Savings are significant to have. It is a must-have in our day-to-day life. Savings enable us to make informed investments and prepare for unforeseen challenges.

Saving helps us prepare for the future. It’s not just for emergencies. We save for our kids’ school fees, college costs, a house, a car, and investments. We can save for many things instead of borrowing. Securing our future is our highest priority. 

Starting to save money can be tough. It requires determination and discipline. You should also set a clear goal. Knowing why you are saving will help you stay focused. 

We all want to save enough, but we often make mistakes that hold us back. It’s important to understand why we’re saving. Your savings can build wealth, but the key to achieving this is wise investing. This will help you create even more wealth over time. 

Below are some of the mistakes people make when saving it 

1. Lack of consistency

Inconsistency shows a lack of seriousness. It won’t help you go far or achieve anything. You might end up saving nothing at all. You must stay very consistent with your savings so that reminders aren’t necessary. If you can’t submit your savings by hand each time, you can set up automatic deductions with your bank. This lets them take a percentage of every deposit into your account, whether it’s daily, weekly, or monthly. 

Consistent saving of money is key. Many of us forget this. It’s one of our biggest mistakes. If we were more determined and consistent in saving, our lives would be different. not struggle with credit card debt today.

2. saving after spending

This doesn’t work. After spending, we often have little or no cash left. To save money, you need to rank saving before spending. Make saving your main focus.

Most of the time, we rank spending not on our needs but on our wants. Sometimes, we end up buying things that we never use. Discipline yourself to save before you spend. This way, no matter how much money you receive, you will always save first. Many people struggle to save because they don’t make it a priority. When something is a priority, it gets your attention. So, focus on saving first. This way, you can spend what’s left without stress or extra effort.

3. Serving without a goal

If you don’t set a goal, you lose motivation to serve. Even with enough resources, you might keep withdrawing and spending. In time, you will have nothing left. Then, you’ll have to start over without achieving anything meaningful. 

When you set a goal, it becomes very important to you. No matter what, you will show up and work to achieve it. When you attach much importance to your goal, you will sacrifice and pay the price to ensure that you achieve it. When you plan to start serving, set a goal. This gives you direction and helps you know where you’re headed. 

I’ve seen people lose their life savings. They had no plan and went for it. In the end, they spent every dime. Now, they find themselves destitute and hopeless. We can all come to that place of achievement and fulfillment if we can only remember our goal.

4. Borrowing and debts

The mistake we make is to borrow for consumption. Today, many of us struggle to save. Our debt eats into our income, leaving us with little on our pay slips. To top it off, some of us borrow too much, up to the social media training of fake lifestyles. Do not let social media deceive you. Most of what you see there is fake. So, if you follow the trend, you might end up living beyond your means.

You will find yourself living off credit, where you have to borrow to pay rent, to dress, and to eat. To enjoy good servings, avoid borrowing or leaving them in debt. This can be a big setback.

Borrowing money from banks or lenders can be risky. Many people save little or nothing at all, which isn’t safe. To save, avoid accumulating debt. Live within your means and don’t try to solve debt problems with more debt. Trust me, it’s a trap.

5.  Saving in banks with monthly charges.

Saving in banks with monthly charges, by all means, avoids saving in such accounts. Transfer your money to fixed deposit accounts with no fees. You’ll begin earning interest on your funds. Those bank charges will drain your savings; trust me.

Saving in banks is safe, but you should think about the type of bank and account you choose. This is especially true for savings accounts. Not all accounts have bank charges. Some can keep your money without deductions, except for small withdrawal fees.

The reason many would like to save money in the bank is because of the safety that it brings.

Don’t make the mistake of saying I don’t have what to save, because there are so many avenues of making money, here are some of them:

Create a blog website and start writing unique content, make sure the content you are writing is unique, and sign up for any affiliate program, such as Amazon Associates, and start sending those affiliate links through your blog poste or reviews.

You can also start a passive income generation by simply signing up on Honeygain and downloading the app, which will help you make money passively just by reading and sharing your data with other devices

Conclusion

If we want to make or save more over time, let us try to avoid the mistakes mentioned above by any means necessary. Saving alone won’t build wealth. You need to make smart investments, too. These investments can create income streams and boost your savings. Always keep your goal in mind. So learn from other people’s mistakes and don’t wait until you make your own.

For more information you can contact me on the following

Website: tomsonchilyobwe.com

Email: tomsom651@gamil.com

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