Why People are not able to Save more Money ?
Do you know so many people struggle to save money even if they are making a good amount of money? Still their savings and wealth is very limited.
Do you know why ? because they follow below equation
- Reason
Income-Expenses = Savings
This formula now does not work now because you have only one component now in control that is Income . So you spend money and it can’t be controlled .
now have the same formula but just change the location
Income-Saving = Expenses
if you can decide how much money you want to save and put it aside then you need not to worry about savings. You will now spend what is in your account. Try to save at least 10% of your income at any given time.When you have money in savings, you will get some ideas to grow it. That’s the first step to creating wealth. ‘Money Attracts Money’
2. Reason
Don’t Make it automatic.
We always think we are smarter, when income will come we will save. but it does not happen like that. The moment you automatise it, the saving portion goes there. You don’t need human interventions in that case. Like you get salary automatic, make your savings Automatic. Place ECS or auto debit to a separate account so that you don’t have any confusion in spending or saving.
Do you know why so many people have good corpus in Their Provident Fund and other than that they don’t have enough savings why? Because it was automatic and before you got a salary it got deposited in the PF Account.
3. Reason
Fear of having less
They fear that they can’t survive with less money. That’s a myth. Think If you can’t survive on 80–90% of income what will happen when you will take retirement , when you will have no income. It will be more difficult then.People have survived with no income or low income. You will also survive but If you want to build wealth That fear must go and promise yourself to PAY YOUR SELF.
Conclusion :
1- Save before you spend
2-Make Your savings Automatic
3-Be fearless- you can manage with 80–90% of Income.
With Love and Wealthy Wishes !!
Sandeep Gupta
About me
I am Wealth Accelerator Coach. I coach people how they Can accelerate the wealth by decreasing the liability and by increasing their Income and by growing their Money. I designed 6 Steps of Financial Planning which Optimise the Wealth you have. I love to Talk about Spiritual Laws of Money. How universe can help you to grow the Wealth. I help people to take control their money and enjoy life of Freedom and abundance.
