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Are you someone who struggles to save every penny because saving just seems too hard? Learn how to save money easily and kiss your financial worries goodbye!
Have you ever tried to save money? You already know that it is not accessible if you have.
Even if you were successful at times, have you been consistent in saving?
No? Yeah, we thought so.
The lure of spending those additional bucks on a movie or a night out with your friends is simply irresistible.
You know, sometimes it is a matter of not knowing where to start or when the budget doesn't stretch enough to cover everything you need.
But have you ever wondered why it is super hard to save money? And how can you possibly build that habit? Let's find out.
Why is it so Hard for You to Save Money?
According to a recent survey, Indians do not save enough money, and millennials make up a huge part of it.
While there are many reasons people might be unable to save money, one of the biggest culprits is often us.
Yes, you read that correctly.
We are not proactive about spending and tend to track monthly bills without realizing it.
Do you know why that happens? Here is why:
1. Money mismanagement
It can be challenging to save money because people often make financial mistakes, such as:
- Not setting aside enough money each month
- Not using cash instead of credit cards
2. The escalating cost of living and other expenses
According to Forbes, "the cost of living is one of the biggest factors that make saving money difficult."
The amount of money you spend on groceries, transportation, and other miscellaneous expenses is huge.
Adding all these together will leave you with less money to save, and no one can live without these, right?
3. Debts that you may have accumulated
Saving money cannot be easy when you are toiling to make ends meet. And existing debts can make the situation even worse.
You may have to put aside less money each month for your regular bills and expenses when you are in debt.
This means that you do not have adequate money left over to save.
4. Financial ignorance
Financial illiteracy is one of the biggest reasons people have difficulty saving or investing money.
Many people don't understand how to save or budget their money, which causes them to spend more than they earn.
Ignorance can also lead them to make bad financial decisions that can further hurt their ability to save.
"Time heals all wounds." You would probably have heard the saying, which is mostly accurate, but there is one exception: money.
Saving money is challenging if you are prone to procrastination. Procrastination can make it hard for you to save as it can keep you postponing your investments.
Saving is a habit; you must develop the discipline to do that successfully.
What Happens if you Don't Save Money
The long-term consequences of not saving money can be significant and far-reaching, impacting various aspects of your life. Here are some of the potential effects:
Financial strain and instability
Vulnerability to emergencies: Without savings or an emergency fund, unexpected expenses like medical bills, car repairs, or job loss can push you into debt or financial hardship.
Limited access to opportunities: Lack of savings restricts your ability to invest in education, career advancement, or starting a business. These opportunities can open doors to a better future but remain inaccessible without financial resources.
Retirement insecurity: No savings and lack of retirement planning leads to financial dependence on others or relying solely on government benefits, which may not be sufficient for your desired lifestyle.
Physical and mental health
Increased stress and anxiety: Financial insecurity is a major source of stress, constantly worrying about making ends meet and covering unexpected expenses. This chronic stress can take a toll on your physical and mental health, leading to problems like sleep disturbances, anxiety, and even depression.
Lower quality of life: You may struggle to maintain a healthy diet, access recreational activities, or provide for your family's needs, leading to feelings of frustration and dissatisfaction.
Inability to achieve financial goals: Without savings, buying a home, paying for your children's education, or taking a dream vacation remains out of reach.
Dependence on others: Lack of savings can make you reliant on financial support from family or government programs, compromising your independence and autonomy.
The Perfect Solution that You Need to Tackle These Concerns
But is there a way to address all these problems and begin a strong habit of saving money?
Yes, there is—Jar App.
So, what is Jar?
In a nutshell, Jar App is a digital piggy bank. It is designed to help you save money without the hassle of making explicit decisions about saving.
You may wonder how Jar App can help you address all the challenges that make saving a near impossible task.
Let's get to it.
1. Save money on autopilot
One of the biggest reasons most people find it extremely difficult to save money is the huge amount of decision-making involved in saving money.
It starts by analyzing the savings account rates, the best financial institutions, the best plans, etc.
Most people do not want this hassle in their lives, as there would also be a million things they need to manage.
With Jar App, you can set your preferred amount on auto-pilot mode and forget about diligently having to take time off to save every day.
Further, Jar App will also let you know the amount deducted for saving 24 hours before deduction. You can accept or reject the same.
As you can see, Jar App makes it possible for you to save money without you even knowing.
And to make it even better, it invests the money you save in digital gold. The result? You get to enjoy better returns than just regular savings accounts.
How's that for a saving?
2. Does not infringe on your living expenses
A big concern of most people when trying to save money is that saving is seen as a loss and a lock on their monthly expenses.
However, you will not feel the amount being deducted with Jar App as it makes deductions in smaller amounts.
The app uses an intelligent technique to deduct small amounts from your wallet every time you spend it.
The workings of the Jar app are pretty simple. Every time you spend your money online for any transaction, that amount gets rounded to the nearest 10.
So, if you spent ₹356 on a swiggy order for lunch, your Jar App rounds that off to ₹340 from your account and saves the difference (₹4) to your Jar account and is invested in buying digital gold.
What makes the entire thing exciting and fun is that the app deducts very little money, such as INR 1 or 2, as your preferences.
It is like saving the change you get after shopping in a piggy bank.
Therefore, you will never feel that huge amounts are being deducted from your account.
But since this happens daily, you get to see your savings rise by a bountiful amount over a short period of time.
3. Finance lessons and advice to educate you
One of the crucial reasons people do not invest or save is their ignorance about the field and the importance of saving.
With Jar App, you get all the advice and guidance you need to make yourself a financial expert.
The app publishes insightful and expert blogs frequently so users can stay updated with industry news.
Over a while, you will undoubtedly become knowledgeable in the most important matters related to personal finance, saving, and investing.
4. Save money as less or more as you want
A primary reason most people do not actively save is the need to set aside considerable sums of money to make good savings.
Since life is unpredictable, failing to meet saving commitments can also be difficult.
However, with the Jar app comes flexibility. You can invest amounts of your choice with the Jar app starting from ₹11 or as high as ₹5000 per month.
This allows you to keep your money-saving goals without worrying about managing your monthly expenses.
The flexibility can make the Jar app a great assistant to creating a solid habit of saving money and preparing for the future.
Additional Read: 14 Tips To Stop Impulsive Buying & Curb Your Spending
You need to invest and save to protect yourself from future emergencies or unforeseen challenges.
While many people know it's imperative nature, they cannot commit to it for various reasons, like the ones we have discussed.
However, it is not difficult to make that happen with the right discipline and commitment. But it is easier now with an intelligent and user-friendly app like Jar.
Download the Jar app, install it, and set your preferences. The Jar App does more than just save; it makes you better at finance while also helping you save for the future.