Do you struggle saving money? If your answer is yes, you are not alone in your struggle to save money. According to statistics, “45% of Americans have saved nothing for retirement, including 40% of Baby Boomers. 38% don’t actively save for retirement at all.”
Having something saved up for retirement is very important because a time will come when even the strongest of us will be unable to work anymore.
The first thing that you should do now to overcome financial struggle that leads to the inability to save, is to find out the reasons for your inability to saving money, and then make a decision on ways to fix it.
Here are some reason why you might struggle saving money and how you can overcome it.
#1 Not Having Goals Causes Struggle Saving Money
Everyone ought to have personal financial goals for their lives, whether short term or long term. Drawing up tangible and realistic financial goals and following them religiously is a key to avoid your struggle to save money and achieve success in all your financial goals.
According to a survey by the Brassica trust Mutual, the number of Americans ages 25 and older who identify themselves as “non-planners” and as having “no established financial goals” doubled to 14 percent between 2012 and 2015.
A financial goal is the first step that sets you on a path to overcoming money problems. Your goal should be based on what matters most to you – your own values and interests. What are you willing to sacrifice in order to achieve your goal sooner? What can help you stay the course?
A realistic goal should be:
Measurable. Set a time limit for your goal, such as the deadline to buy a new house or the age at which you wish to retire.
Achievable: Plan with your income (and anticipated income) to plan your financial goals for the future. Don’t reckon on winning the lottery to accomplish your goal.
Specific: ‘To acquire wealth’ is not a specific or clear goal, but “to save 30% for a house mortgage” is.
Regardless of what life stage you are in, it’s never too late to set a financial goal today.
#2 Spending Without a Budget
According to a 2013 Gallup poll, only 32 percent of U.S. households prepare a monthly budget. How can you manage your expenses and save money without a budget?
One of the best weapons for eliminating financial problems is a budget. A budget is a very useful tool that helps you prioritize your expenses and handle your money—regardless of how little you have.
A budget guides your spending decisions and ensures you’re spending money on what’s really important to you. It helps you to spend your money in a way that helps solve your financial problem.
Preparing and monitoring your budget will help you recognize wasteful expenses, adjust quickly to changes in your financial situation, and achieve your financial goals. Creating a budget will also reduce your stress levels.
You can learn more about how a budget works here
#3 Paying Too Much for College
According to Student Hero, “Americans owe over $1.4 trillion in student loan debt, spread out among about 44 million borrowers. That’s about $620 billion more than the total U.S. credit card debt. In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year”
There’s no doubt that as a college student, you may not only struggle saving money, you will likely end up with student debt. About all college students will obtain some form of student loan at some stage in their college career. This debt, after graduation can at times seems devastating.
But luckily, there are ways to ease some of the debt and the anxiety that goes with it. By following a few easy tips, you can shun student loan debt, or at least make it more manageable.
There are several ways to reduce & avoid overwhelming college student loan debt including:
Getting a Job and Starting to Save Early
Getting a College Credit without Paying for College Classes
Looking High and Low for Scholarships
Rethinking Your Choice of College
Avoiding Private Student Loans
Making a Budget
Finding Ways to Reduce Your Costs
#4 Lack Of Investments
Nearly 80% of millennia’s, according to a Harris poll do not invest in the stock market. According to the poll result, more than 40% said they feel they don’t have enough money to invest, 34% said they don’t know how, while 13% expressly blamed student debt for their inability to invest.
You’ve undoubtedly heard about the risks connected with investing. And it is indeed true that all investments involve some kind of risk. But what about the risk associated with not investing? Isn’t there a greater risk there?
As one of my mentors (Late Archbishop Benson Idahosa) would say, “It’s risky not to take risks.”
Actually, by refusing to invest, you are taking several risks, among which may include:
Inability to maintain your financial independence. While you may not become completely broke, you could end up struggling to make ends meet or, worse, you could become dependent on others for financial assistance.
You may outlast your money
You might not be able to retire on your terms.
One of the most important rewards of investing is that you can have your money work for you to make more money and not having to work your entire life. There are just two ways to make money: either by working and/or by making your assets work for you.
You can find out how to get started with investing here.
#5 Not Earning Enough Causes Struggle Saving Money
76% of Americans are living paycheck-to-paycheck today and just one event could cause a financial panic. Even if an event that could cause a financial crisis do not occur, the accumulation of increasing bills can eventually cause a financial crisis.
If you’re not earning enough money, it might not be easy to pay your utilities, mortgage, or put food on the table. Not earning enough money to pay your bills is an enormous problem many Americans have today.
You actually just have two choices – to make more money or to spend less.
