Money
is an essential source of our survival; we cannot survive in this physical
world without this. Many people do hard work day and night to earn money and
save for their secure future. But some people make money, but despite that,
they are not able to save it. There are multiple mistakes that people make, and due
to which, they cannot save money. In this article, we will discuss what mistakes people make
while saving money.
MISTAKES YOU MUST AVOID OR ELSE YOU
WILL NOT BE ABLE TO SAVE MONEY:
1. DEBT: The
most significant reason that many people are in heavy debt nowadays. The more
time they take to return, the more interest increase on them, and in the last
moment, they become helpless to pay their loans, and for paying their previous
they take more loans from others, and in this way, the web of debts stuck them in great trouble. There
are multiple reasons for their debt.
◘ To impress others.
◘ To show people that they are financially stable.
◘ To intimate their friend and relative
As some of their
relative or friend has bought the iPhone 12 pro max, he should buy even though
that intimation may put them into heavy debt.
2. INVESTING WITHOUT KNOWLEDGE: It also happens that we invest merely at the
suggestion of our friend or relative. Due to this suggested investment, people
always suffer from a considerable loss. Some people also choose the stock market
for their investment without even knowing the abcd of the stock market. So do
not invest there about which you do not have enough knowledge.
3. DO NOT KEEP EMERGENCY FUNDS: This pandemic has
taught us a great lesson that anybody can lose their job at any time, no matter
how many years they have given to that organization. At that time, only our
emergency funds come to support us financially. Having no emergency can be a severe
problem for us.
4. LINEAR FOCUS: It is a problem that
people want to earn more money, but doing a job which sometimes they even do
not like it but just financial they helpless do it. For making a delicious
dish, we have to enrich the dish with multiple species. In the same way, to
make a satisfying life, merely one job is not enough for us.
6. LEANING ON FAMILY: if you have a job
despite it, you do not do saving by thinking that you have family support, then
you may remain dependent, not independent in your entire life.
7. DO NOT INVEST IN YOURSELF: A great man has said
that if you want more money, then value yourself. Your earnings will enhance automatically.
So what we do, we do not invest in ourselves. Despite having smartphones and 4g
internet, we waste our just watching dramas and movie.
8. DO NOT HAVE INSURANCE: it is another lesson
we have learned from this pandemic situation that life is unpredictable, and we
do not know when we can become victimized. Not having health and life insurance
can be immensely suffering for our family members and us.
STEPS TO SAVE MORE MONEY:
Here are the following
ways through which you can save money.
1. SPEND WISELY: When you buy something, make a list of things you must purchase and not spend extravagantly.
2. GATHER KNOWLEDGE BEFORE INVESTMENT: If you desire to
invest, gather enough knowledge about that. You should be fully aware of the
consequences, or else there can be a tremendous financial loss. Do not ever
invest merely over recommendations or suggestions.
3. MAKE YOUR MONTHLY BUDGET: It is a valuable way
to save your money. Making a budget enables you to how much and where to spend
and what monthly saving you can do in a current.
4. STOP COPYING OTHERS LIFESTYLES: No matter what other
wear, buy or eat. You do not ever copy their lifestyle, or your monthly destabilizes,
and you can trap in huge debts. Moreover, teach your kids that an intimate lifestyle
is not flourishing the life but destroying it instead.
5. INVEST RATHER COLLECT: If you earn, do not
think about just collecting it and keeping it in your bank, but invest it
wisely to get good benefits. In the short term, savings accounts can be a good
choice for saving and interest on your savings.
6. BUY SOMETHING WHOSE VALUE CONSTANTLY
CHANGES: if you have enough saving
earning, buy something whose values constantly change, like gold, property, or
bit-coin (if legal in your country).
7. GET HEALTH OR LIFE INSURANCE: Get health or life
insurance for yourself in this unpredictable moment, and it should be on a priority
basis.
8. LEARN SOMETHING SIDE ACTIVITY: You must have a side
hustle too. You choose something which you love to do like cooking, writing,
program, etc. As it can become the source of your earning, there are wide
chances that this side activity may help you make more money than your current
salary. For instance, people earn more money from the platform of the fiver,
YouTube, than their salaries.
9. PURCHASE IN BULK: It should be your target to buy your grocery monthly and choose those shops that offer great offers over buying in bulk.
Due to having bulk products, you can have a significant
discount, and in this way, you can save a pretty amount of money monthly.
Thus, these are the
most remarkable ways to help you to save money. Saving money is not the sign of a miser,
but it is the representation of wise.
