Things to avoid when saving

[Carpon]

When you really have the intention to save, you need to possess some traits and also avoid some habits in that bid. These things that need to be avoided are very detrimental to saving and when they are not avoided, saving may never be a reality.

✓ One we have lack of planning. When you really want to save, you need to make a plan on how to would do it. When you do not plan on it, your saving will be haphazard as you do not even know what you should save at a certain time and so at times you save less, higher or even forget to save due to the many expenses you might encure.

✓ Secondly you must also avoid the habit of diving into and consuming your savings. If you are into this kind of habit, your savings will never grow and it could be same or likened to not even saving at all but just spending.

 

[Heartstrings]

It's good to save but not everyone can save,once you have it in mind to start saving,you have to sit and think through,make plan and.have an aim of why you are saving,this will help you to focus on it,so as to achieve your aim at the end of the day. You just don't all of a sudden start saving,why because a time will come when you won't either take the saving serious or you end up stop or use up your savings.

We save money for so many reasons,some either save in order to invest with it, buy something,for education purpose,health or emergencies. Once you start saving,be determined and dedicated,make sure you have a reason why you are saving the money.

There are some people that spend as they save,any little needed expenses,they go into their savings,this habit won't let you save much at all,this is why you need to have a goal before you start saving.

 

[Yusra3]

Everyone knows that saving is important, but it can get tricky when you're trying to figure out how much money to set aside for the future.

I got a few tips for you:

1. Don't just stash your cash in the bank and forget about it. you need to make sure that wherever you keep your savings, there's a way to access it when you need it. If you have an emergency fund, that's great; if not, consider opening up a separate account at a participating bank or credit union where you can access your funds quickly and easily.

2. Pay yourself first! Set up automatic transfers from your checking account into savings accounts or other investment vehicles so that once every month or two (or whatever works for you), all of your money goes into those accounts instead of going straight into your checking account. This will help make sure that any extra money doesn't just sit around in your checking account and waste away; instead, it goes toward stuff like bills and emergencies!

 

[Shaf]

I've had to save money both as an employee person and while being unemployed. It takes different strategies to save successfully.

One thing you must keep in mind in both cases is that you can only save conveniently when you have a source of income to pay your bills, because you will definitely touch your savings to cater for your survival if necessary.

You should also know how much you earn on average and how much you can comfortably save. If you try to force yourself to save 50% of what you earn just because, you will end up with no savings eventually. Even if it is only 5% you can spare, start with that and work on increasing it over a few months.

Another rule is that if you really want to save for a long while, make sure you use a method that does not allow you access to the money until the target is reached. It's easy to borrow money from your savings, but it is not easy to pay back

 

[King bell]

When it comes to saving money, there are a few things you should avoid if you want to be successful. Here are a few of those things:

1. Don’t Buy Things You Don’t Need

One of the biggest traps people fall into when trying to save money is buying things they don’t need. Just because something is on sale or you have a coupon doesn’t mean you need to buy it. Only buy things that you know you will use and that fit into your budget.

2. Don’t Impulse Shop

Another saving money trap is impulse shopping. This is when you buy something on a whim, without really thinking about it. If you want to save money, you need to be intentional about your purchases. Ask yourself if you really need the item and if it fits into your budget before you buy it.

3. Don’t Overspend on Wants

It’s important to distinguish between your needs and your wants. Your needs are things like food, shelter, and clothing. Your wants are things like a new car, a fancy coffee maker, or a trip to Europe. It’s okay to spend money on your wants, but you shouldn’t overspend. Make sure you have enough money saved up for your needs before you start spending on your wants.

4. Don’t Forget to Save

One of the most common mistakes people make when trying to save money is forgetting to actually save. It’s important to have a plan for your savings and to make sure you are automatically transferring a fixed percentage of your income into your savings account. This will help you make saving a habit and ensure that you always have money set aside for your future.

5. Don’t Dip into Your Savings

Once you have saved up some money, it can be tempting to dip into it for things like a new TV or a vacation. However, it’s important to resist this temptation and leave your savings untouched. Your savings should be for emergencies only and should not be used for everyday expenses.

Saving money can be difficult, but it’s important to avoid these common traps if you want to be successful. Be intentional about your purchases, make sure you save regularly, and resist the urge to dip into your savings. If you can do these things, you will be on your way to achieving your financial goals.