Nov 28, 2016 05:20 AM EST

Money Making Tips: Reasons Why People Fail At Saving Money

At a young age, people are already taught how important money is and how important it is to save them for particular reasons but as they grow older, it becomes harder and more difficult to save money especially when the "needs and wants" start filling their minds.


According to AOL, there are several reasons why it is impossible for some people to save. One of them is mainly having no self-control; being determined in reaching goals, having a positive mind and a good attitude will not help if one does not have self-control. The first thing that comes to person's mind if he can barely save any money is "why" and "how" especially when he's earning enough. One can most especially not save if he can't differentiate his needs and wants.


Based on an article from Jobs & Hire, saving money for investments is one of the few ways to become successfully rich, and that people shouldn't just save to feel fulfilled, people should save and invest. If the goal is having a huge amount in the bank account then one should simply stop upgrading his lifestyle. The temptation of having to get a hold of expensive things is also one of the reasons why people are struggling to save money, one should learn how to say "no" to his self if he's thinking of buying something expensive and unnecessary.


"Most people are not willing to postpone the instant gratification of spending now," according to Charles C. Scott, the founder of Pelleton Capital Management in Scottsdale, AZ stated.


Having goals and the determination to reach it is important if a person is trying to save as well. Having goals but not having enough determination is useless and it's the same thing the other way around. Other than having no self-control and not having a goal, the reason why people can't simply save is because they're not making their finances a priority too.

"This is the exact same excuse as saying you can't afford to save anymore. Extra savings can definitely be found in the budget, but it's just not a priority for most people." says, Clint Haynes a Kansas City Financial Planner and founder of NextGen Wealth.

Get the Most Popular Jobs&Hire Stories in a Weekly Newsletter
© 2017 Jobs & Hire All rights reserved. Do not reproduce without permission.
TRENDING ON THE WEB

Join the Conversation

Real Time Analytics