Goals are often met with challenges and hindrances that keeps us from reaching what we initially intended to do. These stumbling blocks takes various forms from our circumstances, motivations and even our priorities. These hindrances are the ones I prefer to call excuses.
Below is a guest post from Precious Mary Eugenio, she currently provides accounting management and consultancy services to an animation studio in Pasig City and a Sun Life Advisor. She is not your regular career woman. She is adventurous and intentional in creating the kind of life she wants and she believes she deserves. You can get in touch with her at firstname.lastname@example.org
You may remember her as the gal who shared her Income Allocation Strategy which has helped her better save up for her financial goals.
Just sharing these choices most men make when it comes to personal finance. I’m really glad to know people like you who made a choice different from these!
Most Common Excuses that People Have that Keeps Them from Saving Money
“Youth: I can’t save now. I’m still young and in school. I can’t save while I’m just getting by. Besides, I’ve got better things to do with my money. When I’m out of school and it starts rolling, then I’ll save.
20′s: I can’t save now. I’m just getting established. I’ve got credit card dues to pay and there’s the loan for the car too. I’m not ready to make commitments yet and I want to have fun while I can. There will be time to think about saving later on.
30′s: I can’t save now. I’ve got a growing family on my hands. It costs a lot to raise a family and there’s mortgage on the house too. It takes all I have to make ends meet. When I am making more and the kids are older, then I’ll save.
40′s: I can’t save now. I’ve got two children in college. In fact, I had to borrow for their tuition this semester. This is the most expensive period in my life. I can’t save a cent.
50′s: I can’t save now. I know I should but things haven’t worked out like I thought they would. I have to ride along where I am. I am helping my parents too, now that they need my assistance. I’m just barely making ends meet. Maybe something will open up, then I’ll save.
60′s: I can’t save now. I thought things would be better. I wanted to retire earlier but I just can’t do it. I’m trying to pay off the last of the mortgage and get other bills taken cared of, but things mount up. Remembering the grand children and others take all I have… I guess that’s the way it is… I wish I could save…
70′s: I can’t save now. My retirement benefit from SSS and from my company don’t go far enough… Medical bills and long term care expenses really WORRIES me. I’m a burden on my kids. I’m living with my son and his wife. I wish I had saved when I should have. It’s too late now. I really can’t save now that I have no income.”
All those above are their reasons why they don’t WANT to save now, until its too late…
Hmmmm… Let’s make a new story… Our story! Why did we make that choice to save and invest NOW!
How to Get Past the Most Common Excuses and Actually Save Money
Let’s start with myself!
I was born a penny pincher! But I started investing only last 2008. I wish I had started investing earlier, since I first received money as gifts from my godparents. I save and invest my money so I could support the WANTS not just the needs of my future family, especially my kids… I want to be able to support all of their interests and be able to travel with them anywhere and at any day we want! I believe we can do that FREE of worries! Even if we have household expenses and tuition fees to pay (I did not mention home loan/mortgage because I want to have my own house before I get married. As long as I plant the money we’ll need, now, regularly, and without fail, I believe it can happen! Free of worries! I also save and invest because I want freedom. I want to be independent of the companies I work with. If I have savings, I’m not afraid to lose a job, which is common nowadays. I’d rather focus on developing my skills more, so I could give greater service to more others. And that kind of service will always be followed by money.
Oh, by the way, when I was young I saved for my future needs (may it be for school expenses, etc. etc.)… But now, I am saving for my WANTS. (My emergency fund will take care of the ‘unexpected needs’ part.)
I encourage you guys to share your visions and dreams to inspire others to make that same decision, the decision to take full responsibility over our own finances NOW!
We encourage you to identify what keeps you from saving – whether it be the shopping monster in you, lack of source of income, lack of financial strategy in place or not knowing where to invest - knowing what specific circumstances keeps you from reaching your financial goals will help you better face them head on and find ways to get past through it.
It’s difficult to defeat an invisible opponent so go and get to know your excuses that keeps you from saving money so you could better create strategies and overcome them!