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Stop using these common excuses for not saving money

clock icon March 14, 2017
tag iconFinancial Planning Savings & Deposits Wealth Strategies

“I’ll start on Monday.”

It’s the famous excuse for anyone starting a new diet or exercise regime. As it turns out, not only are we good at justifying why we aren’t exercising regularly and eating healthier foods, the same can be said for our finances.

First things first, you are responsible for your situation. If you continue to make the same excuses, nothing will ever change.

Here a six excuses you need to stop making today and start planning for your future.

 

1 – “I don’t make enough money.”

Don’t focus on what you are earning. Instead, focus on what you can save. If you are earning the minimum wage, there’s no reason why you can’t be saving something each month.

2 –  “I’m too old to start saving.”

There’s no such thing. It is never too late to turn your finances around. Saving something is much better than saving nothing.

3 – “I can’t save any money right now, I have too many bills.”

Take control of your bills and start paying them. Sit down and work out how much you owe each month and allocate 20 per cent of your monthly wage to paying it down.

4 – “I don’t want to give up my lifestyle.”

Despite what you might think, you can have your cake and eat it too. Saving money doesn’t mean giving up your life. It’s all about allocating funds and sticking to it. Allow for some “fun” money, but once it’s gone, that’s it – there isn’t anymore! Also, have a look at your lifestyle. Do you really need a plasma TV in your bedroom? Figure out how you can lower your expenses by cutting out anything unnecessary.

5 – “I’m not smart with money.”

Money smarts aren’t the same as street smarts, you aren’t born with it. Instead, it’s something you learn. If no one has ever taught you how to manage your money, how are you supposed to know?

6 – “I’m too young, I’ll figure it out when I’m older.”

Your future self will thank you if you stop making this excuse, trust us! The sooner you start, the better.

 

Successful Ways offers a fun and interactive Wealth Creation Course where you’ll learn successful wealth accumulation strategies, how to make your super work harder for you, strategies to (legally) reduce your tax, how to build wealth with real estate and more.

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