Reasons You are Unable to Save Money
Primarily it is You! But a lot of other factors play a major role. CASHBACK! HEAVY DISCOUNT! SALE! These are some of the words that make you click that “Buy Now” thinking you might be losing something important. Indeed, you lost something important – your hard-earned money. You can also check if you Are a shopping addict in our earlier blog. In this blog, we put across some basic reasons that you are unable to save money. To find the solution to this ever-lasting money problem should be of utmost importance for you as it will help you grow your wealth, at large and knowing the reasons shall make you a smart spender.
Some of the reasons are as follows:
1. The Party Problem
To party is good, makes you feel awesome, but what about the loss of money that you have undergone. Partying every week is one of the problems that is making you lose money at an exponential pace. We have a simple solution for you – set one particular day in a month or two months that you dedicate to the party and then set aside a budget for that party. This simple task shall make you a smart spender.
2. The Salary Problem
Were you promised a large chunk of money by your employer, but less was credited to your account on salary day? Did you ever check what are these deductions? Normally these are P.F., E.S.I., etc., however, it’s your hard-earned money so you should know it. If you still don’t know what are these deductions check with your employer today. A Provident fund is an investment for your future, but most people never claim it in the future. So, be smart and check the status of your Provident fund investment. On the other hand, Employee State Insurance is medical insurance that you and your family members get. There are several other deductions as well – Do check!
3. The Vision Problem
Why are you working so hard? There ought to be a reason for all the hard work you put in. Is it money? Or is it something else? In either case, you should think of growth and pursuit of your own better self. Society is ever-evolving and you should evolve with it. Think of what new skills you should acquire to be updated with markets. Skill development will make you competent, and competency will make you grow in life. Spend to upgrade your skills. Be a smart spender. Invest in your future.
4. The Borrowing Problem
Unless important, do not indulge yourself in taking money on credit. Do you see a point in using your credit card? Words like “CASHBACK!” attract you to buy something that you don’t need and you end up using your credit card with your debt mounting for you to pay off at the month-end. Also, please note that maintaining your credit score is very important. Check here Why Maintaining CIBIL is important. So, become a smart spender and buy things you actually need, not just because you will get cash back.
Here’s a short poem for you:
Hey, You! Hey, You!
Why are you wasting money?
You think it’s funny?
To get it – You worked so hard,
Partying every week – Not so smart,
Check your deductions – Have a vision,
Spending on Goals should be your mission.
What we basically want to say is spending wisely will make you save more. By saving more money you shall be able to invest in stock markets, mutual funds, or even your own business. More savings will lead to more investments and that will help you growing your wealth.
Do share this blog among your friends if you found it useful so that they also may start being smart spenders. Also, subscribe to WIOAI if you haven’t yet and get WIOCOINs.