It is part of human tendency to shy away from the reality when it strikes and we are often left to provide excuses to justify and defend ourselves.
To a large extent, people feels uncomfortable when they start thinking about personal finance. It is almost that feeling of resigning to fate because the world places them in such a way they are disadvantaged that there is nothing they can do to improve the situation.
I understand the situation because I challenged exactly the same myself about health, and inputing about food and nutrients and I can tell just how hard it is to stay resilient throughout the duration with so many temptations.
Anyway, going back to personal finance, here are possibly some of the most common excuses that we often hear:
1.) “I Don’t Earn Enough Money to Save”
To be on the fair side, there are people out there who barely earns minimum income who could hardly cover their expenses, so we leave these group out because they have done all their means to just survive.
But for most of the people out there whose income most likely exceeds their expenses, it is a matter of how much they net and pocket at the end of the day.
The ground rule is to ensure you earn more than whatever you spend. There are a lot of sidelines that you can do to improve your income situation either by buying and selling online gigs, working overtime or simply create another income stream through investing.
2.) “My Running Expenses Are Huge”
We know every month we are saddled with our utilities, telephone, cable, transportation fees and many more.
Running expenses are huge and I can attest to that especially with a growing family members to cater to in the household.
The goal here is to really sit down and properly analyze the unnecessary expenses which can be reduced.
If you are watching on the internet more than the cable, perhaps you can reduce your expenses by cutting your cable television.
If you are spending exorbitantly high on the water and electricity, check if there is a leak somewhere.
If you are frequently taking cab, do explore alternatives with Uber or Grab that often has discounted code.
3.) “I Don’t Have Time”
This is most probably the easiest excuse to justify and excuse oneself from taking responsibility of their own finances.
Most people procrastinate about taking lead of their own finances because there are always tomorrow or the next day after tomorrow hence it won’t matter if they delay taking action.
Time is always a resource that we do not have a privilege to dwindle on. Unfortunately, most people spend their time on gadgets, watching movies and going on holidays but never really sat down to think about how they should manage their personal finance.
You are standing under a tree today because someone planted a seed long ago.
The best time to start investing is 10 years ago, the second best time is today. Take action right now and make it your priority. The future of you will thank the you of today.
Achieving financial independence is a step towards freeing the most important resource in this world, and that is time. That first step, comes from taking responsibility of our own finances.
4.) “You Only Live Once”
YOLO – Your 20s might be running out so quit your job and spend all your money on traveling, gadgets and every other thing because you only live once.
While I applaud the good intention of YOLO, there is still a responsibility towards how you are going to manage your personal finances and the eventual retirement. You do not have to choose between experience or money. Most of the times, you can have them both if you plan them properly.
5.) “I’m Bad With Money”
Not everyone are born money savvy.
Being able to organize and watch your income and expenses are part of tracking your own cashflow to ensure cash never ran out when you need them most.
Proper budgeting and investing take more than just skills to hone. It requires mental preparation, patience and strong will and determination to make it last. You are able to use some application that can help you in budgeting such as Personal Capital or YNAB.