When you don’t make enough money to cover your expenses, you need to take far-reaching actions to earn more or drastically reduce your expenses.
With the costs of living always going up, the best option is for you to find out ways of earning more money. One of the best ways you can go about that is to learn how to diversify your income.
Diversifying your income will help you to create other means of income, thereby giving you more financial power and freedom.
#6 Trying to be like the Jones Leads to Struggle Saving Money
In the words of Robert Kiyosaki, “Too many people buy things they don’t need with money they don’t have to impress people they don’t know.”
“Keeping up with the Joneses” is a phrase that expresses the desire to possess as much and to appear to be as well off as others around us. Regrettably, many people have had to file for bankruptcy because of the desire to “keep up with the Joneses.”
Many Americans live above their means. A Bankrate survey, as reported by US News found that about one-third of people ages 30 to 49 had more credit card debt than savings
In an attempt to be like the Jones, many people burden themselves with unreal lifestyles and avoidable debts that might, one day, come back to haunt them.
The probability is that those neighbors you’re struggling to keep up with are also living above their means.
If you desire financial freedom and happiness, keeping up with the Joneses is a way to never get there.
Here’s what you can do to stop the negative and sometimes addictive behavior of keeping with the Joneses. Whenever you need to make a big purchase, take the time to examine and identify your motive. Are you buying to fill a genuine need, or you are buying to impress others?
If you are buying to create a false impression of success to impress others, walk away. Sweep those Joneses out of your mind and save that cash to spend on things that will give you true happiness.
#7 Impulse Buying Causes Struggle Saving Money
One of the major reasons most people struggle saving money is impulse buying. If you find that you repeatedly spend money without thinking much about what or why you’re buying, you may have an impulse buying tendency.
Impulse buying represents almost 40% of all the money spent on e-commerce sites, according to User Interface Engineering. What drives shoppers to make these impulse purchases? It isn’t price, but rather it’s tied to design elements of the site itself
It can be really hard to resist the urge to buy on impulse, especially when we are paying with credit cards.
Too much level of impulse buying can lead you to debt and unhappiness, so it’s in your best to identify the warning signs and avoid it like a plague. Knowing what triggers you off to buy on impulse can help you spend less money on impulse.
There are different ways to avoid impulse buying including following a mandatory waiting period, paying cash, shopping less often, etc.
Are there other ways you have successfully used to solve your struggle to save money? Please share them in the comments below.…
I HAVEN’T EVEN GOTTEN TO THE PARTY YET SO JUST BEAR WITH ME
Let’s just skip to the final table shall we. It’s the main event, the part we all came to see. Actually very few of us came here to play poker, but this is the best of it and it certainly deserves a telling.
10 players remained and 5 were sbobet Palmetto proud (This is a South Carolina expression meaning they’re homeboys). In fact, 40% of the final table was comprised of members of the Smith family. I’ve tried all afternoon to think of any event where a single family has shown so much dominance and the closest I can come up with is the Corleones.
The entire table looked like this :
Wes Nile Virus
Team Scott Smith
The Wolverine (also a Smith)
Uncle Brian (who knocked me out)
Honorary Feature Table bubble and 11th place finisher = Al Can’t Hang
At the start DoubleAs held a massive chip advantage and Daddy was close behind. The Wolverine cut into both stacks with some very crafty plays. Then shortly after Uncle Brian (Stupid pocket Kings) busted out we had the hand of the century….******* For Much Greater Detail on this hand you must read the END of this post a future post [ed’s correction], but here’s the short version:
Only two players, Daddy and The Wolverine see the flop :
The turn is a rag.
The river is a 7.
Daddy bets the river and The Wolverine pushes all in. Daddy says, “You have quads don’t you?” Then he lays down, FOLDS, pocket aces.
The Wolverine shows the hammer, Quad 7s.
Meanwhile, the party was rockin’ outside. Four pretty girls dressed, oddly, as Hooter’s girls arrived. They brought dozens of their closest friends. My buddy Ted and his parents arrived and his mother who has very nice Hooters herself begged me to touch the muscles of her thigh. She’d been working out and, while I was uncomfortable, I hate to be rude.
Eva’d made me another LIT and a coupla carbombs too. I’d started tinkering with SoCo and had a head full of beer. After the previous night, it was easy to get the stupid flowing. Dr. Jeff calls it the “shampoo effect”.
THE SHAMPOO EFFECT
You know how when you lather your hair and then rinse, you get a pretty mild lather of bubbles on the hair.
If you follow the directions and actually REPEAT the process you almost instantly get a full head of giant bubbles. The previous wash made the second one quicker.
Likewise, if you still feel last night’s booze, today’s is coming FAST.
