4 common mistakes when trying to save money

Wanting to save money is high on everyone’s priority list. It sounds simple enough in theory: just don’t spend as much – right? While that’s true, technically, it’s far too reductive to be useful advice. The reality is that when trying to save, many people fall into some common traps which hamper their progress.

Knowing what those mistakes are can help you avoid them.

I’ll start saving next week

Procrastination is one of the biggest enemies of anyone looking to save money. Even five minutes into the future is too far ahead. If you’ve decided you’re going to save, you need to start immediately. No matter what your goal is – whether it’s a new car, a holiday or retirement – you’ll get there faster the sooner you make a start. If you’re not able to make a start right away, you’ll never start saving.

Not having a clearly defined goal

What are you saving for? Is there something you want to buy? Do you want to lower your levels of debt? Have more free cash to spend? Save for your future or your children? Define your goals as clearly as possible. This will help you not only stay driven and focused, but you’ll know when you get there. A little time invested in clear thinking at the outset will make the whole saving process more successful.

Failure to commit to saving properly

You need to go into saving with the understanding that you’re almost certainly going to have to make some life changes. If everything was fine as it was, you wouldn’t need to save, right? Many people baulk when the reality hits them that in order to save they’ll need to do without certain things. Limiting yourself to one night out a month, cutting out takeaways, a more limited mobile data plan – saving has consequences.

Not getting help and advice

It’s tempting to try and “go it alone”, but there’s a wide variety of help available to help you save money. Be it internet research or getting in contact with a financial adviser, make the effort to save properly. There may also be a number of money-saving methods that you hadn’t considered. You may even qualify for certain tax-breaks or financial relief that you weren’t even aware of. So, consult a specialist.

Saving money can be difficult, but it’s attainable for anyone if you avoid these mistakes. All you need is the drive, the determination, and the will to succeed.

Written by Steve Lewis

Copyright Io4 UK Limited

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