Saving Money Tips

“Why can’t I save money?” is probably one of the most asked questions to date. What is holding you back? Let’s break it down, shall we?

Without tracking where your money is going, you will end up dry by the end of the month with no extra cash to spare.

Solution: Set a realistic monthly budget and stick to it. Having a budget gives you control over every Euro you earn. This way, your savings do not come up short.

Without a financial goal of how much you want to save or what you want to use the money for it is easy to let other things take priority.

Solution: Think of a specific goal or target you want to reach. This will help you stay focused. The more specific you are about what you want to do the easier it is to create a plan for getting there.

Job loss, pet emergencies, appliance repair, school fees. The money you were planning on saving gets swallowed up by an unforseen expense.

Solution: Build a rainy-day fund before you get started with your other savings goals. Then when an urgent expense pops out of the blue, you will be able to cover it from your rainy-day fund. Even if it’s just a few hundred euros, having that extra money on hand can make a huge difference if something crops up.

If your debt is piling up with no room for savings, it’s time to get yourself out of that rut. You need a plan to start paying it off.

Solution: Start by paying down the smallest balances first and snowball your payments over time. Tackle the debts with the highest interest rates first because those are the ones that are costing you the most money.

If you need help with this, we go into more detail in this post: PAYING OFF YOUR DEBT.

Making excuses is easy. My parents never taught me about money. I don’t know how. I’m not good with numbers. I do not make enough money to save.

Solution: Start being serious about saving and stop with all the excuses! If you put your mind to it you can and WILL save up. Changing how you view money may not happen overnight but the more work you’re willing to put into it the bigger the payoff will be. Even if you start small, you’re building the foundation for a solid financial future.