5 Excuses Why You Are Not Saving ‘Yet’

Image from readies

Bob Morrison said, “Saving is about mindset”.

Saving money is solely a personal decision. This is always your call whether you save money or not. This is a financial choice. Yet, many people are still stuck not doing it at all. Even if there are already many financial blogs and financial gurus telling you to save, at the end of the day you are not doing it.

Let me say this, you are not doing yourself a favour. Your future self will definitely be disappointed if you are not saving now. I know you have reasons. Yet, I consider them as excuses. Excuses delaying it or excuses not doing it. Which one you’re likely saying now?

Excuse 1: I’m the breadwinner.

There is no denying how closely knit we are as Filipinos. We help most especially our family. We go extra lengths in order to earn money and give it to them. We have responsibilities after all. Our parents are growing old and our siblings are still in school. That is why we work in order to send them money. In the end, you give everything to them with nothing left for yourself. No wonder you are not saving. While there is nothing wrong in providing for your family, if you are not saving even a little portion of your income, who would help you in the future? Simply imagine your family if you don’t have an emergency fund and you got fired in your job? What if you got sick? Who would help you? Who would help them? If you love your family that much in order to provide for them, help yourself first. And one method to do this would be to save.

Excuse 2: I have little income.

So you don’t have enough money. Every centavo from your salary goes directly to your expenses leaving nothing to save. That is why you are wishing for that promotion or perhaps moving another job that can help you earn more. But if you are indeed promoted or got a higher paying job, can you expect to save then? Even in your current salary you can’t be able to save how much more when your earnings upgraded? Your lifestyle might inflate even before your salary increase. In the end you will not be able to save anything. Learn to save something even how little your income is, so you can save more if your income increases.

Excuse 3: Yolo (you only live once).

No you don’t live only once but you die once. You live every moment, you live every day. When you wake up, you live another day. But once you die well that’s just about it. Living in the moment happens every second. Just because you want to enjoy life and more so want to be in the moment you just squander whatever money you might have. Why not do it at the same time. So that by the time comes you will live a bigger moment, you will have more in your stash.

Excuse 4: I’ll save later I still have time.

Procrastination can be costly especially in the field of personal finance. The best time to invest is yesterday. But if you delay that perhaps tomorrow, will you really save by then? You said that yesterday! Remember? The younger we are, the more time our savings can accumulate hence the bigger would be its return. The sooner the better. You will have more for yourself if you save for 30 years rather than saving for just 10 years. The difference would be huge. That is why, as early as today buckle up and save up.

Excuse 5: It’s just money, I can’t take it with me when I die.

Yes we can’t take our money when we die; unless you are a Pharaoh of some sort where you can ask your slaves to bury your treasures with you. Yet, personal expenses don’t stop at death. Your family will have to pay for your funeral or cremation. Plus, your body will be laid elsewhere in a little lot where they need to pay for it. The cost of burial in the country is not cheap. How about your properties? Who will pay for the estate tax? And what about the family members you will leave behind? Will they survive?

So pick a number if any excuses might sound familiar. It’s time to let go of those excuses and start doing something. Shake it off! Start saving today. Remember, this is not only for yourself but also your loved ones.

P.S To those doing the 52 Week Money Challenge, it is Week 22 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too. 

P.P.P.S I am also sharing my stock market secrets and information via these resources.