Saving money has its own bottleneck, and that brings us to the topic of this post, “SAVING MONEY CHALLENGES”. In this post, I will outline and explain the various challenges you may encounter in saving money. Knowing these challenges will help you reduce their impacts and thus execute your savings successfully.
Responsibilities
As every adult receives a paycheck, bills to settle are already piled up. If the money you get can’t settle your bills and your needs before the next pay, that will be a saving money setback. But don’t be discouraged. Save as little amount as you can. What’s important is you are on the right path.
Lack of budgeting
Budgeting solves lots of problems. It helps you to estimate how much will be enough for shopping, bills and more. Money that you didn’t give a name will finish without a trace. It’s a guide that tells you not to spend too much on a particular thing.
Unrealistic goal setting
Starting off savings with an amount you can’t sustain will make you give up saving money. I advise you to start with an amount convenient to you to save and increase it over time. You don’t need to be too hard on yourself, that could make you give it up in no time. It’s a process, start gradually.
Lack of emergency fund
This is also another saving money challenge. Saving an emergency fund will serve as protection against some event that could cause you financial stress. Like loss of job or expenses that may interrupt your savings plan. I advise you to save an amount that can take you for at least two months. The event of COVID-19 caused a lot of economic stress. People who had emergencies were less affected at the beginning (although it took long and affected everyone). A friend used part of her emergency savings to provide pressing servings and made some money that helped her through the period.
Social media pressure.
Yes! You log in to your social media, and you see your friend has gone on vacation, and another one just bought a new car. Your friends eat at expensive restaurants and the pictures are looking beautiful. Hold on! Keep to your plan and don’t let another person’s life be the obstacle to your plan to save. With proper plan, you will enjoy most thing you wish at the right time. Whenever I want to stay focus, I log out of any media platform. In some cases, I deactivate them. Besides, you can try it too if social media put you under pressure. This saving money challenge can be resolved with a strong will.
Lack of proper saving channel.
There are many saving options, check their policy and interest rate. Choose the one that will support you in any way possible will be the best.
Entertainment expenses
Do you love buying a ticket for a show? You should consider streaming live instead. What about cable subscriptions? Calculate every expense for entertainment and know which you can cut down.
Debt
This is another huge saving money challenge that you must not overlook (a mortgage is a reasonable debt). Live according to your means. Do you want to buy a car? Get one that will not put you in much debt. If possible, get a nice used car with enough miles. You can’t save successfully when you have lots of loans to service.
Conclusion
Most decision you make requires certain sacrifice. Make up your mind and see how easy these challenges will be to overcome. Gradually but steadily you will achieve your saving goal.