3 mistakes to avoid as you start saving money

[Augusta]

Saving money for tomorrow is as important as making the money. As we all know life is unpredictable which means that anything can happen that might be financially demanding so your savings can be the saving grace at that time. So it is therefore, important to guard your savings so that it will help you serve the needed purpose in future.

If you intend starting out your savings as a first timer very soon. You need to realize the following and avoid making the same mistake did.

Don't lend out your savings: I made this mistake and half of my money went down the drain because the person didn't have to pay back in full. So I had to let go till date.

Avoid keeping your savings in an unsecured environment: if you are saving in a piggy bank at home make sure no one knows about it or else you might just be saving money for others to use.

Be discreet with information regarding your savings; Avoid divulging any information to the next person if possible, if you have to then it should be a very trustworthy person. Remember money is involved and some people can be bad with money information. So avoid sharing such information

What do you think?

 

[Axis]

Savings requires determination. This is important because we use if you have made up your mind that you will not use the money to spend on unnecessary things that is things that are extravagant. It is important for one to be determined what to do on necessary spending when saving money. I don't see everything above it requires not giving this money out see if it is something that is being done to end a particular purpose or for the future and so now lending the money that you are saving out won't encourage you to save more because the amount of savings that you have instead of you to be increasing it will then be decreasing from time to time and that is not what they call saving. And also it is important to save money in a bank instead of saving it in your place because if you save money in your house it will be visible to you and you might get tempted to use the money for other purposes

 

[btaliat]

Saving can be a difficult task to carry out. Not that it is not possible to save money but the mistakes that people do make while making the money is enough to foil all the other efforts that one had done to make sure the saving and done.

The first mistake people do make while saving is that they still live the same way they live when they have not been saving. Some people will still be spending money the same way they did when they have not started working. Some still use the expensive things they do use before they started making money.

Another mistake is not to be consistent while saving. Most people do not save consistently. They are only being compelled if there is an option of fine. If not, most of them are just not consistent. While they save in a particular day, they may fail to do the same the next time.

Other mistake that's very common among money savers is that they save after spending instead of spending after saving. A serious saver will know fully well that we need to save before we spend or else we are bound to finish the money.

 

[Augusta]

Your second point holds very true, when one starts saving, saving consistently becomes a problem. it is one mistake we make and when once this happen it might take a while to adjust to the new rule. The truth is that without constant saving the whole idea will be defeated because before you know it, you would have abandoned the idea.

Yeah some people also make the mistake of spending and later regret why they didn't save the money. This will continue to happen until one can apply self discipline. Self discipline doesn't just happened, it isn't automatic everyone needs to learn at it to get it right. A first time should make no mistake that it will only get better with time when it comes to disciplining one's self to save. One needs to make conscious efforts to be able to achieve this

fastly, a first timer needs to learn to reduce spending and increase the habit of saving. You can't make the mistake of still spending the same way you were doing before you started saving. you wouldn't achieve the goal you must have set for yourself. Unless you reduce your spending rate your savings might not increase.

 

[Ithedicious]

A lot of people are always fun of saving their money in the house, they have a saving box in which they saved little amount of money they have .
Well I don't know about the implication of saving money this way , but I believe this may somehow be risky in the sense that if anything happens to your house you are likely to lose your savings inbox.

I do not have a box and all my savings are carried out in the bank , I do not have ATM card on accounts I'm saving my money so that I will not have to withdraw from it unnecessarily .

I am also considering investing some of my money in cryptocurrency because generally all cryptocurrencies are down and this could be the best time for investment in coins , but I am somehow sceptical since most cryptocurrency are not trusted. I don't want to lose my money to fraudulent coins .

 

[Augusta]

For your second paragraph it is always different strokes for different folks. if you have a secured space though you wouldn't find it insecure to save your money in a piggbox or bank. I think seeing the box all the time might still motivates you to keep saving. You know a lot of things we need to achieve in life needs you staying motivated to be consistent with it. So if you are motivated saving shouldn't be a struggle since there are diverse benefits that can be derived.

Again, as you have stated it is a very good idea not to make the mistake of having a withdrawal card for a saving account. Like it was written you would doing your saving journey a huge disservice if you lend out your savings for whatever reason. one need to avoif this mistake. Don't give people your savings. infact don't have an ATM card for that particular account, you wouldn't he tempted to withdraw any money till the stipulated that you needed to get your money.

Saving is very important,so beginners should make effors to save and avoid some of the things listed here. They would help you to live better.

 

[Abigael]

Those are grave mistakes that people make for sure when trying to save money. They lead them to losses when they were just trying to save for a better future. Which is so necessary given that emergencies happen that require you to have enough finances in order to get through them.

The mistake of making people know about your savings is not good at all. There are so many thieves and hackers that you may trust unknowingly. So it is best to keep your savings account a secret. Especially your pin or password, it is best that no one should have access to it.

Then you can also be your own enemy too. This is when you lack self discipline. It will only make you to spend the money you are trying to save. That is why self discipline is very important when saving money. It saves you from using the money unnecessarily. It is built from saying no to your spending urges as often as possible.

