By Consolata Lukayu
Have you ever felt like no matter how hard you try you just can't save money? Every time you try to take a step forward in your first financial life, you get hit with an unexpected expense that sets you two steps back?
Even me I've been there.Most people l know have been there at one point or another.You're not the only one.But that doesn't mean you should just accept it.Here are common reasons why you can't save money and how you can conquer them;
Handling your finances properly so that you can save money is not a natural skill.ln other words, you aren't just going to wake up one day and suddenly start making great financial decisions.lf you want to be good with your money, you need to learn how to be good with your money.By managing you finance properly.
Unexpected expenses can be one of the most defeating aspects of saving money.It's like getting knocked back two steps after taking one step forward.If you never took the time to prepare for emergency expenses, you probably ended up taking on some sort of debt to pay for them.
This is a reactive way to operate your finances and playing debt for emergency expenses tie up your income and keeps you from savingm money.Learn to save for emergency expenses cases to avoid unnecessary expenses.
Budgeting is an absolute necessity if you want to start,or increase the a mount of money you save each month.Budgeting is the best way to plan your financial life and track your progress.If you are doing that then how do you expect to save money?lf saving money is a priority,then go create a budget right now and start actively managing your money.
4•Credit Card Debt
Credit card debt is one of the worst things you can allow into your financial life.Credit card debt makes saving money a much more difficult task.Every money you pay to a credit card company is the money that you can't put towards savings.If you want to save money, stop using your credit card and put an end to this vicious cycle.
5•You Confuse Wants With Needs
Wants and needs are very different things and if you can't seem to save any money,then you might be confusing the two.
The cost of rent is pretty ridiculous, right now.And it just keeps getting worse.Like paying too much for a house it can seriously hinder your ability to save money.You should be spending 25%of your income on rent each month.lf your renis higher than that, and you might want to consider finding a new place to rent.
•Destroy You Debt
If you have any kind of debt,pay it off as quickly as possible.Every money that goes towards debt is just another missed opportunity to save money and better your financial situation.
Finally,if you aren't able to save any money,then need to do whatever it takes to add a little financial margin in your life.
If you are drowning in credit card debt,shred those money sucking pieces and get to work paying them off.Let your savings determine how much you are able to spent.Thanks .
Content created and supplied by: Consylukayu (via Opera News )
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