What factors hinders you from saving money??

[Folaham]

factor that hindered my saving forecast are

1. emergency needs from my extended family- niece and nephew request from school.
2. ailing/aging parents health needs
3. charity contributions in comity of friends
4. emergency travel needs

 

[Prettyjanie]

There are different factors that hinders one from saving. So much responsibility and with the decrease in the of value to the Naira, you go to the market and in no time the money is finished, most times its not even enough. How can one save?

 

[eLdavis]

Some of the factors that hinders me from saving the way i want too are
1. Family issues, i have to support my family the little way i can, there are certain problems that might come up that i actually within my capacity.
2. Health issues, most times we dont actually plan to fall sick, when it happens we have no choice but to use out of our savings

 

[Oche Diligence]

Everyone agrees that saving money is a vital aspect of our financial existence. However, personal and circumstantial reasons may hinder its execution. Most often than not, people find themselves caught in the middle what they intend to accomplish.
The following might be the reason for the hindrance;
1. Living on the margin of the society.
2. They generalize the talk of " money is meant for spending"
3. Misplaced priority.

 

[Adetayo100]

Factors influencing saving level are Interest rates. Higher interest rates mean that households will gain a higher rate of return on depositing savings in a bank. Income levels. Rising income levels will lead to a rise in total saving levels. Income distribution

 

[Sincerem]

• Interest rates – higher interest rates makes saving more attractive.
• Rising income enables higher saving. People on very low income cannot afford the luxury of saving
• Economic growth – high growth and high consumer confidence encourages relatively higher spending and a fall in the savings ratio.
• The age of individuals – People in their 40s and 50s tend to save for retirement. Old people run savings down.

Laughs, your last message is hilarious I beg. But its true, old folks runs down savings, since they didn't contribute effectively again to bring in money. All they can do at that age is consume, consume and consume money till it falls drastically.

 

[Jonaville]

The major reason we save is for rainy days. This means that anytime an unforeseen occurrence comes up, we will be able to use it. So it is not actually a lost if you use your savings to cater for something you didn't plan for.

 

[abubakar3141]

Rates of interest. Higher interest rates mean that a higher rate of return on depositing assets in a bank would be reached by households. ...
Income levels/Economic development. Rising income levels would lead to an increase in overall levels of saving. ...
Distribution of Wages. ...
Riches. Wealth. ...
The trust.

 

[Halexcity]

Factors that hinder savings
1. Low income
2. Family and friends pressure
3. Transport
4. Food

 

[Shahzad Ahmad]

I am discussing some futures that affect saving as
1. Advertising of knowledge about what is available at financial institutions.
2.trust in financial institutions.
3. People might save with the motive to carry out a future purchase e.g. a house.
4.People might be ‘saving for a rainy day’.
5.It also depends on a individuals preference. Some people save more than others.

 

[jimmann247]

A lot of challenge when it comes to saving money, mine has not been easy because I have a lot of financial challenges waiting for me before my monthly salary arrives. Family issue every months has no limit, it makes it difficult for someone like me to save.

 

[Shayo]

Well I try my best to save. But expenses may prevent me from saving some months. There are some few times where I have more expenses than issue, maybe family commitments or business or any emergency at all, then I don't save and just divert the money to those things that need attending too.

 

[SammyOlas]

I would like to say lack of plan, discipline and determination. Lack of plan in the sense that when you don't have plan for the money you have, you will end up sqauntering the money on irrelevant things and at the end of the day you won't know where exactly the money goes or what did you invest the money in..... So therefore cultivate a good savings habit.

 

[GoldenLady]

I have heard widespread responses about the difficulties involved in saving money due to issues unrest. What you should ask yourself is that, when will this issues unrest wave off, so I'll save? My answer is 'Never, issues never go off from mankind. As you are taking responsibilities, you shouldn't forget to save something for the future. Remember their is life tomorrow, don't spend like everything is finished today. Irrespective of that, i know their are still factors that hinders our saving progress. Can you take your little time out and point out those factors that never allows you save.

One of the most common but difficult challenges to savings is low income.

I know you talked about saving, no matter how hard it is, but when you have really pressing issues, and you have the funds somewhere, you'll be forced to use it.

 

[Adesuwa]

According to the first theory, savings results from the choice between consumption in the present consumption in the future individual compare their rate of time preference and the interest rate.

 

[Nurudeen]

The major problem setting me back from saving personal money is family issues like spending and again there is massive inflation in my country. That's there I increment of price in goods and services just like a goods we bought at 100 is now 300 and the salary is not going up

 

[Sammyesx]

Bills, nothing else man, they just keep piling up, solve one today another surface tomorrow, being a student is not easy. Sometimes I try to ignore but the mod you ignore the more they begin to pile up.

 

[Nicklas22]

The way the economy is in my country it will be very hard for a public servant to save anything from his salary
Everything is now expensive and before feeding your family and other expenses there will be nothing left to save

 

[Blessedsam60]

No other factor hinders me than expenses and spending on some necessary stuffs. You know to build one's career, you will have to input your energy, time, money and others took. This has been costing me some money and the living expenses is another area to be considered. One must live well, eat well, and dress well.

 

[Sarfraz Ali123]

This is one of the biggest factors in determining your financial success. Every year you work, you earn the following:
One less year of spending down your savings.
One more year of saving for your retirement.
One more year of compounding retirement assets.
These three things directly correlate to a better probability of success. Your assets have more time to grow and compound. The added bonus is they’ll have to fund your life for a shorter time.