Every year, people find themselves in a situation in which they need money for an emergency, school, or another important aspect of their lives. Finding the money to cover these costs can be difficult if you do not have enough money to save to begin with.
There are people who even rely on winning the lottery to obtain a structured settlement cash out to save money, but we all know that this is not an ideal plan. Some people feel that investments are too complicated, so they steer away from such actions. Additionally, many people suffer from a general feeling of not being able to make more money.
However, the reality of the situation is that these are merely excuses. You can start saving money immediately if you just take action. Here are some common money excuses you can avoid in order to start saving more wealth.
1. Saving money is not practical.
Each individual has the ability to save money, even though everyone has different financial circumstances. Just a little bit of money saved over time can add up quickly. Before you know it, you’ll have several thousand dollars saved to put toward something important. One way to approach saving is to view your income as a structured settlement cash out. This means that you should allot a certain amount of money to be paid out over time. In this case, you will be paying out money to a savings account.
2. I’m not good at saving.
This is one of the oldest excuses in the book, yet people continue to say it when it comes to putting money aside for the future. Anyone can save money; it just takes a commitment to do so. If you have children, then you need to set a good example for them as well, and show them that you have the power to save. You never know when an emergency might arise, or when you will need money for that once-in-a-lifetime opportunity.
3. I make poor purchase choices.
Impulsive shopping choices often lead to an inability to save more money, as well as debt. Credit cards are horrible decisions for people who cannot resist the temptation to buy that new pair of shoes as soon as they come out. Set aside money that you designate for shopping, and only use that amount when you go to the store. This takes a lot of willpower, but you are perfectly capable of setting a budget for yourself.
4. It’s my recreational money.
Money that you win from a personal injury lawsuit, the lottery or some other form of structured settlement cash-out situation should still be money that you save. Unfortunately, many people take “extra” money and blow it on recreational activities. This is not to say that a hardworking person does not deserve to take a vacation or to go out for a beer from time to time. However, you still need to set money aside for your future savings.
5. I disagree with my spouse about saving.
This excuse is common among people who are married. They often disagree about the best ways to invest money, or the best ways to save it. You must sit down with your spouse and create a ledger of expenses. This will help you to determine how much money you can save each month. It might be a good idea to combine your income and then deduct living expenses from it accordingly. This will help you to gain an accurate picture of how much money you can afford to put away. Communication about money is one key to being successful as a couple.
Featured photo credit: stop this year via farm4.staticflickr.com
Love this article? Share it with your friends on Facebook