Does your piggy bank contain barely enough cash to cover a fast food place’s dollar menu item? Have you ever wondered why your savings account is always showing zeros while others are able to stockpile money like it’s nothing?
If this describes your current financial status, here are ten reasons you may find saving money as hard as finding jeans that fit just right (and ways to move past them):
#1: Your parents are bad at saving money
You live how you know so if you weren’t given the knowledge or encouragement to save, then you will probably continue the cycle. While this may explain your current situation, don’t use it as an excuse.
Teach yourself what you need to know so that you can pass the information on to your kids and help them break the cycle.
#2: You’re impulsive
Living like it’s your last day on earth is great in theory, but rough on the pocketbook. Commit to only buying the things you both need and planned for.
If it isn’t on your list and in your budget, you’re better off passing it by as it will do you more financial harm than good.
#3: You try to keep up with your friends or neighbors spending habits
It can be pretty frustrating to see those around you with expensive things or going on exotic trips so it’s understandable that you want to live like they do so you don’t feel left out.
However, the reality is that they are either putting themselves in debt to have that lifestyle or they’ve saved up to be able to afford those luxuries. If it is the former, why do that to yourself? And if it is the latter, use that as motivation to do the same.
#4: You don’t follow a budget
When you don’t have a plan for how you’re going to use the money you have coming in, you are leaving your financial future in the hands of the unknown.
Take the time to sit down monthly and create a budget. Decide to direct some of your income into a savings account because if you don’t, you will spend it instead.
#5: You live beyond your means
If you’re the person who always has to have the best of the best, it is likely impacting your ability to save. Sure, you may want to have the nicest car and house, or newest cell phone or other gadget, but you need to consider what it is doing to your cash flow.
Are these items really worth being in the poor house for? The lower your expenses, the fuller your piggy bank.
#6: You’re not a haggler
How many times have you paid full price because you didn’t ask if they’d take a lesser amount? It can be uncomfortable to ask for a lower price on an item, but the worse that can happen is that you can be told no.
Don’t be afraid to see if the seller is willing to go lower as you may be pleasantly surprised how much cash you can save when you do.
#7: You aren’t detail oriented
If you don’t pay attention to where your money is going, you’re likely paying more money for things than you realize. Luckily, this is relatively easy to fix.
Simply spend a few moments looking over your bills for hidden charges and checking your receipts to make sure you got the discounted price as every little bit helps.
#8: You don’t consider it a priority
Even if you tell yourself that saving money is a priority, if you don’t make it one then it isn’t so. You’ll never save if you don’t hold it as important.
One great way to do this is to make saving money the first goal of your budget. Work all your other expenses in afterword and your savings account will grow.
#9: You overextend yourself on credit
Of course you’ll never save money if you’re always paying sky high interest on credit cards and loans. However, if you ditch the idea of buying on credit, you can take all of those interest payments you never made and place the cash in the bank instead.
#10: You’re afraid to make a fuss when you’re overcharged
If you’d rather lose a couple dollars instead of making a fuss when you’re overcharged, it can be hindering your ability to save. When you contest paying the wrong price, it’s not like you’re personally attacking the cashier. You’re simply asking for what is rightfully yours.
Even if you’re bad at saving money now, that doesn’t mean that you can’t change that. Try these ten changes and watch your cash pile grow.