Friends my buzz was moving like my Head and Shoulders and Al Can’t Hang is a lousy conditioner. Therefore, I’m a bit sketchy on the EXACT tournament details but I can tell what I remember. Most of my memories begin at the DRUNK OLYMPICS…
SANS CHEESE BALLS
WHAT I REMEMBER
Pauly beat Wes (The Big Pirate). They chopped the pot and then had one had to determine a champion. It was Pauly.
Within moments the gospel spread and the great game was over. Millions of devout Pauly fans shed tears of joy, millions of pirates returned to their jobs at Capital One. Better still, the DRUNK OLYMPICS were ready to begin.
Otis, Al and I dragged a PA system with two speakers to the upper corner of the driveway, Otis plugged it in, and said, “Hello” to the crowd. They were all there by then, and even the Hooters girls perked up.
CJ and BG were the referees.…
Down on your poker luck, who doesn’t think of the famous Jack Straus maxim “a chip and a chair”? Twenty-nine years ago, in the 1982 World Series of bandar judi pulsa tournament, Jack Strauss was reduced to nothing but a $500 chip and his chair. Days later, creating the legend of one of the most amazing comebacks in the history of poker, Jack Strauss won the tournament, and a $500,000 purse.
“A chip and a chair” is all you need to make your comeback. And in 2011, there are already some serious underdogs writing their own comeback stories …
The one-time-lucky, seven-year-bust, comeback-accountant
Who doesn’t know the story of Chris Moneymaker? He is likely the single greatest reason for poker’s popularity boom in the last 8 years. As a total unknown in 2003, and working as an accountant in Tennessee, Moneymaker bought into a $39 satellite tournament on PokerStars. He ended up winning a seat a the World Series of Poker Main Event, the most revered and coveted tournament in the world, and became a legend.
Moneymaker bested a field of 838 players. In the final heads-up match, he faced Sammy Farha, a well-known and highly successful poker celebrity. Moneymaker took first place, and the enormous $2.5 million grand prize. He quit his job to become a professional poker player, and went on to live the dream!
But, Moneymaker was a total bust.
From 2005 through most of 2008, Moneymaker didn’t record just about any live tournament cash worth talking about. In 2008, he recorded two cashes for just over $150k. In 2009, he recorded one cash for $15k. Considering living expenses, and regular poker losses, these types of cashes after 4 years of running dry were nothing but blips on the radar. (2010? No real cashes.) People have looked at Moneymaker as an amateur who got lucky once, and just didn’t have what it takes to be a regular winner. Generating mostly losses for seven years (not like he couldn’t afford to) does not earn you respect.
Enter 2011… Moneymaker hired a mental coach. He began leaning on his experience of 8 years of regular play. He developed strategies, and studies regularly. Moneymaker has decided to stop being a lucky player, and start being a smart one. The result? 2011 is only three months in, and he won second place in the National Heads up Championship (to the tune of a cool $300,000) and 11th place in the PokerStars Caribbean Adventure Main Event (for a respectable $130,000). In these three short months, he has pulled in more significant tournament money than in the entire seven years prior.
His rate of winning far exceeds anything he has ever accomplished to date, and his consistent performances suggest a totally new style of play. With determination, and the willingness to invest in developing his skill, Moneymaker has taken a whole new tack and completely upended all the negative opinions. Moneymaker is on the comeback trail, and just might be earning the respect of poker professionals by the end of 2011.
The Finnish Rollercoaster
2009 was the year of Patrik Antonius. Up $9 million, almost all of it in online winnings, the Finnish pro put up a stellar performance. But later that year, he admitted in an interview that he “lost millions, millions, millions of dollars with other stuff last year.”
2010 didn’t get any better. He lost $3.6 million in the year from high stakes cash games alone, going nowhere about as fast as you can go. In addition to his poker losses, Antonius reportedly lost millions in sports bets, and millions on the golf course. To cap it all off, Antonius began suffering seriously from his back problems, and was forced to attend rehabilitation sessions twice a day. Antonius summed it all up pretty simply: “I hate these moments when everything just goes bad.”
That’s what they call a tailspin.
Enter 2010… Antonius plays Draw Poker. A lot of Draw Poker. It’s March, and he’s won more almost $2 million at this game alone. With his other online poker efforts, he pulled in by the end of February a huge $3 million in profit. That’s more than Moneymaker made in one of the world’s largest tournaments in 2003!
Let’s put this in perspective: last year in March, Antonius was negative $3 million. That is a $6 million difference year-to-date. That is more money than most people will earn in two lifetimes! Antonius credits his intense focus and work ethic for his ability to create such a turnaround. But come on Patrik, what poker secret do you know that we don’t? Regardless, we’ve only got respect for a player who can comeback like this.
