5 Barriers to Saving Money

Most of us KNOW that we need to save more money – whether it be for our Emergency Fund (which is undoubtedly necessary for every family to have..) or, Retirement.  

Unfortunately, saying that you are GOING to save {or that you want to save..} is easier said than done. There are a multitude of reasons that people don’t save… and unless you find a way to hurdle over these barriers, they will limit your efforts to save over time.

In most cases, I’d love to say it’s just lack of knowing where to start for some people – making that initial step is just the biggest hurdle for some. But… there are 4 other reasons that prevent people from saving, and if you can identify with any of them, it’s time to find a way to conquer that are so you can put yourself in a better place to start.

Lack of Purpose

For any financial move within your family, you need to have a vision – a goal, a PURPOSE for saving. Be intentional with your actions to help propel you to reach that goal. Paste that goal on the wall of your office, in your car, or as your phone screensaver so you can remind yourself daily WHY you are making these sacrifices NOW.

Lack of Discipline 

Without discipline, you will find it so incredibly hard to start, or even build your savings. That means knowing your weaknesses, and knowing exactly what you can do to overcome those so you can avoid those pitfalls.

Debt

Although some debt may be reasonable (a house), bad debt is going to be a damper on your ability to save -too much consumer debt can limit your ability to save.  If not eradicated, it can prevent you from moving forward financially – if you constantly make a payment to someone else without attempting to eradicate those bills/debts, you will forever be indebted to others without ever taking care of yourself.

Materialism

It’s incredibly easy to feel the need to buy stuff – in many cases, it can be stuff that isn’t necessarily needed. Materialism will not lead to contentment, so it’s important that you need to find contentment in your life through the thing that you already have, not through the things you are purchasing.  A simpler life can lead to buying less, buying things you need versus things you want or can’t afford, and spending only what you can afford to spend, instead of going into debt for things you cannot.

Not Knowing WHERE to Start

The task of saving seems SO daunting to some – I’m not sure if it’s the whole concept that shakes some people, or the thought of doing something that they are not comfortable with … or perhaps just not knowing where to start and who to talk to first.

The bank can be a scary place, unless you are dealing with the teller who cashes your check or feeds you your ATM card down through the air tunnel. If you are visiting a Banker to talk about your future, that may be daunting… or, the thought of committing to an account LONG term for saving could very well scare some too.

Making that initial step out of your comfort zone to research your options and make that move can be a lot less painful than you think. Until you find the courage to do that, you will always forever be stuck in the same place you are right now.

(Are you part of our 52 Week Savings Challenge? If you aren’t, I encourage you to check it out – it’s an EASY way to get started to put away an Emergency Fund for your Family – if you can’t start NOW, make plans to start next month.)