I learned the importance of saving money since I was young and started saving some coins before I begun studying elementary. As I grew older, I realized more how valuable saving money is and how I can save little by little from the income that I’m receiving.
I believe many people also knows the importance of saving money but they find it very hard to do. I’m not an exception for this one because I experienced it myself. It is really difficult especially if you don’t have the desire to do so.
I have listed here some of the most common reasons why a person cannot save money based on my experienced and through the knowledge I got from reading other blogs and finance books. Keep on reading to know more.
Perhaps this is the most common reason why you cannot save. Maybe you’re overspending your money on the stuffs that you want. If you want to save some money, the first rule is to spend less than what you earn. This is the best financial advice that I can give to you.
There are several causes why you overspend. One reason may be due to impulse buying and having no budget and discipline in handling the money that you are earning. I suggests you read this article that I posted almost two years ago about how to control your spending or expenses. Click here.
2. Too Much Debt
As long as you have debt, it is very hard to save. For me, I would rather pay all of my debt and then save. I do not suggests to save money if you owe lots of debt particularly those you owed to people like your friends and relatives. You should pay your debt first and then after finishing the payment, start saving. It is only my suggestion, you can do whatever you want since it is still your money.
I have realized couple of years ago that is a very good feeling that you have no debt. You have peace of mind and you don’t worry how you can pay all your debt. As of this moment, the only debt we have is the mortgage of our house and it will be soon completely pay down. Other than that, we have no debt. Ah, we have credit card debt but we always pay it in full every month.
3. No Plan to Save
Obviously, if you have no plan to save, you will save nothing. All habits start in the mind. First and foremost, make a plan and carried out that regularly. A good step is set a limit on how much you must save each month. Don’t make unreachable plan, start little by little like saving one dollar a day.
It would be better if you can write your plan to save on a notebook or sheet of paper where you can easily see it everyday. In this way, you will be reminded if you have short memory span. Another good idea is starting to save some bucks using a piggy bank. I’ll tell you it really works!
4. Your Income is Low
Actually, some people manage to save litlle by little even if their salary is low. They have developed a great discipline and self-control so they can set aside some portion of their income. However, it will be easier to save when you have higher income than your currently receiving assuming you will not change your lifestyle. So, my suggestion is to find ways on how to increase your income. Perhaps, you can start creating apart-time job or side business that will not let you quit your present job.
Another good way is to learn how to make some money online through web design, blogging and affiliate marketing. Many people now are doing these so you can find lots of information on the web. If you are interested about earning through the Internet, you can subscribe to this blog by entering your email below so you can receive helpful tips from me. You may also read some of my articles about blogging and selling in ebay that you can found on the category section of this blog.
5. You have a serious disease
It is important to be healthy. The old saying, “Health is wealth” is definitely true. Before living and working here in Korea, I seldom each vegetables and do exercise. However, it is not my condition anymore. Perhaps I have eaten more vegetables and fruits in my five years living in Korea than any other time of my life.
I could say in general, Koreans are more health conscious that’s why I almost adopted their behaviour and lifestyle. Surprisingly, I have already acquired the taste of Kimchi. I counted it as a great blessing for me and my family to be given a chance to live here and learned the importance of being fit through eating a balanced-diet and regular exercise.
Actually, the company I’m working now has two mini daily exercises every 10AM and 3PM. It is a 2-minute long of stretching or do-it-your-own exercise. Each morning when going to my office, I do not use the elevator instead I walk through the stairs to go to my seat as one way to exercise.
I have also started creating a 5-minute exercise after waking up in the morning. Normally, I lift weights and do squatting since I’m always sitting all day long in the office. I think it really helps on my lower back.
That’s all. I hope you got some valuable information here and help you to save some bucks in the days ahead.
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Image by Grant Cochrane