The other day I read an article titled “Top Reasons Americans Aren’t Saving More”. There were 6 reasons listed. I understand the first two reasons. 28% of Americans aren’t saving because of the High Cost of Living. I know that this is a problem for all of us, especially older Americans that are on a fixed income. The second reason was 20% weren’t saving because of Low Salaries.
The next four reasons really surprised me because each reason people weren’t saving were all things they CAN control: Debt Balances (16%), Not Budgeting (15%), Paying for Non-Essentials (15% – eating out, luxuries, etc) and No Savings Account (6%).
The first two are difficult to change (but not impossible), but these last four are absolutely in your power to change. So do you want to grab a hold of the 52% in your finances?
Here are 5 things you can do right now that won’t cost you a dime:
- Open up a free savings account. Even if it’s just a few dollars, try and save some from each paycheck.
- Get out of debt. Just imagine what you could save if you weren’t making those payments.
- Start budgeting. You may be surprised once you set up a budget that you can save some each month.
- Limit how much you spend on eating out. If you don’t set a limit, you’ll spend a lot more than you think. Put some cash in an envelope so you know how much you have left.
- Find a part-time job. Work a few hours on the side and put all of this money into your savings account.
If reading the list above made you feel excited but you’ve tried something like this before without success, I’m always happy to invite you to join the countless others who have experienced freedom in their finances. Send me an email or dive right in by scheduling a consultation session by clicking HERE.