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Top 5 Money Excuses You Need To Stop Making This Year

Top 5 Money Excuses You Need To Stop Making This Year

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.

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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.

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Money Excuses

    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.

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    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.

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    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

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    Last Updated on January 21, 2020

    How to Develop a Millionaire Mindset in 6 Simple Steps

    How to Develop a Millionaire Mindset in 6 Simple Steps

    We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

    It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

    How do you go about developing that millionaire mindset? By following these simple steps:

    1. Focus On What You Want – And Take It!

    So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

    Millionaires play to win, not to avoid defeat.

    This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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    2. Become Goal-Orientated

    It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

    Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

    Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

    Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

    You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

    If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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    If you are to become a millionaire, you need to start accumulating money.

    Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

    3. Don’t Spend Your Money – Invest It

    The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

    Stop working for your money and make your money work for you.

    Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

    There’s not just the stock market — there’s also property, and your own education.

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    4. Never Stop Learning

    The best thing you can invest in is yourself.

    Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

    Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

    Learn everything you can about how economics works, how the stocks markets work, how they trend.

    Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

    Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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    5. Think Big

    While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

    There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

    Aim for the stars, if you fail you’ll still be over the moon.

    6. Enjoy the Attention

    To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

    Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

    If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

    Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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    Featured photo credit: Austin Distel via unsplash.com

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