Reasons why you might be struggling to save

Reasons why you might be struggling to save

We all know that it is essential to save money in order to achieve optimal financial wellness, however, there are many reasons why saving on a regular basis is not always possible. Here are a few reasons why you could be struggling to save and ways to overcome these challenges going forward:

1. You did not manage your finances responsibly in the past: Try to embrace your past failures by using them as an opportunity to set new financial goals. For example, after accepting that you have failed to pay your instalments on time and are now over-indebted as a result, create a plan to get your debt under control. One way of doing this is by opting for a consolidation loan. Once your debt is under control, you can focus more on saving and less on your past financial mistakes. Speak to an Iemas consultant about a consolidation loan: 0861 043 627.

2. You have not been tracking your spending: It is easy to spend more than you have budgeted for. Thus, make sure that you control your spending by drawing up a budget and checking what you spent according to this budget on a weekly basis. For example: if you over-spent in week one, make-up for it by spending less in week two.

3. You might be setting yourself up for failure: Be realistic about how much you can afford to save and find a product suited to your savings goal. If you try to save too much, you might end up giving up on the whole savings exercise altogether as this is putting too much financial pressure on you. It is easier to save a little each month for a long period of time instead of saving a big amount once off. Also, make sure that you have done your research in terms of the savings product with the best interest rate and term.

Speak to Iemas Insurance Brokers, an authorised financial service provider (FSP 47563) and wholly owned subsidiary of Iemas Financial Services about securing your future with affordable savings and investment options on 0860 102 383 or visit www.iemasinsurancebrokers.co.za for more information.

Adapted from: https://www.lifehack.org/698566/best-ways-to-save-money

Read other related blog articles here: Five ways to stick to a savings plan or How to manage your finances responsibly.

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