Moreover, you need to have a savings account that is different from the one you keep money for your personal use. Separating these accounts helps you a lot in making you to spend wisely and not take money from your savings.

 

[Augusta]

I agree with you, people need to know when to stop spending when it comes to saving. As a beginner don't make the mistake of just saying let me withdraw today and I will balance tomorrow. You would have sabotage the idea hy yourself. Money saved should be that way till the appropriate time. Very important avoid using your saving for unprofitable venture. You would have let the whole idea go down the drain if you not keeping you the promise you made to yourself to save money

You don't need to save your money i in the bank always. if you are good with piggy bank and you know you wouldn't be frustrated when you store your money at home then by all means try and do it than storing your money in the bank

When it comes to saving everyone needs to stay motivated to carry it out to the best of one's activities.

 

[King bell]

When it comes to saving money, there are a few key mistakes that you'll want to avoid. Here are three of the biggest mistakes people make when they're first starting to save:

1. Not Having a Plan

One of the biggest mistakes people make when they start saving money is not having a plan. It's important to set goals and figure out how much you need to save on a regular basis in order to reach those goals. Without a plan, it's easy to get off track and end up spending more than you intended.

2. Not Automating Your Savings

Another mistake people make is not automating their savings. This means that they don't have a set amount of money being transferred into their savings account each month. This can make it difficult to reach your savings goals. Instead, try to have a set amount of money automatically transferred into your savings account each month. This way, you'll never have to worry about forgetting to save.

3. Not Tracking Your Progress

The final mistake people make when they're starting to save money is not tracking their progress. It's important to keep track of how much you're saving so that you can see how well you're doing. This can also help you to adjust your goals if you're not on track to reach them.

Avoid these mistakes and you'll be well on your way to reaching your savings goals.

 

[Shigobad2020]

I have been saving for a long time and i noticed some few things about me , at first I tend to help other people in saving their money conveniently without touching it for a very long time but i normally breaks my piggy bank if I see people around name in need and also if I needed money.
So I decided to always get the things that I thought I needed like foodstuffs and provision that might lure me into breaking my savings .
Secondly I prefer using a savings that cannot be broken unless its time for me to take out my savings ,
And lastly I keep the information about my savings away from people because I have a soft heart , some of my friends normally uses that to their advantage to ask me for money when they know I cannot turn them down.

 

[Carpon]

Personally a mistake I can make while saving money is keeping the money at my reach meaning, close to me either physically or in a bank where I can withdraw at anytime. I really find it hard to save that way but because I do not want to save but needs keep coming up and knowledge of the fact that I have money makes me attend to those needs and end up not being able to save.

So what I do is I loan out any income I get for a specific period of time to many people. Now, this accumulates with time and when the time comes for payback, I will receive a huge amount which I immediately channel to a fixed deposit account: which does not allow withrawal till a certain period of time

This helps me save without using up my money. At times I give my mom to keep but never at my reach.

 

[Heartstrings]

When it comes to saving,be very secretive about it. I remember I made this mistake five to six years ago,I told one of my cousins how I intend to start saving up some money,I was so delighted because to me,I would have something to fall into when there is an emergency or an important bill to pay. Not knowing she would use my savings as her daily means of survival,it was lend I lend her till my money was gone which I later regretted.

If you want to save, nothing like friends or family else you won't use most of your savings for whatever plan you may have planned on it.

Avoid going into dept with the mindset of you have some savings which you would use to pay back ones it reaches a certain amount, that is absolutely nonsense because at the end of the day,you Will end up using all your savings to pay off a dept. Savings are not meant to pay off dept.

 

[saoussen5765]

This redundant increase of prices of everything we purchase everyday won't let someone economize money.

 

[Kennysplash]

Saving money is very important and needs self discipline. With all the glamorous lifestyles being advertised today, it is easy for all of your pay checks to fly out the window the first week you receive it. That is why it is admonished to save first and and spend the rest. Also, financial experts recommend that you save 30 percent of your income. But if course you can save more than that if you can afford to.
If you learn to discipline yourself in money matters, you will have more to look forward to eventually. Be contented, don't be tempted to buy everything you see. Live your life for yourself and your future, not to impress others.

 

[eldavis]

Good tips, another mistake most people do when they save is to only rely on their savings. One thing about saving is that once used, you cannot get it back. Though it is definitely good to save, don't get me wrong but while saving it would be better to also have investments that would help you generate more income. In cases of crisis or unplanned expenses, you won't have to rely on savings alone or after spending from your savings, you won't be stranded.

 

[sincerem]

I don't think their is any trustworthy person on earth, we shouldn't disclose our savings to anyone, it should be kept to ourselves. At times they use to say, what if something bad happens to you and no one knows where you kept your money. I don't believe such, I wouldn't pray for such unheralded circumstances in my life. In life we should have different types of savings, I can't use my personal savings and sharing it's sensitive information to anyone. I can share some savings account with my family members but not in all aspects of wealth, due to trust issues around humans.