Written By Damilola Faustino
The generally recommended amount to save is 20 percent of your monthly income. This may not apply to everyone, depending on their circumstances, but that’s the general idea. Truth is, money is difficult to earn but so easy to spend. This ease of spending has resulted in some people not having any savings. As a result, they cannot address emergencies. In fact, many have made several attempts but they have failed. Here are the reasons why you have been failing when it comes to saving:
You’re too nice
If you freely lend or give out money to anyone who asks, you should henceforth stop. People will begin to exploit your niceness and clearly, it will be very hard for you to save. Learn how to say NO to people who ask.
You keep upgrading your lifestyle
Immediately your salary is increased or you earn a bonus at work, you upgrade. The more you upgrade, the more it is impossible for you to save. Even if you have to boost your lifestyle, it should be gradual. Slow and steady.
You keep making excuses so that you will spend money. It is not a good habit to have if you are serious about saving. Decide when to start today and make sure you start no matter how little the amount may be.
You don’t have financial goals
A person without a goal will always lose focus. In this case, it is financial goals. It will help you plan your finances. At the end of the day, you reward yourself. This should even motivate you more.
You have bad habits
To keep up with a bad habit you are addicted to, you have to spend more. For some people who are so addicted to these habits, all their monies go into it. They go as far as borrowing. The truth is if you don’t quit, you will struggle to save.
You compare yourself
You do not need to compare yourself with others. These persons may have enough money to spend and save at the same time. Besides, it could be a camouflage for them to show off. You cannot say. So, why don’t you just stay in your lane, spend the little you can and save the rest?
You do not take advantage of opportunities
One of the best ways to save is to open a fixed deposit account, where you cannot withdraw your money until a fixed period and it accrues interest. However, the Access Bank Family Fortune Promo account offers a better opportunity for savings. With this, you get get to save and also get the chance to win more money. So take advantage of certain situations around you to start saving today.