Psychology

Why You Are Not Able To Save Money Despite Your Best Intentions?



When you hear the 'S' word saving what happens to you? Do you start looking for 1,000 reasons why you should not save? Well, if the answer to that question is yes, you need not worry as you are not the only one feeling apprehensive to save. There are many people out there who feel exactly same and are not very forthcoming when it comes to saving. This is quite a shock considering the fact that India culturally is a saving inclined society. However, things have entirely changed in the country over the last one decade. So, let us find out what exactly makes us apprehensive to save:

Ye dil mange more...
As humans we often tend to be wanting more and more always. We want bigger house, bigger car, more clothes, more of everything. And to get more of all these things, we end up shelling more money, leaving no room for any sort of saving. So check your urge to have more and start saving your precious money.

Lack of vision and plan
Often we decide to save but we don't make a plan on how much to save every month and for how long? With the lack of a vision and plan, we become apprehensive to saving and end up spending all our hard earned money. So dig a diary and write your plan and vision regarding saving and look at this page in the diary, every night. It will motivate to save.

The benefit of saving is far away in future
The benefit of saving money is not today but a few years down the line. What may come in the future does not really motivate us enough to give up something in the present. Hence, we remain apprehensive to saving and prefer to spend money in the present. If this is one of the biggest reasons stopping you to save, start doing short term goals. Begin with small monthly savings and stretch it to six months or a year. This way, you get to use the savings in the short term at the same time you build the habit of saving money.

Procrastination
"From next month, I will start saving" or "From next year, I will start saving" is the promise we often make to ourselves, our friends, our husbands/wives, etc. but often that next month or year never comes. We love to procrastinate and we happily keep procrastinating the decision to save money. So give a kick to your habit of procrastinating and start saving your precious bucks now.

Lack of motivation
One of the biggest reasons that stop us from saving money is lack of motivation. We have ten reasons to spend our money and thus a lot of motivation for the same. So you need to find motivation to make sure you have the numbers going up in your savings account. The best approach that you can adopt is tie your savings with a goal or objective or a small reward. Once you have saved the milestone amount you set in the beginning reward yourself. This positive reinforcement will keep you motivated to save.

Fear of losing
There are many people who believe that if they save money they will lose it. So better spend it, at least you enjoy it. If you belong to this category, just look and find out the real cause of your fear which is stopping you from saving.

We have got it easy
Compared to the generation before us, we have got things easily for us laid by our parents. In contrast, our parents generation went through challenging times while growing where they had to often struggle to get even basic facilities. This gave them a sense of spending money wisely and keeping some apart for savings. In contrast, our generation grew up in comfort and thus is more focused on living in comfort and spending. Saving, thus takes a back seat in our priority list.

Less quality time
Today most of us put a lot of emphasis on our career and often end up spending twelve to fourteen hours at work. With so much of hard work we have very less time left for ourselves and our friends and family. Thus, we try to compensate it with over splurging and do not focus on saving. Remember your favourite phrase 'Work hard, party harder'? It is important to maintain a work life balance as well as a balance in expenditure and savings to have a quality life.

Lack of attractive saving options
Yes, you can blame it on the banks and financial institutions for it as a major part of our apprehensive approach to savings is a result of lack of interesting saving options. There is not much innovation happening on that front by banks and financial institutions.
Well, whatever be the reason for your apprehensiveness, it is time ditch them and embrace savings with open arms.


The above article is contributed by Pallavi Srivastava, who has been working as a journalist in Print and online media for the last seven years. Since October 2012, she is working as a freelance writer. Writing is her passion and she is happy to pursue it as her career. You can find her on Twitter @pall_sriv
Pic Courtesy: Imagesbazaar

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