Just remember poker players: no matter how bad it gets (losing $3 million in three months is pretty bad!), there is always another comeback story waiting to be written. All you need is a chip and a chair……
It shoves a poorly-manicured thumbnail in your navel and twists. It drags you by your nose into dark corners where ne’er-do-wells skulk and rodents feed on trash. Perhaps more dangerous, it hangs you from a mountain summit and says, “So, you wanna play, huh? Well, then let’s play.”
Limit Hold’em has been boring me recently. I usually play slot hoki limit on Empire. The variance has been a little high recently. That was of little concern to me. Variance is variance. I was getting a little tired, though, of playing perfect poker and losing. And, of course, even the most disciplined among us tend to tilt a little when the bad run runs too long. When that happens, I’ll be the first to admit, I’m not playing perfect poker.
I was on the verge of something we all do from time to time. I was about to take a break. I was going to try to wrap my head around the game without playing it. Bobby Baldwin’s chapter in Super System was about to get some serious work. I like to call myself a a limit player who dabbles in no-limit tourneys. If I was going to talk like that, I needed to back it up.
In the spirit of Al Can’t Hang, Pauly, and Iggy, perhaps a drinking analogy is appropriate here.
I see Limit Hold’em as a beer drinker’s game. It’s a steady game, well-paced, with little room for disaster unless you choose otherwise. Sure, it’s possible to have a few too many and wake up wicked hungover. But there’s little doubt, you made the choice to do that, and the hangover usually isn’t that bad.
No-limit, as we all know, is for people who like to ride the lightning. It’s a shot-drinker’s game. If you choose to have one drink and wait for the nuts, you’re going to be okay. But if you’re really committed to playing the game, you’ve got to be willing to be hungover for three days. You’ve got to be willing to go broke.
As a semi-professional drinker, I know both games pretty well. I’ve suffered the victories. I’ve suffered the hangovers. I’ve made some decent money and I’ve almost gone broke a couple of times.
Simply put, those are the devils I know. And, frankly, I’ve been a little bored.
A bored poker player can be as dangerous as a bored drinker. When one gets bored, he starts to experiment. That brings us to Otis’ latest experiment in chasing the high.
Two-hundred dollar buy-in Pot Limit.
After a recent final table finish in Empire’s $25,000 guarantee Sunday night tourney, my bankroll was such that I could afford to lose $200. On a bored evening, I recently sat down at the $200 PL and decided to play.
I won $350 in a 45 minute session.
I stood up, and rightly, went out for a drink or ten. I ruminated over the possibilities for most of the evening. It seemed way too easy. I had hit and run the table for a sizable chunk of cash. There was a part of me that thought I had just found a poker utopia. Like anyone who buys a lottery ticket, I had visions of grandeur. The 45 minute session had just crowned me king of the poker world.
Of course, when I was thinking, I was drinking. I was no king. I was a guy sitting at a bar and trying to negotiate with the bartender. The Bait Shack had recently increased its draft price by 50%. I argued that since I had been drinking there since they opened, I should be grandfathered. I should get every third beer free. They didn’t see things my way.
The next day, I sat back down and lost every bit if my winnings in two hands. Most of it left my stack when a guy called $150 against my king-high spade flush with AJo. He held the ace of spades and the fourth spade came on the river.
I considered myself no worse for the wear. It was an experiment in riding the lightning. I survived and vowed to return to $3/$6 limit as soon as I stopped cursing.
Had it not been for Pauly asking me to write a little something for his blog-zine, I might never have ventured back into the world of $200 PL. But since he asked, and I was writing, I thought I’d sit and play a little more. I entered a $20+$2 multi and sat at a $200 PL table.
It became a four-hour session. I wrote the piece (hopefully to be featured in an upcoming edition of Truckin’) and played steady poker.
When I stood up, I had placed 9th in the tourney. What’s more, my $200 buy-in had turned into $733.
So, here I sit, 12 hours after a very nice winning session. It was not a hit and run. It was steady poker, played well. I remember laying down top two pair to a $90 bet when there was a possible straight on the board and two to a flush as well. I had my head wrapped around the game and didn’t feel like I was riding the lightning. I felt confident and sober.
Still, as the title of this post suggests, I know I’m walking a fine line. While my bankroll could stand a slight correction, I don’t know that I’m qualified or wealthy enough to play at that level.
Here I sit, sober and staring at an open bar. I ask myself, what would the great experimenter Pauly do? What would pro-drinkerAl Can’t Hang do? What would tee-totalling poker pro Felicia do?
More interesting, however…what is Otis going to do?…
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