Tips to Deal with Excuses for Not Saving Money

Written by
Saving money

Savings serve as a foundation for your stable financial condition. Experts suggest that you should never compromise with your saving money, and if you have not saved a penny, you should start it immediately. However, when it comes to saving money, you often have a lot of excuses to avoid it. 

Even though you find it hard to meet your emergency expenses, you do not bother about saving money. One of the most common reasons for not feeling the need of saving money is that you can easily fund your unforeseen expenses by borrowing from online money lenders in Ireland

These small loans are easily accessible, and you can easily pay them off, so you do not need to set aside money. This is a wrong ideology. You will probably manage to fund your small needs, but what if you need a big amount of money? 

Even though you are well aware of the fact that it can be quite challenging for you to fund major expenses, you do not stop making excuses. 

Excuses you make for not saving money 

Here is a list of excuses that you make in order to avoid saving money and how you can deal with them.

Hey and how you can deal with them.

The most common excuse people make to avoid saving money is that they do not make enough money. 

The fact is that as you get a hike in your pay, you immediately start spending more money, and most of the time, it goes toward unnecessary expenses like frequent shopping, dining out, nights out, and the like. 

It is good to upgrade your lifestyle when you get an increase in your pay, but do not forget that building savings is also a part of an upgraded lifestyle. 

You are too young to start saving money

Some people think you do not need to start putting aside money until they reach their late 20s, but this is a big mistake. You should start saving money as soon as you start earning money. This is because you never know when life throws you a curveball. 

If you are just relying on one source of income, it becomes more important to set aside money to deal with difficult situations. For instance, if you lose your job, you should have some money saved so you can tide over until you land a new job.

You need to settle debts first

People who struggle to pay off debt or want to clear all of their debts ignore saving money completely. They think that this kind of approach will provide them with more ease to settle all debts. Perhaps this can help you, but you will likely find yourself trapped in a debt cycle after a couple of payments. 

If you do not save money at all, you will need to borrow more money to fund your unforeseen expenses, likely to pop up down the road, and as a result, you will fall into a vicious circle of debt. 

Although you can take out loans for bad credit to meet your unforeseen expenses, this is not always the option. A lender will not approve your application if you have already taken on too much debt. 

Interest on savings is very low

Another excuse that people often make in order to avoid saving money is that interest is very low, so there is no point in it. Still, you should understand the simple fact that low interest is better than no interest. 

Further, the amount you save will help you tide over during financial emergencies. This is why you should try to set aside as little money as possible.

How to save money

Now that you have got to know that what kind of excuses prevents you from saving money, but now you should know what you can do to double down your savings:

  • You should make a budget to analyze how much money you need to spend on your regular expenses. You should treat the left money as your savings.
  • Set a fixed percentage that you will save every month and make sure that you stick to it. It can be 5, 10 or 20% of your savings, depending on your earnings.
  • Try to keep tabs on your expenses, so you do not overspend money and stick to your saving goals.
  • The most important thing you need to do is to stop making excuses for not saving money.

The bottom line

You should not make excuses for not saving money because this will ultimately harm your finances. In fact, you should find out the ways how you can ramp up your savings. Set a fixed limit that you can stash away every month, so you do not have to rush lenders to borrow money all the time. 

Description: There are several excuses that you make to avoid saving money. This blog discusses how you can tackle these excuses and start saving money. 

Read more blogs on Gomtech

Article Tags:
Article Categories:

Leave a Reply