Ever since we were kids, we have always been told to save money. We have been taught the importance of setting aside some amount-be it from gifts or from the few loose coins that we are able to gather. We have been given piggy banks and other savings cans where we can place our money. We all hoped that we might be able to bring this habit to adulthood. However, the sad reality today is that we actually find it very hard to save money.
It is a reality that when we are able to set aside some amount, our hands tend to “itch” and want to use the money even if we don’t need cash. One thing that people have to understand is that though this may be normal, it should not be tolerated and ignored. Not being able to save will not allow people to have instant cash when the need arises. In order to solve this problem, the first and most important thing to do is to understand why this is happening.
- This is human nature. It is very fulfilling to buy things that we don’t only need but things that we also want. When there is something that we find in the department store which we think is useful to a love one, we immediately think of buying it regardless if we have the extra cash or not. There are also those who spend on impulse. They do not even try to weigh things and see if the item is really worth spending for. Just because at first look they liked the item, they would automatically buy it.
- The economic status. Several years ago, money had so much buying power. But today, with the unstable economies of the many countries of the world, it has reduced its value. And as a result, it can no longer buy much.
- Family expenses. Parents work for their family’s needs. Everyone eats, everyone needs clothes, all children go to school and yet, only two people are working. That is why there is not much cash left for luxury. Whatever is received as a salary fortnightly can barely suffice to all of the needs.
- There are low savings rate. Many people save their money in banks so that these do not get spent. The problem with this is that the money is kept almost stagnant in the bank. It barely grows because the savings rate is very low.
- Issue of awareness and education. Basically, the root cause of problems on savings is lack of awareness and education. Many families sit on thinking about the options but could not quite come to a conclusion or solution. In this case, it may be best to see a financial planner who can help out and present all the options available.
- Credit has become easier. In the past, getting a credit card meant going through a tedious process. But now, it is so easy to get one and swipe this anywhere.
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