Why is saving money so hard?
If you are like me, then you might struggle with saving money. Saving money takes so much intentionality and discipline and it is far too easy to spend on things that are not in the budget and to splurge on things that are wants instead of needs. We are often bombarded by all kinds of activities and duties from work, school, church, or personal care and sometimes taking time to figure out our financial goals is hard. Taking time to consider how much we are wanting to save, why we are wanting to save, and where we are wanting to store our money is difficult and can take a lot of energy. But I think it can be easier than we think.
Again, if you are like me, you may get stuck at the stage of planning and never actually do the plan. This has happened to me in particular with saving money. There have been times when I wanted to have a perfect plan of how I would save money, how much I would save each month, and what my overall saving goal was. Unfortunately, I would get so wrapped up in the details that I was delayed getting started or sometimes did not get started at all. It is best to keep plans for things like this simple. I am going to share a list of possible ways to save up money and maybe choose two of these and just run with them.
Why is working to save money worth it?
There are many reasons why it is a worthy goal to save money. Here are just a few of the benefits:
- It gives you a foundation to draw on when needs, emergencies, or even big items we want to purchase come up. This foundation allows us to have a sense of stability.
- Helps us to accomplish big goals like retiring, buying a house, buying a car, or getting married.
- It helps us to be prepared for the everchanging circumstances of life. Some of these circumstances could be an unexpected illness, losing your job, having children, moving, or expenses that come with death of a loved one.
- Allows us to prepare for special moments with our family and friends, such as going on vacation, gifts, or other expenses that come with special occasions.
What is your ‘why’ for wanting to save money?
The list above is a general list of reasons, but what is YOUR reason for saving money or wanting to save money? It could be a mixture of these or none of those at all. Consider taking time to think what you value and what saving money can do to serve your goals, desires, and lifestyle. Sometimes finding out ‘why’ can help us to move forward with actions to meet your goals.
I recently was determined to save all the money I could to buy a house. For a couple of years I saved all that I could, went to informational meetings about being a homeowner, went to showings, and shared my goal with my friends and family. After all that and saving a decent amount of money, I ended up deciding it was not the right time. I’m so thankful that I decided this because I ended up needing that savings to pay for an unexpected surgery and to purchase a car. Even though the money I saved did not go to the particular goal I had, it ended up being necessary for other expenses.
Saving Strategies
These are strategies of ways you can save money for your goals:
- Automatically transfer money to your savings account every month or paycheck. Most online banking tools have an option to schedule transfers.
- Save your coins in a jar or other container. It’s amazing how much this can add up. There has been times when I have also added dollar bills to my change jar too.
- Track your progress towards your savings goals.
- Having a savings accountability partner. My cousin and I did this once. It made budgeting so fun!
- Save through making extra money through Ibotta or Swagbucks. I used Swagbucks as a way to save up for furnishing my new townhouse.
- Decide how much you are wanting to save on a regular basis. But don’t overcomplicate it. Keep it simple.
References
How to Save Money: 17 Proven Ways – NerdWallet
10 Important Benefits of Saving Money – (homebusinessmag.com)
Blooming Resilient 