Saving allows you to reserve a part of your income to use it in emergencies or to meet future goals, and it is one of the most important commandments of financial education. Despite this, many people often look for excuses or find motivations to justify that they cannot reserve that money, preventing them from forging an adequate and healthy savings culture.
True limitation or an excuse
“Creating a culture of savings is a neural process that triggers decision-making and then an action. This leads us to analyze that the barriers or limitations to taking care of our finances are often in the mind and not in our income. It is important that we change our mindset and give savings the importance it deserves. It is a platform that allows us to achieve objectives and maintain an optimal financial life” said Laura Moreno, Vice President of Corporate Relations at BAC Credomatic.
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If expressions like I never learned to save, that’s not for me! I never have enough money to save !; Why save if I have almost no money left? Or saving a little is not worth it! Then it is important that you analyze whether it is a true limitation or an excuse that could compromise your financial stability in the medium and long term.
In that sense, the executive explained that the real limitations that often prevent saving could be excess debt -which can affect liquidity at levels where the ability to buy and save is lost-, unemployment or even prolonged extraordinary expenses related to health.
“If this is your case, it is important to first assess the reason that led you to have excess debt and establish an action plan with the support of your financial institution. If at this time there are any limitations that prevent you from saving, do not stress, the most important thing is that you are aware of this and that you barely balance your finances, start little by little. Remember that to save you do not need exorbitant amounts of money, you can start with the change that was left over from a purchase”, said Moreno.
Saving as a habit
According to studies by University College London, it takes 66 days to incorporate new behavior into our routine and make it stick. According to BAC Credomatic, saving is also a habit and that is why you have to exercise it. “The small actions and steps we take will always be important. That is why it will never be a limitation to save a little or to say that we were never taught to do so. Many times it is only a matter of will and practice,”said Moreno.
In the market, there are many tools that will allow you to start this habit. The executive recommends starting by using mechanisms where you have controlled access to the money and avoid spending it easily, for example, automatic deductions.
You can also use:
- Mobile applications to control your expenses: allows you to identify money leaks that are not saving you.
- Savings accounts: it is a safe and practical way to save your money. In this case, the funds receive interest according to the term and amount.
- Automatic or programmed savings: through this mechanism your savings are kept in a separate account, which will allow you to quickly get used to not having this money for other expenses.
- Term certificate of deposit: this is a savings and investment tool since the money is deposited for a certain term and will receive a fixed interest.
It is always important to name our objective or financial goal, in this way it will be mentally easier to avoid making unnecessary expenses to fulfill that dream through saving.
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October 31, 2021 at 07:23AM
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The Reasons You Do Not Save Money and How to Deal with This - The Costa Rica News
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