5 Reasons Why You are Unable to Save Money
It is very common for people to crib about not having enough money. Unfortunately, human needs and demands are endless, and they always keep on increasing. So it’s only natural for you to feel restrained even when your pay check doubles, or when you receive a bonus, because you will have some or the other wish still unfulfilled.
While it is obvious that the primary reason for people to not be able to save money is because their spends are more than their earnings, there are several other factors too that you need to take into account for not having a good enough bank balance. Listed here are some reasons why you are unable to save money.
1. You don’t check your balance regularly
One of the main reasons why most people are unable to save is because they do not check their available account balance and funds from time to time. They do not keep a track of their leftover money, and in the absence of such knowledge, they tend to overspend. It is highly important to develop a habit of checking your balances regularly, so you know that you are not finishing all your money in the middle of the month, and go broke for the rest of it before your next paycheck comes. A simple way to solve this problem is to sign up for text or message alerts from your bank, so each time you make a transaction, you know how much balance is left in your account.
2. You get tempted
This is a problem that a lot of youngsters face. You get tempted when you look at something fancy, and feel like purchasing it then and there. At the back of your head, you know that if you buy that gadget or pair of shoes at the start of the month itself, then you will have no money to depend on for the rest of the month. But you get tempted and give in to the charm of that thing you want to buy, and that stops you from saving money. So it’s best to develop strict self-control on yourself in order to save yourself from succumbing to such temptations.
3. You are overconfident
This is a problem with a lot of freelancers. They earn well on one project and decide to buy a lot of luxurious items, thinking that they will earn well in the next project too. However, such incomes can be very erratic and unstable. There is no surety of when your next income will come, and that creates problems in your savings. So it’s important to not be overconfident about your future incomes. The best technique is to save now, and not regret later.