What Makes Saving Money So Difficult?

So, let’s get to the bottom of this question while also considering how to resolve this seemingly intractable issue. I’ll go over the top three reasons why it’s difficult for you to save money, as well as solutions that you can use right away to get started saving money.

As a beginner in the world of finance and economics, I had a lot of difficulty saving and earning money at the beginning. For some reason, I was always under the impression that not only was I earning too little money, but that I also had too little money in my account overall. Consequently, I had to make a decision and take charge of my financial situation. Getting money and saving money for the first time was extremely difficult, and the process moved at a glacial pace in terms of money earning and, particularly, money saving.

I was able to overcome my own roadblocks and barriers, which I frequently discuss in my videos, and the process by which I was able to do so is ultimately what this channel is all about. But I’m also aware that I’m not alone in this, as evidenced by the statistics and data available to me.

It has been reported that the average American saves less than 5 percent of their income, and according to CNBC, a full 20% of Americans do not save even a small percentage of their earnings.

Consequently, I asked myself why it is so difficult for me and many others to save money, and why many people have it for nearly their entire lives, despite the fact that everyone understands how important it is. So, what are the reasons we fail at it, and what can we do to improve our performance? To begin, I’m going to focus on the top three reasons that I believe are to blame for this and were the primary reasons that prevented me from achieving my goals.

Because this is highly subjective, it would be interesting to learn the real reasons that are preventing you from making a change in your financial situation. I’m sure others would be interested in learning the same thing.

While the cost of living continues to rise, the salary remains static.

I, like many others, find it challenging to save money because we don’t have enough money left over at the end of each month. Our monthly expenses such as rent, car insurance, and groceries have been rising for years, while our income has remained relatively stable.

Based on data from the Center for Retirement Research, the average salary of a Millenial is lower than the average salary of a Gen Xer or a Baby Boomer in their early careers, according to the organization. In addition, our money is becoming increasingly worthless as a result of the current economic climate, which includes high inflation.

As a result, the question arises as to what you can do to combat the situation, given that we have little control over it. And, while we may be powerless to change the overall situation, we can begin by taking small steps in the right direction, because it is critical to begin somewhere. Beginning with a $50 monthly contribution and depositing it into a separate account that I do not touch except to make deposits, I was on my way.

Of course, you can now reflect on what it is that you are saving $50 for and why you are doing it in the first place. In reality, it’s not so much about the amount as it is about developing a habit and accumulating a small financial cushion on which you can rely mentally, because the primary reason we have a money problem is that we have been programmed our entire lives to have a lack of money and that money is never enough, and when you begin to accumulate a financial cushion, you are able to counteract this.

There is no tracking or prioritization in place.

The second reason that many people struggle to save money is that they do not keep track of and prioritize their financial activities and obligations. The fact is that many people do not believe it is important enough, or they suppress the importance of getting their finances under control, because dealing with your finances and realizing that you are living above your means and that you need to reduce your standard of living can be extremely painful.

If you are serious about getting your finances under control and improving your financial situation, I understand how difficult it is to take this step. However, it is absolutely necessary. If you do not keep track of your income, expenses, savings, and investments, you will never be able to achieve your financial objectives. Make tracking your finances a priority. Prior to this, I followed the same procedure: I didn’t keep track of anything and didn’t give it much thought until I made the decision to improve my financial situation.

Creating a budget is a straightforward method of keeping track of your finances that does not necessitate a significant amount of time or effort.

More importantly, how do you organize your financial resources? This is the next step after the budget has been approved. And how do you make certain that the money you have left over is saved as much as possible? By using software to automate your financial planning. Each month, you deduct a fixed percentage of your gross monthly income, which is automatically transferred from your bank account to a separate bank account of your choosing.

Problems involving the emotions and the mind

Money is a source of emotional and mental distress for many people, which I believe is the third and most important reason. This program was also the solution to my financial, mental, and emotional problems, which enabled me to go from $3000 to $10,000 in five months.

For this, I will tell you the story as well as the steps I took to complete it. T. Harv Eker’s book, which I have linked to in the video description, goes into great depth about this subject. If you want to learn more about how your mind and your bank account are linked, I recommend that you read it.

The book states, to paraphrase, “If your financial behavior pattern is not programmed for success, then neither your learning nor your knowledge nor your ventures will be effective in bringing about change.” Also consider the fact that this is being said by someone who went from being a low-wage earner to becoming a millionaire in less than two and a half years. I wasn’t making much money when I first started working in business, finance, and economics, so it wasn’t worth mentioning that I was barely making ends meet.

I came to the realization that, in order to change my circumstances, I needed to first change “myself.” Despite the fact that it may sound occult, successful people are constantly reminded of this principle, which they repeat over and over. As a result, I began to transform myself, my outlook on life, and most importantly, my feelings about money. The main problem is that for many people, a lack of money is completely normal, whereas an abundance of money is something new and unknown, which your ego is constantly attempting to protect you from at all costs. It may sound absurd, but it is true.

The question now is how I was able to overcome this obstacle. It goes without saying that there are numerous approaches and methods to choose from, and the first step has already been taken by recognizing that there is a problem to begin with.

Additional affirmations helped me shift my perspective, but the main reason I was able to grow my bank account from $3000 to $10,000 was because I installed a money magnet. At first glance, this money magnet appears to be a work of voodoo, but it is not.

Every person who has actually installed it has reported the same positive effects, namely that as soon as the money magnet is installed, the entire financial situation changes, both in private and in business. I first learned about the money magnet from a very successful investor in Germany, who learned about it from his mentor.

Making a monthly contribution of a fixed percentage of your income to a separate account is not a new concept. This money magnet, on the other hand, will only work if you adhere to one rule: “Never, never, never withdraw money from it, and never, never neglect to deposit money into it.”