Saving money is essential to get financial freedom. We need this skill to elevate our financial thermostat to new degrees. And even open our finances to investment opportunities.
But as humans, we can surely sabotage our own self-growth. We have countless self-doubts and excuses ingrained in our precious cranium. To move forward, we have to pluck out these weeds of doubt. For starters, these are 5 excuses you should abandon to save money for the future.
I Don’t Have Enough Money, I Got So Much Debt!
This may be a valid excuse. I mean how can you save money if you don’t have any, right? But have you wondered why other people in the same pay bracket save while you rack up more debt monthly?
Consider this, the income might not be a problem. It’s your money management.
Have you faced the itemized amount of how much you owe in total? Do you have a budget? Do you have a one-on-one talk with your credit card swiping nemesis?
If you find yourself scratching your head with these questions, I hope you get the realization. For sure, you can squeeze more money in your pay. And the important thing is admitting the problem and finding a solution.
For starters, you can build a budget using the Japanese Kakeibo technique. Or better yet, you can have a savings challenge for you and your loved ones at home. For what it’s worth, you can certainly control and save your money.
I’m Too Young. It’s Too Early to Save. YOLO!
This is a common excuse for most young people. I just got out of college. I’m raking my first dough in my new job. I should spend like there is no tomorrow.
You only live your twenties for a short time. Why limit yourself? We have a lot of time to save up anyway. We should splurge our hearts out! YOLO!!
Well, if you live by this mantra, you might regret it in the future. Most generations regretted putting off saving early when it was easier.
You don’t have as many responsibilities compared to married couples. And the power of compounding interest is by your side. It doesn’t matter how big or how small you start with, as long as you start with your nest egg early, you can grow it bigger and even retire comfortably afterward.
I’m Too Old. It’s Too Late for Me.
Well, this might be the young ones that thought it was too early for them. Well, guess it turned out too late now, isn’t it?
But we have no time to point figures about each one’s fault. Even if you started late, this fund that you can accumulate can provide a big cushion for your future retirement.
Something saved up is better than nothing at all, right?
It’s Impossible to Save and Invest Money in This Economy
Why should I put aside money in the bank when the interest rates are so low? And with inflation, the value of your money today is not the same as its value tomorrow. So we should just spend the money to have more bang for our buck, right?
Well, this can have some shed of truth. But it’s not really the amount you earn thru saving. It’s about the habit you build for better opportunities. And it’s a universal fact that you need to know how to save to become financially free.
And why should you bother saving for investing when you don’t know anything about it or when you’ll just lose your money to the market?
This fear is certainly well founded. The markets have crashed and some people were left with no money left.
Just like in everything. Investing has risks and rewards certainly. Like using a car, there is a bigger percentage of dying in a car accident than a plane crash or a boat getting sunk. But do you stop riding a car because of it?
And the only legal accessible-for-all way to ride across the financial highway is getting into investments.
When you’re ready with riskier investments like stocks, make sure to study first. If your set with a simple and solid strategy, invest money you can lose and grow it from there. You can also find a mentor to help you.
Regardless of the outcome, your experiences will be fruitful in the long run.
I Don’t Plan to Retire, I’m Covered At Work
Why save when you’re going to work forever? I mean I love what I do so much. It will surely provide for me in the long run. And when I retire, I wouldn’t be spending that much right now anyway. No problem.
Well, it depends. I don’t want to show you the harsh reality, but you will never know what can happen in the future. A lot of your predecessors who adhered to that “my company will save me” mentality have faced the ugly truth already.
No one is ever 100% safe from the economy. It is the duty of every single individual to save up for himself/herself.
And kid me not, it’s hard to change spending habits. If you want to learn how to spend lesser, you should build the habit now. If you can’t, you will a deep spiral surprise when you retire.
Saving is certainly a hard task. But it all starts with your mindset. Start checking yourself with these common excuses, and hopefully, you can finally save up in the future. Good luck!