Plenty of things could be preventing you from saving money. It could be anything from unexpected expenses to lifestyle changes. Maybe you have simply lost focus on your goals. If you’re struggling to save money, try prioritizing it. With a firm goal at the forefront of your mind, you will find that your decisions are guided by your desire to save.
This article will highlight several ways to effectively reach your goals. So, if you are wondering, “Why can’t I save money?” keep reading, set a goal, and find one or two strategies that will help you meet it.
Prioritize Saving Money
This is our first and most important recommendation. If saving money is not a priority, it simply will not happen. You can successfully pull this off by setting goals and sticking to them. Start by taking a look at your disposable income. How much of your monthly income is left over after paying for standard monthly expenses? Of your disposable income, how much do you want to save each month? Set a goal and stick to it month after month.
You could also set a goal amount to accumulate. Tell yourself you won’t touch the savings until you reach a certain amount. Planning for a large purchase like a vehicle or a vacation can make this easier.
Get Support from Close Friends or Family
We are not talking about financial support. Saving money will feel better when you are financially independent. It will be easier to do if you have a strong support system of friends and family who want you to be successful. Give a parent or spouse access to view your savings account balance and invite them to keep an eye on it and hold you accountable for your money-saving goals.
Cut Frivolous Spending
We’ve all been there.
You are doing a great job saving money, you see the savings account total going up, and then, WHAM! you see something that you just have to have. Spending money in moments like this can empty your savings account quicker than you anticipate. Instead, plan out your spending a little better. Save up for things you want and buy them only once you have a portion of your disposable income set aside for it.
Trim Your Subscription List
Streaming services and subscription packages have risen in popularity in recent years. You likely have several automatic charges hitting your bank account each month from services like Spotify, Netflix, Hulu, Disney+, and more. Consider which of these you actually use and which you could live without. Cancel a subscription or two and dedicate that monthly amount of money to savings instead. You’ll be surprised at how this money adds up. Not only is it money that you are not spending, but it is also money that you are saving.
Use a Money-Saving App
If setting aside a certain amount of money each month doesn’t feel like enough, try a money-saving app like PrizePool. Each dollar you save acts as a raffle ticket for weekly and monthly giveaways. As long as you have money in the account, each dollar qualifies. An account with PrizePool guarantees 0.3% APY, making saving an inviting experience. Remember that having a money-saving app doesn’t mean your savings are off-limits indefinitely. PrizePool’s debit card gives you liquid access to your savings so that you can easily spend your money when you decide to. You can even earn raffle tickets as you spend money!
If you needed another incentive to leave your savings alone, here it is: PrizePool can help you prioritize saving money while your savings grow.
Prioritize saving money and the rest will fall into place. If you are honest with yourself and others about your goals to save money, you will find that it becomes easier. Keep your goals in mind, only spend money when you need to, and cut unnecessary spending. Financial stability is in your future. How else do you save money? Let us know!