4 Reasons why it’s Hard to Save Money

Saving money is a topic that makes some people scratch their head and think. Did you ever come to a point where you ask yourself why saving money is a challenge? Here, I listed down a couple of reasons why the struggle is real, based on what I observed and our own experiences. I also included some tips on saving. Hope you find them helpful.

LOW PAY

The minimum wage in the Philippines is around 491 php a day. It’s like 5000 php – 6000 php every two weeks. If you are single, maybe you can stretch your budget to save money from this amount, but for someone who has a family, 12000 monthly income is not enough to make ends meet. Some would say, “It’s how you spend your money. No matter how small the income is, you can still save.” In my opinion, it really depends on the situation. My father was a jeepney driver. He earned 250 php – 400 php back then (the vehicle was not our property) and he had to feed his family of 5, send me and my siblings to school, pay house rent and bills. The old man was the only one working and I completely understand why my mother could not save a peso. She did not want us to be hungry. She would rather buy food than save.

There are others who would really love to be consistent in saving money but could not do so because their paycheck covers all that they NEED to buy and pay. Saving even a small amount will ruin their budget. I personally know some of them.

Tip: Find another source of income. If you are a stay-at-home mom, you can help your husband earn extra. Try starting an online business, search for the latest items and use Facebook and Instagram to promote your products. Be a reseller if you don’t have the capital yet. Love cooking or baking? Bake bread, pastries and cook meals then sell it to your neighbors and friends.

graham balls, a snack I used to sell at work

Feeling crafty? Make personalized items perfect as presents on occasions. You can turn your hobby into business!

handmade paper flowers for event styling by my friend, Aiko

Singles can also try these tips. So get up and stop wasting your time. Earn extra so you can start saving money. Read Momma Raketera for raket ideas.

WRONG MINDSET

In our culture, we believe in “You can’t bring money to the grave” and “It’s just money, you can still earn it.” I often hear this when someone’s about to buy something expensive or there’s nothing left in the wallet. It’s like a consolation to themselves. I know because my husband and I used to fool ourselves with those sayings. If we did not experience a financial crisis in 2014, we would still be fans of the two statements.

What if (knock on wood) you die today, you are a breadwinner, you have little kids and your partner does not have a job, where would they start? Where would they get money for your funeral? Ask help from relatives? Borrow money with high interest? Okay, this sounds too heavy but it is the reality. When you die, you have loved ones who will remain on earth.

Tip: Change your mindset. Do not overspend and think of your and your family’s future. If your salary is more than enough for your needs, start building an emergency fund and then open a savings account. For money saving tips, read this article.

FEAR OF MISSING OUT

Would you believe that social media plays a big role in one’s finances? Have you ever bought a product that you do not really need but because a lot of people were posting about it, you joined the bandwagon? Did you visit a new cafe or restaurant because it’s trending on Facebook and you’re curious to know why? If you can afford it without making your pocket cry, then go ahead! Do not deprive yourself. It’s your own money anyway. But if doing so will make you skip saving for months, think again. Maybe you are not doing yourself a favor. Ask yourself if you really want the experience or you do it just to brag that you’re “in”. To impress people who do not even matter.

iphone or savings?

Tip: Log out your Facebook and Instagram accounts. If you easily get tempted with what you see, keeping it out of your sight is the best thing to do. Do you really need a new phone or you “need” it because Apple is about to release a new iPhone? Practice delayed gratification. It is hard to do, but worth it. Rewarding ourselves is IMPORTANT. It makes us happier and inspired.

LACK OF EDUCATION ABOUT MONEY

I started working 8 years ago but got serious about saving money back in 2015 when I read that preparing for my retirement is a must. I do not want to bother my children when I become sickly and old. My plan is to stop working at a certain age and enjoy the remaining years of my life with my family and friends. Had I known the value of money a long time ago, I would have checked for health insurance plans and invested my money in stocks or UITF at an early age.

from Pixabay

Tip: Good news, you may start preparing for your own retirement NOW. If you want to be financially free, read and learn about investments and business NOW. There are a lot of online groups that teach people about money. They also offer affordable financial seminars. Read books about making your money grow and how to budget. One thing that I have observed when I visit financial groups online is, a lot of millennials are now becoming more interested in saving and investing. It’s a good sign. I hope more people, especially Filipinos, will become financial literate for a brighter future.

Money is not everything but everything has to do with it. Don’t get me wrong, it does not mean that you will think about money all days of your life but be wise. Work. Save. Spend. Share your blessings. It is not too late to change the way you handle your finances. The best time to start is now.

Written by Meg Mortega

I am a young mom who loves everything that comes in pink. I have 2 beautiful kids who gave me the privilege of being called a "mother". I am married to my high school sweetheart, a kind and loving man. Nocturnal Mom Talks is my personal space online where I share my musings, tips, and love for parenthood and life.

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