Saving Money Factors that prevent people from saving.

[Abigael]

It is no doubt that saving is very important. First, it helps you manage your money such that you have some money for the rainy days. Secondly, saving ensures that you don't suffer during emergencies. Lastly, the amount you save can be used for gaining profits from investment or a business.

Despite these benefits of saving, some people don't engage in it. Some of the factors that could be preventing them from saving include;

1. Having low income.

This could be the main reason why people don't save. You find that the amount you earn is just enough for your expenses. So you need to find other ways of earning extra income or look for a better paying job.

2. Lack of a savings plan.

For those people earning a better amount of income, lack of a savings plan could be preventing them from saving. It is best to budget your money well and include savings in it. Also having a target for your savings like buying a car or just saving fir emergencies motivates you to be better in saving.

3. Lack of self discipline.

For other people lack of self control could just be the reason why they don't save. They may find themselves in just spending money carelessly till they don't have anything left to save.

 

[btaliat]

I don't want to buy the first idea. Low income to me may only determine how much someone may be saving, it won't stop people from saving. I have a saying that if you can not save while collecting small money, there is no guarantee that you will be saving when you are earning big.

 

[Mika]

I think for a lot of people the #1 (low income) is the main reason for not beeing able to save money. When I had a job, I was earning really well, I was not only investing in the share market but also was able to save a good amount every month.

 

[Mellorando]

Low income and insufficient fund is one of the primary causes of individual not to save money there are other cause for lack of savings example living an extravagant lifestyle and spending money on acquiring unnecessary items can make one lose interest in saving his or her money for the more important things in the future

 

[btaliat]

It seems I am the only one so far that doesn't want to agree with the fact that low income is not a barrier when it comes to saving. To me, it is lack of discipline that plays major role. When I was young, I was still saving deposite collecting small money.

 

[Haibso2003]

Your points are valid. What income can be a very devastating factor of not saving money. Immediately you get paid before you know the money evaporates is very sad. Lack of self-discipline is also one of the major factors of not been able to say. When an emotional spendthrift make some people spend money on things we really need.

 

[Jasmine]

I find myself in lack of discipline category. I am kind of obsessed with impulsive buying. When ever I feel low and sad, I visit online stores and end up buying something that I might not actually need for a long term. Do I regret this? Well, no! s long as it makes me happy, everything should go fine.

 

[Alexandoy]

In my experience it is the low income that is the most common factor. A low income is relative to the expenses so even if an employee is having a high salary but if his standard of living is expensive then he might experience the low income level. When I started to be frugal with my expenses I was able to start saving again to my bank account.

 

[Sotherefore]

Well no matter the little income we make on a monthly basis, it is still advisable that we still have some saving because we may need this money in some serious things in our life or we may even need the money to start a business. The little of what we save can go a long way especially if we are consistent about saving it all the time.