Finance Globe

U.S. financial and economic topics from several finance writers.
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What is Stopping you from Saving More Money?

What is Stopping you from Saving More Money?

Regardless of your financial situation, if you are like most people you share one common goal: to save as much money as possible.

While some are able to do so with success, feeling comfortable with their progress, others continue to come up short.

Here are several reasons why you may not be saving as much money as you would like:

1. Spending more than you should. Think about it this way: every dollar you spend on something you don’t need is a dollar you could have saved.

This doesn’t mean you should turn your life upside down. What it does mean is that you should rebalance your budget, taking a strong look at where your money is going. You may soon find that you could be saving more than you ever imagined possible.

2. Don’t know where to put your money. Believe it or not, this uncertainty has stopped some from saving more and spending less.

Examine your short and long term goals to get to the bottom of this problem. For example, there may be nothing more important to you right now than saving for retirement. In this case, make sure your money is going into retirement accounts. On the other hand, you may be in a position where building your emergency fund is of utmost importance.

3. Not automating your savings. When you don’t see the money you are saving it is much easier to put it away. To protect against spending before saving, automate your savings. You can do this in many ways. For example, ask your employer to put a certain amount of each check into a savings or retirement account.

It is this simple: if you don’t see the money you won’t be tempted to spend the money.

These are the types of things that could be holding you back from saving more money. If you are able to overcome these challenges, you will soon find yourself saving more and feeling better about your finances.

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Friday, 06 December 2019

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