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...
In a struggling economy with prices sky-rocking, we are left with no choice but to be very mindful of our spending. There are effective ways one can be a mindful spender by adopting.
Take inventory of what you have before shopping
Before you go shopping, you need to take inventory of what you already have. This will ensure you do not buy the stuff you already have, ergo saving you money.
It will also offer insights into your consumption. You will learn more about what you utilize and what you don’t. Therefore it will eliminate the chance of cluttering your pantry or closet with the same stuff that you never use.
Pause before you buy
To be a mindful spender you need to get into the habit of looking into your shopping cart and asking yourself: Do I need this?
It is easy to fall into the routine of buying certain things out of habit. Things that you don't need but are very familiar with seem like a need.
For instance, buying jerseys because it is wintertime. Not because you need new jerseys but because you are used to doing winter shopping every year. Or buying toiletries that you rarely ever use but still buy because it is always part of your shopping list.
Use cash only
And carry only what you need. I know this might sound like an early 2000s way of living and absolutely backward but bare with me on this.
How many times have you realized after a day of mindless swiping that you spent more than you intended to?
Plastic money is convenient and safer to carry but it has its own cons. It is the easiest way to overspend. Carrying only the cash you need will reduce the probability of overspending and will ensure you stick to your budget.
You can also adjust the daily limit of you to the maximum amount you are willing to spend on a shopping trip.
Side note: use Cash Envelope System
Is this the best price?
It is no secret that I am fond of a good deal. To put it mildly. And one of the effective ways to be a mindful spender is to seek a good deal. You should never pay more than the bare minimum.
You have to get into a habit of comparing prices and only paying the best price possible. The best price, in my book, is the lowest price.