When it comes to money, everyone has a habit that either helps you save or lavish your money. But for those who have a reasonable income and still save nothing, it’s time you ask yourself some tough questions.
Have you ever wondered why you have little or no savings in spite of your fat salary? Have you ever tried to understand why you still borrow money from your colleagues before payday?
If you have never thought of these questions, congratulations, you’re in the right place. This piece will tell you about the three habits that withdraw your money from your bank account and your pockets.
1. Spending more as your income increases
There is no harm if you chose to raise your standard of living when you earn more money. But, if you are always looking for ways to spend your money, you may end not having any savings. The truth is if you increase your expenses because of the increase in your income every time, you may end up having nothing to show for your hard work.
2. Focusing on the present, forgetting the future
Despite the campaign and gospel about saving some of your income for the raining days, some people still wonder why they should save for the future they’ve not witnessed the future.
This kind of mentality only prompts you to spend your money unnecessarily because you consider only your present needs and forgetting the future.
3. Believing it’s too early to save
There is no point in anyone’s life when it is too early to save money. Saving is saving and it’s never too early to save a portion of your salary every month.
However, if you get carried away by the various pleasures money can buy, thinking you’ll start saving tomorrow, you never can tell what would happen to your income tomorrow.