Lack of cash in your bank account is only due to your failure to save enough money. Having the means to purchase food and buy the things we need is easy if we have sources of income and a system of managing finances. But often, we struggle to make ends meet due to inadequate funds in unplanned our bank account, for reasons that only should control. Excuses to justify our situation, from repairs in the house or dealing with a health emergency that is unavoidable. However it is in our power to improve our financial situation, and requires more than discipline to work out solutions. You need to come up with a plan to start saving for today and tomorrow. Always remain cautious of the common pitfalls that lure us to fritter away savings.
Reckless Spending and non-monitoring of expenses
This happens when you spend more money than you actually earn, or when you make a purchase that is not necessary. The situation differs from person to person, depending on each person’s desires. It may be buying all the grocery you wanted, or a gadget you fancy a lot. Just think for a second how much money you would be burning instead of doing the responsible thing and saving it for more important purposes. Do not stop keeping track of your spending and how you are spending your money. Keep a record of all your expenses and have some sense and order among them by categorizing them such as utilities, toiletries, food, groceries, drinks, gas, and other classifications that will tell you right away where most of your money go to. This would be the most pragmatic way of studying your spending habits and make adjustments as and when necessary. Factor them in your budget and this gives you a clearer picture of how much you can keep, no matter how little, for your savings.
No savings plan set up and Lack of Action
Nothing good will come out of your record if you don’t map out a concrete plan on how to save. Set realistic and meaningful targets with key milestones to follow your saving progress. It takes time of course, but once you stick to a plan that has been written, you avoid getting side-tracked and so you are now forced to follow your plan. If you don’t write it down and just leave it to your memory, then you will likely fail in the execution.
Do as written and overcome the challenges that lie in your way. Do not be scared to adjust your goal as per the situation. A plan without an action is just a piece of note to yourself that you can easily throw out of the window. The main part of your plan is to take action. You won’t see any result if everything’s just on paper. Take small steps if you are afraid of taking bigger, loftier steps towards your goal. Gradually, you will see the outcome of your discipline and patience.
Don’t refuse your wants
We live times of too many temptations, and we humans are weak as far as owning material riches such as the latest mobile devices, car phones, clothes, and other stuff that celebrities or neighbours already have. We are envious, whether we admit it or not, and this mentality exerts some influence over what we acquire and when. Make a serious pact with yourself and do not pander to your desires so that you feel good. Postpone instant gratification for more important things.
No prioritizing of finances
The sum of these points is that your finances take prime precedence before your desire to spend. Consider long-term aims and you cannot fail to save not just for the future. Never neglect the thought of reviewing your savings and plans, because escaping this task will ensure your failure. Without enhancing savings and you find yourself no better than when you started, it means your follow –up actions, or certain obstacles are hampering your savings plan such as career issues, even relationship problems? Analyse these objectively to find reasons which prevent progress. Thereafter factor these into your plan, to get rid of or side-step your issues and move forward.