5 hard truths about saving money | PERSONAL FINANCE & MONEY TIPS #Finance

so i talk a lot about saving money because spending less it plays a big role in helping us get to where we want to be financially but of course it’s not the only component so i think it’s also necessary to acknowledge certain situations thoughts and even behaviors that can slow

us down so today we’re looking at a few harsh truths that people don’t talk about enough but before jumping in this CashNews.co is brought to you by later this is an all-in-one social marketing platform that supports you as you grow your business and reach new audiences and we’ll

talk more about them in a moment so if you are someone who feels that you have always struggled to save money your inability to save might not be entirely your fault now don’t get me wrong yes we are all accountable to our own actions and ultimately we decide what we spend our money on

however it is legitimately harder for some people because the brains of some people are actually wired for spending and i know that might sound like a cop out or an excuse but i’m sure we’ve all heard someone refer to themselves as either a saver or a spender maybe if they’re

frugal or they tend to spin more freely but there is actually some truth to these statements because according to research our brains can be wired for either spending or saving so if your brain happens to be wired for spending becoming a better saver will mean going against something that’s

natural for you and this could possibly explain why it’s so much easier for some people to budget and save money now of course if you happen to be someone whose brain isn’t wired to save that doesn’t mean that you’re doomed but you might have to put forth a little more

effort with regard to self-control and being intentional with your spending and i have several CashNews.cos on this topic so i’m not going to go into too many details here but a few things that might help include recognizing and avoiding exposure to your triggers which can be any person place

or emotion that tempts you to spend money it might also help to come up with a splurge budget as well as keeping a visual reminder of your goals in your wallet another thing to remember is that you can’t rely on anyone else to take care of your future and honestly this is something that i

assumed everyone believed and thought and obviously some people do but there’s also a lot of people who don’t think this way and i say this because not too long ago i did a tick tock CashNews.co where i said if you are a parent and you have to choose between saving for college and

saving for retirement key phrase if you have to choose you should always prioritize saving for retirement because whereas there are so many different ways to pay for school there is no Loan for retirement and for those of you who don’t know my background i have been writing

and researching Finance topics since 2005 and throughout this time i’ve only ever heard information supporting this which makes sense because you have to look out for

your financial future and the reality is a lot of parents are not in a position to do both especially if they have multiple kids but i’ve since learned that that is not common knowledge because on that particular CashNews.co i had so many comments from people saying things like that’s

wrong you know you shouldn’t have kids unless you’re going to pay for their school or college is way more important than retirement i’m not worried about that and i even had a lot of people say my kids are my retirement and i’m not gonna lie that last statement did catch me

off guard because i didn’t realize that so many people were not planning for the future and they were relying on their kids but i have to say being realistic about your financial limitations is not selfish and that type of thinking it can be dangerous because regardless of what type of

relationship you have with your kids once you get to a retirement age they might not be in a position to help you or they might choose not to and if that is the case what happens next now at the end of the day i can’t tell anyone what to do everyone has to make their own decisions but if you

feel that you’re stuck between a rock and a hard place i do recommend talking with an advisor who can give personalized guidance on the best way to approach this because your financial health is important too and you really don’t want to do anything that’s going to sabotage it but

of course as much as i love to talk about saving money you can’t save what you don’t have there are a lot of people who want to save yet their Income isn’t enough they’ve already cut out everything they can possibly cut out and in this case

Income alone might not be enough to get ahead or to pay off Debt so you’ll need to earn more and for anyone in this situation i really do encourage you to stay positive now obviously this is not something that you can fix overnight but with careful planning

you might be able to fix it in time and one thing that i always suggest is not relying on a single Income source now i realize that some people feel that they are not the entrepreneur or the self-employment type which i totally get it because having a business or a side hustle it

does take time to grow these and you might also feel that you don’t have the energy for a part-time job but if you’re barely breaking even or you’re tired of feeling financially stuck it might be time to start wrapping your head around the idea of starting a side hustle maybe

growing a passive Income stream where you can continue to make money after you’ve done the work and a few ideas might include affiliate marketing blogging and even youtube the amazing thing about today is that through the power of social media your knowledge can be your side

hustle knowledge is valuable so if you know a lot about a topic whether it’s Finance it’s pets it’s cleaning it’s nature it’s home decor you

could take that knowledge and use it to supplement your Income and i know it can seem like a lot to juggle and one concern that some people might have is figuring out how to get started and how to manage everything and if that is also a concern of yours this is where later can help

because it makes it easy to manage all of your social networks at the same time and in one place later is known as a go-to source for social media marketing and education and it can help simplify your social media or influencer strategy whether you have a large or a small audience managing social

media accounts takes time and planning and one thing i like about later is the ability to schedule posts for instagram tick tock pinterest and linkedin there’s even an instagram hashtag tool that can help extend your reach you can search for new hashtags and then view your instagram analytics

to see which ones are working for you later is also known for his blog which supports business owners creators business coaches social media experts and content creators by being a source for the top social media marketing trends i’ve been using the growth plan which has been super helpful

for streamlining my workload so if you’re interested i will include a link below to later’s blog so you can check out their how-to guides and their educational articles which can help you stay up to date on all things social media and on the flip side of this some people can say but

they don’t think about saving money until it’s too late i cannot tell you the number of times i’ve heard someone say i wish i took saving money more seriously and these comments would usually come after some type of financial setback maybe after getting a medical bill or a job

loss and i think that when we’ve yet to go through something major financially speaking sometimes there is a tendency to put saving money on the back burner or feel that we have plenty of time to build up our account but the time to think about building an emergency fund is before you have an

actual emergency and i know that probably seems like common sense but it has to be said because some people do feel that they are invincible so even though they know bad things can happen they don’t believe that it will and one thing i have to say before moving on is that you will never hear

someone say i wish i never had an emergency fund and another truth we have to realize is that saving alone isn’t always enough some of you have probably seen this commercial of this woman who’s saving money to climb i believe mount everest so over the years she’s putting money in

this jar and then once she finally has enough money saved she gets to the mountain and she’s like years older and she’s on a walker and the whole point of that commercial is encouraging people to also invest because if you only rely on your Savings account you might

never hit some of your biggest financial goals now everyone has different goals some people want to retire early or achieve financial freedom while they’re still young healthy and energetic and they don’t want to wait until they’re 65 or 70 to leave the workforce and don’t

misunderstand me Savings accounts are necessary everyone should have a minimum three to six months of living expenses or Income tucked away or you might feel comfortable having 12 months either way it is important to have something liquid but if you’re trying

to hit big financial goals especially early in life a Savings account is only going to take you so far and at some point you really have to start thinking about investing and yes i know investing might seem scary especially if you’re a first timer or if you’re not

comfortable picking individual stocks but i promise you it’s not as hard as you might think instead of individual stocks you can invest in funds such as a mutual fund or an etf which diversifies and spreads your money across multiple Investments and you can even use a robo

advisor which will pick Investments for you based on your goals so seriously consider investing outside of your retirement account you can start small and then gradually increase your contributions but the key here is really to be consistent and start early that’s all that i

have for you guys today i really hope that you enjoyed this CashNews.co and if you did please give me a thumbs up and if you haven’t already definitely consider subscribing i post every weekend and sometimes during the week thank you again for watching and i’ll see you in a few days

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