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The Biggest Excuses For Not Saving Enough Money

Americans have the ‘reputation’ of not saving enough money for the future or so do the economists on the various talk shows say. According to the reality that has surfaced in recent times, a major part of the workforce in the United States survives on paychecks only and things aren’t looking bright at all. The fact is that irrespective of how low a payment that one might receive at his job, they should be able to set aside a certain amount for the rainy day. No excuses should work here. What excuses do you have lined up when you are not able to save money? If you are actually one of them who has one excuse or the other up to their sleeve for being a spendthrift, then you must stop and rethink. Meanwhile, have a look at the biggest excuses for not saving enough money.

You Think You Don’t Earn Enough To Save

This is absolute nonsense. It doesn’t matter how small an amount you receive at the end of the month, you can set aside a little for the future. Suppose you save something close to $10 on a single paycheck. That’s good for starters. If you think that you are missing that $10, tell yourself that you have saved it for the dark days. Just set up an automatic system transfer so that you won’t even realize that your money is missing.

You Are Young And You Want To Enjoy Your Money

The optimistic people tend to think along these lines. They somehow believe that they would continue to enjoy their job’s security for till the last day of their working period and are confident that they would always be in the pink of their health. While this confidence is good, you never know what’s in store in the days to come. You can enjoy your life to the full extent only till the time your money runs out. You have to be ready to face the worst. Meanwhile, you can be positive and save a certain amount of money.

You Need To Pay Off Your Debt Before You Start Saving

This response is understandable, especially for those who aim to do away with one goal after another. But, there is no appropriate time for saving. You can start setting aside money at any point in time. It’s just like having a baby. Whether you have debts to repay or not, you ought to have a savings cushion. So direct a certain portion of your money towards your savings account while you keep paying for your debts.

You Don’t Need To Save Money Since You Will Have Inheritance

Sitting on a lot of inherited money might a very comfortable situation for you but not everyone enjoys such a comfortable situation in their lives. Even if you are sure of your inheritance, you must have a savings cushion as relying on others for your finances will be a bad idea. This is a habit that might bite you later on.

You Don’t Require Savings As You Earn A Low Interest

Very low rates are attached to some savings accounts. However, do you expect to get a good return on investment? The answer is probably, no. What can you buy with the amount you receive? Only because you don’t have a proper savings plan, you certainly don’t possess a license to spend the entire money of your paycheck.

You Contribute To 401K, So You Don’t Need To Have Any Savings

Of course, it’s a wonderful thing that you are saving money for the retirement period. However, you would need to have a certain amount of savings for yourself till the time you lay your hands on the AARP card. If that doesn’t happen, you would have to shell out taxes on your withdrawals aside from a penalty to get access to your funds sooner.

You Are Young And You Don’t Need To Be Tense

Remember that there is no particular age from which you ought to start saving.  If you think that you are too young to save, you, in all probability are having a great time with your disposable income. You need to pay for your own expenses. For that, you need to save. You’d be surprised to know that millennials are going to be the richest generation in the history of the USA, as per a recent report. Therefore, the idea of saving money after someone reaches a certain age is, as you can assume, is already a bit outdated.

Stop giving excuses and start saving as soon as you can. You never know when disaster will strike. Save something for the rainy day and you won’t regret it.

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