I have a friend who has been talking about saving up money for a trip to Germany for years. Everytime I ask him if he’s made any progress I get the same sappy stories about how he just hasn’t had time to get around to saving, or how hard it is. “One day,” he always responds. One excuse after another. I’m not sure if at this rate he’ll ever get around to it.
If you’re like my friend and seem to find yourself making one excuse after another about why you can’t save money, it’s time to buckle down! Take a step back, look in the mirror, and recognize how silly your excuses are. It is possible for you to save money!
Your excuses are invalid, and here’s why:
“It’s too hard to save anything.”
This is one of the most common excuses that I hear about why people can’t save money, and it’s completely invalid as long as you get creative about what it means to “save”. Saving money doesn’t have to mean the actual process of putting spare bills in a piggy bank, there are more creative ways that you can do it without ever feeling your pockets empty!
Can you switch to a bank that will charge you less for your services? Moving around your money is one easy and free way that will help you see the bills stacking up in the long run.
Switch to a credit card company that gives you great rewards. Companies like Discover or American Express will give you great cash rewards for just spending money like you would on a daily basis anyway. As long as you’re careful with your credit expenditures, this is another great way to save money with the money you already have.
“Where do I start?”
Again, most people don’t think of saving money as anything other than adding to a piggy bank. Do an investigative research into the funds that you already have, followed by an investigative research into your options for savings plans. Savings plans will be different for everyone depending on what you’re working with, which is why it’s especially important to do your research.
So to answer your “where do I start?” question–the answer is online, with a financial advisor. Even better, you can start by asking for help from a financially savvy friend.
“I don’t have anything to save for”
My friend’s trip to Germany is a somewhat unique case, but a lot of people don’t really have any explicit financial goals. If you’re not looking to buy a car, take a luxurious vacation, or pay for your child’s private school tuition, why do you even need to bother with the effort?
It’s never good to not have any savings, and it’ll only get worse for you down the line if you’re not proactive. What if an emergency comes up and you need several thousand dollars for a surgery? If you’ve never put any money away you’ll have no way of paying for it. Not to mention, by the time you retire the cost of living will be much higher than it is today–will you be prepared? If not, start saving now while there’s still time!
“I’m in too much debt to save”
Debt can be overwhelming to a lot of people, and paying it off is an important path to financial freedom in the future. If you’re in too much debt to even consider saving money for anything other than your payments, it’s time to get your finances in order so that you can start doing the things that you want to with your money.
Think of paying off debt as form of saving– you’re investing in your future financial freedom. In the same way that I mentioned getting in shape for saving in the above points, you can apply these ideas to paying off your debt. Rearrange your finances in the best way possible, take a look at your situation and figure out the best plan for you, and set goals for yourself.
Saving is as much about mindset as it is putting money away. Getting yourself into the right mental place can be even more important than getting yourself into any specific financial situation. So stop making excuses and just get to it!
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