Do you dream of owning your own home? Sending your child to a private school? Jetting off on numerous holidays throughout the year? Or just living comfortably and looking forward to your retirement? They’re dreams we can all relate to, but why do these things come so easily to others, but not to you?
The difference? They might be better at saving than you. Those who have a better understanding of their finances are more likely to hit their saving goals faster than those who earn even more than they do! Here we’ll take a look at why you might be struggling to save.
You’re struggling with your debts
Everyone has some kind of debt, whether it’s student loans, items being paid for on a monthly basis, credit cards, store cards, pay day loans and even debts to friends and family members. If you’re struggling with your debts, then you’re going to find it difficult to save and put anything away for a rainy day. If this sounds familiar then consider checking out the Creditfix website for more information on debt solutions and advice.
You don’t have a plan
Saving isn’t something you can do spontaneously; it takes careful planning and strategy to pull off successfully. Whether you want to have a house deposit ready by a certain date, or you want to be able to pay off that holiday in time, you’re going to need a plan going forward. Having a savings goal means that you can put things in place to help you achieve it. You’ll work harder to save and reach it. Work out your expenses, your budget, figure out how much you can save each month and get started.
You have too many direct debits
Direct debits are a convenient way to pay for things like bills without having to go through a lengthy process each month. However, they’re also easy to lose track of, so things like subscription boxes, magazines, online subscriptions and memberships can quickly become lost in your monthly outgoings, draining your monthly wage and leaving you nothing to put aside. Go through your subscriptions and remove any you no longer want or need!
You think it’ll never happen
The idea of saving thousands of pounds for a house or your future can seem too far fetched for someone who has next to nothing saved for a rainy day. However, it’s this acceptance that leaves people trapped in a debt and spending cycle. Saving is possible and it can be done! Break the cycle and start today!
Are you a savvy saver? What are your tips for saving money each month? Remember, the sooner you start saving, the better!Follow me on social media for more!
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