Why your savings are not growing

You’ve been saving money for quite a while now yet each time you check your account balance nothing seems to be happening. Growth seems so far out of reach it seems like you’ll be stuck in your present financial situation. Why could that be?

You’re dipping into your savings

All those times you dipped into your savings are probably catching up with you. There might have been some financial constraint that warranted extra cash and without hesitation you dipped into your savings account. This is a major problem with people who have neither budget nor emergency fund.

You’re not saving enough

In a case where you spend first then save later: what’s left over for savings might actually be too poor for savings. The ideal situation is to save first and spend later

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You’re stuck on the same amount

Yes we’ve advised you severally to set aside a stipulated amount for savings but no one says you should remain at that spot even when your income has increased. Learn to increase the amount you save from time to time. Remember that you can’t keep doing the same things and expect different results.

You don’t have goals

A lot of people just save because saving is a thing in the business world. They have no actual plan or goals they want to meet. Nothing motivates a person better than vision. If you set yourself goals (short term and long term); you’ll find yourself enthusiastically doing so much more. What are your money goals for February 2020? How much do you need to save every month in order to achieve those goals? See, with such directives, your savings will definitely grow.

[READ ALSO: Helpful ways to get your business to run without you]

You don’t make enough

The problem most times isn’t with the zeal and willingness to save but in the availability of cash. Most people want to save but simply don’t earn enough. If that’s the case, the ball is in your court. You have to figure out a way to earn more; take an extra job, start a side business, take an online gig; either way just ensure that you’re earning enough.

Did you feel like you could relate with any of these? Well it’s time to make some adjustments for your savings to grow.