Many people seem to have a lot of excuses as to why they prolong financial planning which leads to financial procrastination.
People spend their money and don’t save any of it. The truth is that there needs to be abundance in most cases for people to decide to save. The problem is that most people never have that kind of abundance and they procrastinate the process of starting to save money.
The problem with not saving is that you are living your life in a very dangerous way. You are leaving this to luck when it comes to any emergencies that could require that you have some cash in your hands. In this article, we are going to talking to you about some of the most common excuses that people have when procrastinating their financial planning.
1You have no idea how to get started
The initial savings are the ones that seem to be the hardest. If you want to start a savings account, you need to go to the bank with a certain amount of money to open that account. This is the reason why you need to take the time to define a good strategy to save that initial amount. A good way to do this is to designate a jar for this purpose. Forget those new shoes or that new pair of pants and save that money to put it in this jar. Eventually, you will see that you have enough money in there to open a savings account.
You could also purchase a small safe box with a keypad and you could start to store money in it. The idea is for you to have something that reminds you of the importance of saving money. This will be very useful for that purpose alone. Store this is a safe location too and only give the combination to someone you trust. Also, looking for a good licensed money lender can be an option.
2You don’t have enough money to save
This is one that is quite common and the truth is that the economy can be bad at times and everyone has to work hard just to stay afloat. It’s important to identify that there is a good chance that you are still wasting money on things you don’t need. Magazine subscriptions, extra TV channels on your cable bill, high speed internet, fast food weekend expenses. These are all things that you can definitely live without having to buy, so the only thing you need is to take the time to check your expenses and cut back on those things.
3You don’t have time to set up a savings structure
You feel like your life is too hectic to even have time to sit back and take a look at your expenses. It’s true that we are living in very hectic times and we have now started to count the minutes of each day and not just the hours. The ruts is that regardless of how hectic the world gets, we are sure that there are some things you do with your time that are not just work. The time you take to watch one TV show or to play video games or to browse the internet for fun, is time that you could invest in starting a good savings plan.
4You have no knowledge on financial planning
This is also not a good excuse to avoid financial planning. There are many individuals who have saved a ton of money without any financial education. It’s important to understand that to save money, all you need is to take the time to set some of your earnings aside and store it in a safe location. The amount is eventually going to grow and you will get the results you want.
The only knowledge you need is to simply understand that you have to start setting money aside for savings. You have to take the time to consider this to be an important thing in your life. You don’t need any special training or top level financial education to save money, so don’t use that as an excuse to procrastinate this important change in your life. If you want to be able to learn more about finances, a licensed moneylender could be a good option.
5You have too much debt
When you have a lot of debt, you need to get rid of that debt no matter what. The first thing to do is to pretend that you are in saving money, but instead, you will focus that money you don’t use in things you don’t need for the purpose of getting out of debt as fast as you can. If you have credit card debt, you need to stop using that credit card and you have to pay it off. This is going to help you stop the vicious cycle of spending money with it and maintaining that debt and those high interests going.
If you want to get out of debt, you need to make as many sacrifices as possible. People think that their 10-dollar subscriptions to movie streaming services each month are nothing, but the accumulation of all of those small expenses is always going to lead to major expenses that keep you from getting out of debt. Just analyze your situation and your expenses to speed up the process of getting out of debt and achieving your goals.
You are going to have a much easier time saving money once you start making a conscious decision to stop spending money on things that you don’t need. This might be hard at first and the first steps to save money and cut back on certain expenses can be difficult, but once you do it, you will develop a habit to prioritize savings and to remember that rainy days will eventually come your way. If you feel your debt is out of control, just get a licensed moneylender to help you.
They might take years and even decades, but emergencies will eventually come knocking on your door, and being prepared for them is going to be essential. Once you start saving, you will be glad that you decide to stop spending all of your money day by day without anything to show for it in terms of savings.
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