The Honest Truth About Saving Money

Photo by Sasun Bughdaryan on Unsplash

If there’s one thing that everyone says they will do with their money but almost never follow through on, it’s saving money. Recent studies show that 39% of American households have less than $1,000 saved and if you’re living in the 21st century like I am then you will know that $1,000 doesn’t buy you much these days. So what’s causing most people to fail in their personal saving efforts? Keep reading and you’ll find out as well as learn 5 strategies you can use to save more money!

Let’s face it, Americans aren’t great at saving. Most people have heard the overquoted statistic that almost half of the United States wouldn’t be able to handle an unexpected $400 expense and would have to go into debt to pay it. Another 21 percent reported that they’d deal with three months of unemployment by borrowing from friends, selling assets, or taking out payday loans. This is simply a few examples of just how dire many people’s financial situations are and quite frankly I empathize with them. Saving money can be hard and your efforts can be affected by numerous factors like your income, number of dependents, priorities in life and many other things.

So let’s go over a few reasons why saving can be extremely challenging and then I will walk you through 5 ways you can save more money and see your wealth grow over time!

The first reason it’s hard to save is because we are constantly fighting the temptation to spend. The consumer centric culture we live in today bombards us with ads of new clothes, electronic and cars we must own if we want to keep up with our peers. While some people can fend off these aggressive tactics, others lack the willpower to do so and this can cause them to spend money that otherwise would be used for saving.

The next reason people find it hard to save is that they need relief from their 9 to 5 grind and one of the only ways they know how to make themselves feel better is by turning to retail therapy. The sad reality is that most people aren’t in love with their jobs. A 2016 Gallup poll showed that 71% of workers aren’t engaged at work and at least 60% are open to new job opportunities. With these statistics in mind, it’s no wonder people need to relieve the stress and disappointment they get from their daily work routine.