As you’ll have heard me suggest many times before, creating financial abundance starts with developing and following a financial plan … and the foundation of any financial plan starts with savings. The larger portion of your take home income you’re able to save and invest, the more quickly you can move forward towards you financial goals.
Yet, even though you know saving money is important, for most people it’s anything but easy to do. If you’re not saving enough money and are struggling to determine where you savings plan has gone awry, consider the common reasons from this article:
4 reasons you’re not saving money
If you’ve yet to amass a respectable sum of savings, there’s a good chance one of the following factors is to blame. Only 41% of households maintain and stick to a budget, which means that most folks are missing out on a key opportunity to track their spending and identify ways to save. If you’ve yet to create a budget because you’re not sure how, the answer is simple: Just write out all of your monthly expenses, or list them on a spreadsheet, see how much you’re spending on each one, add up your costs, and compare that number to the amount you take home in your paychecks.
1. You don’t have a budget
2. You bought a home that’s too expensive
3. You have a ton of debt
4. You think you’re immune to emergencies
If you’re not good at saving money, which of the above reasons is the culprit in your case? (And, yes, it’s entirely possible that any combination or even all of them can be the culprit.)
Just as personal reflection is a vital component of your ongoing personal development in other areas of your life, so too is it important in your financial life. It can be shocking how quickly it’s possible to veer off the rails when it comes to following your financial plan. If you want more financial abundance in your life, consider this your opportunity for a moment of personal financial reflection … and use the moment well.
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