.
Impulse buys, by definition, are those that you don't need but want anyway. They're more expensive than what you would like to spend but you believe that you can justify it at that very moment or you're seduced by it being new, shiny and something you've always wanted (think car, computer, clothing, etc.)
The general rule of thumb why you can't save is that you don't follow the 48 hour rule about impulse buying. If you see something that catches your eye and you believe you need it, wait two days and then revisit the purchase. This works exceptionally well with large ticket items like homes and cars. Sure, you love that they look, smell and are, in fact, new but do you really need brand new when used or a few years old would suffice· Most likely, if you wait and think it through, run the numbers and see how it affects your money, you might be more apt to reconsider.
If you aren't able to save, you might want to revisit a simple rule of thumb: make sure you pay yourself. Yes, you get paid weekly or bi weekly but are you automatically putting 5 percent of that into a savings account. If you're not, you should start and make that part of your budget and expense (yes, you deserve your own line item on the expense part).
Not being able to save doesn't mean you don't want to or have the will to do so but rather it's more about thinking beyond the budgeting box and opening up your eyes to less obvious roadblocks that are stopping your from having money on hand.
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