Why You Struggle to Save & 3 Tips To Get Moving
Today, we’re tackling a common question: Why do I struggle so much to save? In my money coaching business, I see a common issue with many of my students and I’m going to reveal that today and also give you three tips to get moving in the right direction.
One of the most common savings pickles I see my Betties get into: Putting too much into savings.
Wait, what!?
Stay with me.
It’s not a matter of saving TOO MUCH per say, it’s that they put more than they have available in their savings and then have to pull it out at the end of the month.
Here’s the deal, it’s still your money, but psychologically - that takes a hit. It just doesn’t feel good.
SO, before you get started on your savings journey, it’s important to know how much you have coming in and going out. That’s right, you need a money flow, Boo (aka a budget) so you can determine how much you can transfer over to savings without pulling it back out. Here are 3 tips to make tracking your money a bit easier.
Now we can chat about other things you need in place to be successful with your savings.
START HERE TO GET MOVING TOWARDS SAVING
#1. Know WHY you are saving
That sounds like a no brainer but I’ll tell ya, I get a lot of Betties who have a lump of money in an account and they have no idea what it is for. Now that might not sound like a bad idea, but when it comes to using that money, you’ll feel some resistance and scarcity if you aren’t clear on why you have it.
#2. Decide WHEN you will fund your savings
If you Google “how to save” everyone will tell you to save first before you spend. And YES, that is a great method IF you know what your money flow is AND you are sticking to it. If that isn’t you, It’s OK to save at the end of the month. The goal is to help you feel successful and harness the momentum. If that means you can only move $25 over until you find your rhythm…then that’s what you do! There is no right or wrong way my friend.
#3. Give yourself a timeline and check-in point
For many of us, we need a break. I’m totally raising my hand here. I love a good goal, but I also love a good reward. If you have a large amount of money you are trying to save it can feel daunting depending on how long it might take. So check in with yourself periodically and make sure that goal is still relevant and celebrate your progress.
P.S. Is your money not working for you? Snag my free training: The Hidden Reasons Your Money Isn't Working For You
P.P.S. Need to curb that spending and knock out some debt? Give Fierce Finances a peep!
