No Savings? Here Are The Reasons Why

August 22, 2022

Do you have savings?

When did you promise yourself to start saving but then as time goes by your plans of saving money didn't pushed through.

You keep on saying that you will save some money but nothing has been saved even a centavo?

Are you in doubt if why do not have savings even though you have inflows of money? If your answer is yes, then you should continue reading my article but if you are a person who has savings / investment then you may also continue reading this and check if this are the things that you are doing and may this article help you to increase your savings. You may also add ways to have more savings that is not on the list below on the comment section.

Listed below are maybe some of the reasons if why you do not have savings:

1. Planning without taking actions

   You always keep on saying that you will save money but in reality, you are not practicing it. It is also not okay that you are just planning about it but not taking actions with your plans. Time will not wait for you because it keeps on moving and as time goes by you will realize that you will end up without savings. It does not matter on how much money you are going to save, what is important is that you may be able to start saving.

   Having savings versus without savings is all that matters because we may not know what will happen in the future. Just like in our country, Philippines, last 2020, lots of people lost their job and the sad part of it was lots of people who were affected by this does not have enough savings to fulfill their daily needs. Let's not wait for it to happen again. Having a money saved is equal to a piece of mind. Right now or a soon as possible is the best time to start saving, it is never too late. Always remember that, no one will save money for you except yourself.

1. One Day Millionare Mindset

   This happens when the moment you have money is that you almost spend all of them and not thinking about your future needs. You act as if you have lots of money just like when you receive your income in your job. Buy here, buy there. Eat here, eat there. Order here, order there. Place order here, place order there. And days after you receive your income, you already spent almost all of your money.

   There is nothing wrong in spending your hard-earned money, what is totally wrong is that you spend them immediately, and worst case is that you spend it on unnecessary things. It is okay to spend money when you really need those, learn to prioritize your needs versus your wants.

   Be wise when it comes to your spendings. Budget well and make sure to still have money when your next pay day will arrive and soon when you have enough savings, you will never wait for your payday to have money to spent on your daily needs.

2. Lack of Discipline

   Yes, you may be saving money from the moment you decided you start saving but the case is, you just started saving and been saving for months, weeks and even days but you already started getting some of it to something that you "want"

   If you are a person who have an impulsive buying attitude most especially when buying unnecessary things, there is this kind of method wherein you might lessen buying unnecessary thing. First, when you saw something and the moment you saw it, you already want to buy it, one tip is that, you do not need to buy that item right away, you must discipline yourself not to buy it. Wait for 30 days to pass and if that time comes and you still want to buy that item then go on with your purchase but if you realize you do not want that item anymore then just go on,

   atleast you did not spend monet for it.

3. Not your priority

   Of course, people will only save money when it is their priority.

   Looking forward on the future is also not a priority. But let me tell you something, being finacially stable is a plus and is something to be proud of.

   People who has the capability to save money but is not prioritizing how to save money mostly does not value the importance of having extra funds.

The earlier we started saving, the better.

Exemptions:

Another part of the story is that not all people who does not have savings does not priority savings except for the people who are breadwinners that almost all of their money are spent in her family. They sacrifice their wants to get what his / her other siblings / family neends. So,salute to those people, most especially breadwinners, who carry lots of responsibility.

I think there are still lots of reasons if why others do not have savings, but these are my observations.

If you are going to ask me if do I have savings? Yes, I do have savings because I alot a percentage to my income as my savings. I am prioritizing first my savings and what is left in my income are money that I will only spend till next day comes.

Let's start saving money, then soon someday / somehow our savings will also save us.