Your Mindset is the Reason You Struggle to Save Money
The psychology behind your loose spending
When it comes to finances, you likely have had to learn most of what you know on your own. Schools don’t teach you how to manage your money. Most parents give you general guidance like ‘don’t spend all your money on sweets.’ Chances are you just wing it. Learn as you go.
But one thing seems to be a recurring piece of basic financial advice: save.
From the first day you got your piggy bank as a kid, you were told how important it is to save your money. And as you got older, you were told you should already be saving for your retirement.
So why is it that despite the warning from an early age and the obvious importance of setting aside as much as possible, so many of us find it difficult to save money?
I recently started my own journey into ‘financial know-how.’ Through Claudia Hammond’s book Mind over Money and various interesting studies on spending habits, I’ve come across 5 big reasons most people struggle to save. And they all relate to how your mind works.
If you’re aware of them, you’ll be more conscious of your spending and will manage to save a lot more. Ignore them, and you risk being played like a fiddle by a money-hungry world.
