Why You Have Failed to Adopt a Saving Culture
Saving is strenuous. I see it as a deliberate resolve by people to starve themselves for today in order to wildly enjoy tomorrow and to be honest, I just wasn’t cut from that cloth.
For the poor who live day-by-day and do not have much disposable income, saving is a luxury, a myth and a sale that’s never going to happen.
High chances are a huge chunk of your paycheck goes to bills, black tax, daily operational costs like food and for some reason, it’s not enough to drive some through until my next. Majority survive because of the gigs they do in-between that hold them together and keep them moving until their next paycheck.
Personally, for the times I am grappling with brokenness because a payment delayed, I seem to be wiser and smart on how I should be handling my finances. In fact, I know exactly how I want to organise myself and never run broke.
However, every time I eventually get hold money, it’s like the sense I had departs from me at an instant. I lose my mind, subconsciousness and a small voice keeps singing to me; “Spend all of it immediately”
Abhijit Banerjee and Esther Duflo both economists at the Massachusetts Institute of Technology found that even those who live on less than $1 per day have the ability to save. This alone suggested that each and every one of us can save something regardless of our income disparities.
Why the majority of us have relentlessly failed to be among those that religiously save a portion of their income is something I can’t seem to fathom.
We live for now
Even I can’t help it. We are at a high level of uncertainty about what tomorrow will present and we are not about to take any chances. We are not about to see our money lay idle in a savings account when we can use $100 to attend to an urgent matter or take that cherished trip to Bali, come on, you can’t really blame us.
“Tomorrow is not guaranteed” is now a motto and we are responding by distancing ourselves from anything that might insinuate that we deduct part of our earnings and deposit in a savings account. We live, for now, tomorrow will be attended to when it presents its own unique challenges.
A friend once boldly told me that he can’t bother saving his money and his reason was, “What if I die today Pius, what will happen to the money I’ve saved for all those years?” Although I know the reasoning was somewhat lame, I couldn’t really judge or blame him for thinking that way.
Your Spending is ridiculous
Let’s shift away from the fact we’re not making as much money to be able to accord a portion of it to a savings account.
How is your spending? Are you spending within your means or outside your means?
Spending is not the issue, it’s never been and never will. Maybe when you have so much money but no time however spending shouldn’t be a problem. We all hustle to be able to spend and reward ourselves with something worthy, it’s how capitalism has programmed us.
It’s very easy to spend money than it is to save it. However, you are not going to find it easy to do the latter if you are not willing to seriously check your spending habits. If you earn $1000 monthly and it’s used up in a space of two weeks, you are going to find yourself in debt month in, month out and your paycheck is already used before you receive it.
You’ve failed to save something because you love spending unnecessarily on things you don’t need and with money you would have saved for a rainy day.