How many times have you caught yourself making an excuse when it comes to saving money? Have you ever set a savings goal at the beginning of the month only to find yourself fall short of reaching it by the end? Unfortunately, these are common occurrences when it comes to managing our money wisely.
I have certainly had my fair share of excuse-making moments, and I now know that those little habits can add up to a big problem if not recognized (and changed). Here are some of the most common excuses people make when it comes to saving their money:
I have no money to save
While this may seem like a valid excuse given today’s volatile economy, it’s simply not true. Even if it’s a mere $25/month, every penny you put into your savings today will help you maintain financial stability tomorrow. Seek out ways to cut back and know that while it won’t be easy, you are worth it.
I have too much debt
Debt can be paralyzing. It can make the possible seem impossible, especially when you review those account balances. The thing is, you CAN save and pay down your debt at the same time. If you don’t have some sort of emergency savings, you risk digging yourself deeper into debt. This behavior creates a vicious circle that can seem far too daunting to rid yourself of. Make an effort to pay yourself first above all and know that you will eventually be free from debt’s chains.
I will save later
Have you ever thought to yourself that you’ll save more once you make more? You’re certainly not alone in this train of thought. The problem with this pattern of thinking is that once you become comfortable with each new salary bump, you can easily rationalize the need to make even more before you save. You’re never too young to begin saving and taking advantage of the glorious benefits of compounding interest.
My efforts won’t make a difference
I used to say this myself. When I was only able to save $25-50/month, I remember thinking that my efforts were useless. Wow, was I wrong! By forcing myself to save those small bits each month, I was developing a sound financial habit. Once I paid off my debt and began to save even more, I realized the power of saving money and how financially free it made me feel. This is one area where the phrase “every little bit counts” certainly applies.
I deserve this (insert purchase here)
Of course it’s hard to restrain yourself when you see your friends, family, or significant other purchasing the latest & greatest gadgets. It’s almost automatic to think that you deserve the same things because you work so hard. This is a pattern of destructive thinking that will prevent you from making any real progress with saving. While there’s nothing wrong with wanting/having material things, you must be able to truly afford them or you’re essentially signing yourself up for a lifetime of debt and financial instability.
I’m just not any good with money
This is the ultimate money excuse, sort of like when someone says they’re just not athletic so they don’t exercise. Erase this negative self-talk by taking control of your money instead of letting it control you. Read books, read blogs, talk to people you know who are financially savvy. Do whatever it takes to alter your habits so you’re able to start saving money.
I’m too old to change my habits
Simply stated, you’re never too old to save money (much like you’re never too young)!