Why Not Save?

Almost everyone knows deep down that saving money is important for financial success and that financial success is important for a happy life, at least in the long run. But most of us neglect it. Why?

Take some time to reflect on your saving habits. Are you saving at least ten percent of your earnings each month? If not, why not?

Perhaps you never learned to value saving? As a child did you learn to save or did you learn to spend your money as quickly as you got it?

Do you think you don’t have enough income to make saving possible? If your savings are inadequate, do you see how increasing your savings rate gradually until it reaches at least ten percent could be a workable plan for you? Are you willing to make a commitment now to do it? Or is there some hidden element in your subscious mind that causes you to resist?

Writing out your thoughts can be a great help. As you write down your reflections they will take on greater clarity and focus. As you understand where you stand now and how you got to this point you will be better prepared to make more effective decisions about how to achieve better results in the future.

Take a sheet of paper. Write at the top: “My Savings Habits.” Make three subheadings and write out your thoughts about each of the following:

1. Write about the attitudes you learned about savings growing up, right up to the present.
2. State exactly your current practices relative to saving and your satisfaction with them.
3. Express your commitments about future savings practices and plans.

If you are working through these action steps as a family, discuss your previous thinking and behaviors with any others involved and consider potential improvements in your savings habits.

If you are not saving adequately it is important to understand why saving has not been as important to you as the other things you have been doing with your money.

It is also essential to develop an understanding that saving money is one of the absolute essentials for financial success. Take a look at my article called Guaranteed Prosperity under the Financial Laws section of the main menu for additional pointers on this topic.