Wednesday 19 February 2020

I Can't Save Money - 10 Options to Boost Your Savings Today

I Can't Save Money What Should I Do - Please Help Me Change 

I can't save money is a frequently asked question on The Millionaires Giving Money Blog. Some of these people who email me are on low incomes and have difficulties savings because they have so many bills and expenditure. Surprisingly, some people are on decent incomes and still email in saying I Can't Save Money please help! In this post, I will be sharing 10 options to help people to save money so they can lift themselves out of poverty and feel good about money. There are too many people in the world who feel horrible about money, making ends meet seems like an impossible task. But here's the thing, it's not really a impossible task, all you have to do is change your habits, change the way you think and eventually you'll find yourself in another place. I wish you all the best and I hope by the end of this post you have enough knowledge to stop saying I can't save money.

I Can't Save Money - 10 Options to Boost Savings

Option 1: Financial Intelligence When You Can't Save Money

Years ago, I myself was in the same boat, I kept on saying things like I can't save money. Eventually I got tired of being in this position and knew something had to be done. I went to the library and decided to get educated in Personal Finance. I read the top 10 personal finance books in a matter of months and felt more in control. I urge you to take this option because the key to feeling good about your money is to have a good grasp of personal finance. Some of the books that made a real difference to my life was Rich Dad Poor Dad, Automatic Millionaire, I Will Teach You How To Be Rich, 7 Habits of Highly Effective People. All these books made a real difference to my life and I did experience a real upswing in my life which was no coincidence. I would urge you to take this step especially if you keep on saying I can't save money!

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Option 2: Learn to Say 'NO' When You Can't Save Money

You have got to learn how to say NO to people in a polite way if you keep on saying I Can't Save Money. Don't even think about pleasing people by going into debt, you are making problems for finances in the future. You must learn to live within your means and only spend what you can afford. Remember that paying interest will make you poorer so it makes no sense at all, you are compounding your pain for the future. Whenever you need to spend money to please others always ask yourself if you will go into debt and if so politely decline by explaining your situation and your mission. People do understand so you have nothing to worry about. When you feel confident saying NO you will gain more control of your personal finance.

Option 3: Know Where Your Money is Going When You Can't Save Money

I Can't Save Money is something you can stop saying as soon as you know where your money goes. If you think about personal finance it all boils down to money coming in and money going out. The first step is to know exactly what is going to be coming in and then knowing exactly what is going out every calendar month. Really go the extra mile and itemise all your expenses and income so you can see everything in front of you, if you can list it on your spreadsheet it's even better. Once you know where all your money goes you can make some serious decisions to improve your personal finance. Remember that every decision you make should help you feel better about your money so you can stop saying things like I Can't Save Money.

Option 4: Cut Needless Expenses when You Can't Save Money

When you can't make ends meet at the end of the month and you keep on complaining, I Can't Save Money! you need to cut your expense. Now that you know where all your money is going you need to cut, cut, cut! Human nature and behaviour suggests we always have more than we need and spend more than is required so there should be ample opportunities to cut your expenses relentlessly. You can cut needless subscriptions, you can move to a smaller place, you can shop at a budget supermarket, you can stop buying premium items until your finances start to improve. There are so many things you can do to cut expenses. Try to cut your expense by 50%, if you can do this you will feel amazing about your personal finance and you can stop worrying about money and start living a life of ease.

Option 5: Boost Your income When You Can't Save Money

OK! So you've cut your expenses to the bare minimum, what next to avoid saving things like I Can't Save Money? Well the next step is boosting your income. The most ideal situation would be to have a multiple source of income. You should try and boost your income by $1000 dollars every month, this is entirely possible if you work flat out. You could do overtime, take under the table jobs, blog online, fill out surveys, offer services on Fiverr.com, design merchandise on Amazon or RedBubble.com, the list is endless. You have to start thinking and believing that you can earn $1000 dollars every month and this will make an incredible difference to your life and you will feel amazing about money.

Option 6: Open a Savings Account When You Can't Save Money

I know so many people who don't have a savings account with their bank, when I tell them to open a savings account they complain I Can't Save Money! I know this might sound weird but you will only start to save money when you have a separate savings account to put excess money in. When you start seeing the money build up you will start to protect it and add more money to it. When you start feeling good about your finances thanks to your savings you'll put in even more. The key to savings is to open a savings account and start building, it doesn't matter how much you put in, the important thing is you put in and start building and feeling good about your money.

Option 7: Build an Emergency Fund When You Can't Save Money

Want to feel really good about money and to stop saying I Can't Save Money! If you do you need to get your head around building an emergency fund. The reason we are anxious about money is because we are afraid what we would do in case of an emergency, where would we turn to? who would bail us out, some of us find it so difficult to ask for help so we have sleepless nights worrying about money. You can stop all this by keeping some money in an Emergency Fund which you will only use in an emergency. A sufficient Emergency Fund would be 3 months of income, just in case you lose your job. Try to build an emergency fund of $10,000 Dollars over a period of time and start feeling good about money.

Option 8: Start Investing for The Future When You Can't Save Money

Want to feel even better about money? Start Investing! You will never say I Can't Save Money again if you make your investments work for you. Once you've built your emergency money, have ample savings, and have clear daylight between income and expenses then you can start investing money and making the money work for you. The stock market is in free fall at the time of writing this post so there is ample opportunities for growth. All you have to do is open an investment account and then start pumping money into a low cost investment fund like Vanguard that tracks the market.

Option 9: Passive Income and Multiple Income Streams

Now we're getting into some advanced stuff. If you really want to banish your money worries for good start thinking about building businesses that provide multiple passive income streams. You could build a real estate business or start investing in dividend stocks to build a residual income that pays you money every month where you don't have to lift a finger.

Option 10: Keep Educating Yourself When You Can't Save Money

Personal Finance education never stops, there are so many things you can learn about to improve your finances and build wealth, it doesn't stop once you stop worrying about money. Get on a roll and start learning about other advanced concepts into human behaviour when it comes to personal finance and banish you I Can't Save Money complaints forever.

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