What factors hinders you from saving money??

[Heatman]

The main factor that hinders me from saving is that I don't earn much. My only source of income is online work and that is not much. I sometimes try to save a little but I find myself spending the money eventually. I believe that when I get an offline or online job that pays me a better amount, I will be better off with my saving.

This is very serious challenge for most people in my part of the world. The expenses they have on daily, weekly and monthly basis over takes their full monthly earnings, so it makes it very difficult for them to save. Imagine earning 30k Naira every month in Nigeria, what will that do for you?

 

[Read cash]

We should have saved some of our investment so that we can work in difficult times because it does not take time for a person to have a difficult time, you said.The term man should have saved some investment to come in handy in difficult times

 

[Oliver 20]

Not following along. Probably the most ideal approaches to build investment funds is following your expenses and making a financial plan each month. ...
Declining to scale back. In the event that you are not ready to reduce expenses to help your reserve funds, you will probably neglect to see predictable development in your investment funds

 

[btaliat]

The things that prevent me from saving is buying things I don't really need just because I have money. At times, I end up buying some unnecessary things just because I know I can afford them at that particular time.

 

[EMMANUEL]

In think the rate of our expenses, because the rate at which we attend to expenses of what hinders us from saving.

 

[Tinaconcept]

There are reasons why someone won't be able to save this is because the responsibilities of a person is too much mist especially this side of our region. Things like emergency might come up such as health issues, school issues, feeding and security issues might come up at point in time.

 

[Atif3786]

By not starting to track your spending, saving becomes quite difficult to do because you don't actually know where all your money is going. There may be opportunities to reduce spending, cut back on certain expenses, and more that can help you start to save money

 

[Aniwhyte]

I agree with you absolutely. If you decide to wait until your funds will be abundant before saving, then it may never happen because there are always so much responsibilities ready to gulp such funds. It is important to make up your mind that you would always put something away per month for savings.

You're absolutely right about this, same mistake I have made all this years and today I have no savings. If I had this thought all this past years by now the money I might have saved might be enough for me to start up a business of my choice.

 

[Kingsley]

Factors that hinders one from saving could range from alot of factors, this could range from live style to family size and unforseen circumstances which could be beyond control. This factors affect the saving habits of an individual.

 

[Heatman]

The things that prevent me from saving is buying things I don't really need just because I have money. At times, I end up buying some unnecessary things just because I know I can afford them at that particular time.

I used to have this bad habit in the past say about 5 years ago and it wasn't a good thing at all because I would get to spend all my money on irrelevant things that doesn't matter which I can easily do without but I end up buying them. When I would need the money for important things, I won't have any again.

 

[btaliat]

I used to have this bad habit in the past say about 5 years ago and it wasn't a good thing at all because I would get to spend all my money on irrelevant things that doesn't matter which I can easily do without but I end up buying them. When I would need the money for important things, I won't have any again.

I will be glad to know how you were able to get over the habit. Seriously, if you enter my room, you will think I am selling shoes even when I wear less than 4 pairs in a week. It is really affecting my saving habit and I don't know how to stop it. Even though I know I need to stop it.

 

[Divulgence]

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

 

[Olamide wealth]

Not keeping track. One of the best ways to increase savings is tracking your costs and creating a budget every month. ...
Refusing to cut back. If you are not willing to cut costs to boost your savings, you will likely fail to see consistent growth in your savings. ...
Not being prepared. ...
Holding too much debt. ...
Making excuses.

 

[Doradorwa]

Everytime I try to save I get myself involve in things that choke me financially.... Tho I'm trying but I've really not learn enough... I have sweet tooth and my love for gadget is second to none... All this stuff are making me spend anyhow and not having saving.

 

[Highflyer]

So many factors hinder me from saving as I desire but the top of them is my daily expenses. Expenses are piling up daily and one must spend, this is why it is good to have multiple streams of income. You can save easily then.

 

[Heatman]

I will be glad to know how you were able to get over the habit. Seriously, if you enter my room, you will think I am selling shoes even when I wear less than 4 pairs in a week. It is really affecting my saving habit and I don't know how to stop it. Even though I know I need to stop it.

The trick was not having cash on my hands. I try as much as possible to have small cash on me because it would make me not have higher purchasing power. So, when I want to purchase, I will not be able to do so, then I will rest.

 

[Godleads1]

Individuals can be hindered from saving through the deficiency of payment of salary. If the expected salary or wages is delayed beyond normal, it may be used in offsetting bills and nothing to save.

 

[Life drama]

There is a saying that you only save what you have and cannot save what you don't have,due to economy constraints because of the pandemic,many find it difficult to earn money talkless of saving money, another factors are low income, inflation,and too much responsibilities to cater for both family and friends.

 

[btaliat]

The trick was not having cash on my hands. I try as much as possible to have small cash on me because it would make me not have higher purchasing power. So, when I want to purchase, I will not be able to do so, then I will rest.

Whao, that's a nice trick. I think I need to save first before I spend. And I need to be writing and making budget on what I will need every month and collect the exact money that will be enough for what I want to buy.

 

[Niftyyem]

You're absolutely right about this, same mistake I have made all this years and today I have no savings. If I had this thought all this past years by now the money I might have saved might be enough for me to start up a business of my choice.

It's never too late, mate. To be candid, saving requires a lot of discipline and many times it may be difficult, so, the best option for me was to make arrangements with a platform that saves for me straight from my bank account on specified date of the month. I made sure I picked about 2 days after my income comes into my account.