broke

Reasons You Have Nothing in the Bank

You may have a good job but still, end up saving little or no amount of money at all. At an earlier age, you may not take it seriously, but later you are going to regret. At 40 years, many people who failed to save money start regretting and wish they had started saving money earlier. Below are the reasons that may hinder you from saving money for future’s sake.

Failure To Set Your Goals

financial goals

Unless you set goals, you won’t get anywhere. This goes for your life, career and also for your money. Set a goal to have X saved within five years, Y saved in 5 months and Z in 10 years. Life throws a curve ball for sure from time to time to us. In every stage in life, review on what you have saved. In the case, you delayed to save at a particular stage, make an effort to catch up with your target.

You Don’t Earn Enough

At times you may cut your earnings and still find that you remain with little. This simply means what you are earning is not enough. Put more effort in your job with the aim of getting a promotion. You can as well look around for a better job that can assist you in saving enough money. You can never be financially secure if you are working from morning to 5 pm and still earning little to sustain your basic needs.

Wastage of Money

money wastage-drinking

Any money wasted is gone forever. Cut out the dinners out, drinks at the bar and cigarettes. Being on track financially is much more critical. Rather than going out for meals in high priced restaurants, ask your friends over for dinner. Instead of taking drinks at wine bars, take a cheap bottle of wine at home. Instead of ordering take-out, make it your duty to cook, buy cheaper things.

Living With the Wrong Person

Take control of your partner if he/she happens to be a high spender otherwise you will never save. Close the joint accounts and all joint credit cards. Always remember that when falling in love with your partner, it is not their nature of spending a lot that attracted you. Be wise so that you do not work the rest of your life as a donkey and yet end up saving nothing. Divorce is seen as expensive by many people but if that is the only solution for you to save, take courage and divorce. Many people argue that divorce, in the long run, saves them money.