There are many reasons people struggle with saving money. Many factors that we are sometimes are unaware of. In this article we will discuss some of these reasons. 11 reasons you are struggling to save money 1.Cost of living It would be an injustice to talk about saving money without acknowledging the cost of living. The inflation rate keeps rising which means prices are hiking while our income remains the same. High costs of living, such as housing, healthcare, and education, leave little room for saving after meeting essential needs. 2. You don't Budget (or stick to it) A budget is to your finances what water is to your body. You might survive a day or two without it but in a long term you will feel the effects. Without a clear budget, it's challenging to track income, expenses, and savings. Overspending becomes common, making it difficult to save 3. You live beyond your means Spending more than you earn will leave you with nothing to save. Spending more than w...
Source: Pexel Saving money is hard. Even harder when you do not know how to. Budgeting is often made out to be a gruesome process that seeks to make you unhappy but that is not the case. In this article, I have covered 4 methods to help you manage your money. But firstly, what is a budget? A budget is, as defined by the Oxford Dictionary, the money that is available to a person or an organization and a plan of how it will be spent over a period of time. It is basically how you’ll spend your money. There are a lot of budgeting tools and apps today that might help you and I have compiled them. Before we get into that, let’s go through the basics. What you need to know/do before you set up any budget . 1. Calculate your after-tax income After-tax income is the amount you are left with after-tax deductions. This amount is before your deductions. Most South Africans receive a net salary, which is the amount after all deductions. These deductions are tax,...