Saving money might be a little bit tougher than actually making the money. Hence, let us check out some basic factors that kills our money savings plan.
One vital reason we must save money is because it could be used for safety in rainy days and emergencies.
Most people also save to start a business, buy their dream house and dream luxury car.
Others save for weddings, birthday ceremonies and special events which they might not be able to achieve without saving money.
Similarly, some people still save because they want to achieve financial freedom, well this depends on the purpose of their savings.
Hence, we can say saving money carries it’s own benefits and values.
Well, there is no doubt that some people save for the wrong reasons, such as saving money simply to buy expensive items to impress others.
However, I think the benefits of savings far outgrows the limitations.
Therefore, let us quickly find out some common agents that kills our money savings plan.
Table of Contents
1. Not Setting An Achievable Money Savings Plan:
You can’t possibly save money without having a plan.
Your money savings plan must break down your savings goal in days, weeks, months and years if possible.
If you’re going to save daily, how much will it be?
Also, how much will you save monthly and how much do you intend to save at the end of the year?
Your money savings plan should further include how you will even get the money before even saving it.
Will you create streams of passive income or get your hands dirty by doing more menial jobs at your free times?
This will help you easily reach the money savings goal in your savings plan.
2. Checking The Worth Of Your Savings Consistently:
Nothing kills your money savings plan like checking it’s value over and over again like it’s running away.
Well, a lot of people do that, I also do that, but I don’t think it helps.
It’s quite good to check your savings, however doing so should be at reasonable intervals.
Checking your savings every morning and evening could be so tempting.
The best way to save is to do it conveniently without having to always run to check your savings account or save box.
If care is not taken, you might pull it all out before you know it.
Related article: 20 Free Finance Advice For 2022.
3. Thinking About What To Do With Your Saved Money:
Think too much about your savings might make you pull it out.
We know it’s hard to save money somewhere without consistently thinking about it.
However, it will do you more harm than good on a long run.
Instead, save and focus on other areas of your life.
Doing this will help you save a huge amount of money without knowing.
Related Article: 6 Powerful Laws Of Wealth Creation.
4. Your Savings Plan Might Crash Too Early If You Keep Telling People About It:
Another money savings killer is in letting people know about your savings plans.
This will ultimately breed jealousy and make people demand unnecessary financial helps and money from you.
This will affect your saving goals and kill it on the long term.
Hence, to avoid losing your saved money, keep it private and respect that decision.
Related Article: 15 Better Money Habits That Leads To Success.
5. Making It Easy To Access Your Savings:
If your savings are cheaply accessible by you then you will end up not saving for your planned period.
Ensure to save in a way that will prevent you from breaking it.
This will discipline you and prevent you from yielding to the urge of withdrawing your funds when it’s not yet due.
Therefore, let your savings be kept very secured and out of your quick reach.
6. High Desires For Flashy Materials:
People who desire to save money must curb their appetites.
They must be willing to stay contended with what they have else their savings can be wiped out in one day.
Saving money requires discipline, courage and willingness to ignore buying items you don’t need.
Therefore, curbing your appetites will help you go far in controlling your spending habit.
7. Having A Savings Plan Without A Sense Of Budgeting:
In the world of money, everyone who denies budgeting is liable to spend at his/her own risk.
Budgeting is simply having a list of what you want to spend money on and following it accordingly.
If you ignore having a budget, there are chances that your money savings plan will likely crumble because of over spending.
Take time to build your income along this channel.
It will help your savings goal and your financial life in general.
8. Gathering So Many Lavish Friends:
This might sound reserved to most people but I think this helps to curb our taste for lavish lifestyles.
Keeping company of friends that spend money without control is dangerous.
In a short while, you’ll start behaving like them by imitating the things they do.
Gathering so many lavish friends will do you more harm than good if you intend to build a good savings plan.
You might end up spending too much on parties, vocations, ceremonies and events that will drain you off financially.
Well, this does not mean gathering friends are bad, it only means working with people who carry the same vision with you is better.
Therefore, watch your companies.
Also Read: 10 Freedom Debt Relief Plan For Loan Takers.
9. Not Automating Your Savings With A Good Savings Platform:
Some people find it difficult to save manually.
Therefore, their best option will be to find one of the best savings account holders in town and work with them.
Kindly make sure your choice agency is registered and regulated by the central bank of your country.
These money savings agencies will help you make the most of your savings goal.
The good thing is that you can find many of them online.
Hence, choose a platform that works for you and win over your savings
Depending on your country, find an online money saving company with which you can easily download their Apps from Google Play Store or App Store.
This will cheaply help you get the best online savings accounts to automate your savings at ease.
10. Always Acting Like A Boss:
Acting like a boss when you’re truly not one might drain you financially and kill your savings plan.
Friends and colleagues will request that you buy them lunch and take them out for dinners.
This is because you make them feel you’ve got too much money.
Well, spending money for your friends and colleagues is good, but make sure it’s within the norms.
Else, it’ll negatively impact your finances by making you spend the money you don’t truly have.
Learn to be humble either without money or with money.
11. Resist Peer Pressures:
One of the gaps between the rich and the poor is in their attitude to pressure.
Peer pressure is one common factor that influences people today.
There is no point doing things just because someone else is doing it.
You don’t know their source and can’t tell the consequences they suffer.
So many people today are financially down because they want to follow trends on social media.
You and I might be guilty of this, however let us all be careful.
Peer pressure are usually from friends, colleagues, neighbors, families and close ones.
If you must hit your planned savings goal, avoid peer pressure by all means.
12. Avoid Bad Debts If You Must Reach Your Savings Plan:
According to Robert Kiyosaki in one of his teachings about good debts and bad debts, he said bad debts are liabilities.
In other words, he was trying to say, “don’t borrow money to buy liabilities”.
Don’t go about borrowing money to buying things that will not yield money to you.
Therefore, even if you’ve to borrow money, try to use it only for returns and business purposes.
Just make sure it yields money back to you.
Also Read: This Is The Best Time To Get A Loan.
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