If you are struggling to get money into your savings account or you have no money left over at the end of the month, you are not focusing on the savings as a major part of your budget and you are heading to a financial problem.

Reasons not in savings mode

There are many reasons why you mightn’t be in a savings mode and addressing the cause of the problem could highlight a solution too.

• Ill-prepared budget: if you have not allocated your money correctly or not have enough money in the budget to allocate a saving fund.
• Bad habits can lead to a poor savings account.
• Inadequate financial skills to know how and what you should do.
• Purpose for savings
• Needing a break from saving

Whilst these are all valid reasons for not being able to save money, they are all areas that need addressing and resolving if you are to get your savings back on track.

A budget that is not allowing for savings or even annual bills, is going to run into difficulty. If the problem stems from a lack of income or too high expenditure there are two options to finding ways to increase the income: selling items or taking another job. Alternatively, you need to reduce the outgoing’s accordingly; this isn’t always the easiest option. Where you have flexibility is often in the grocery budget and this means being strict when it comes to shopping each week.

However, it is possible if you’re committed to living within your means. It will require you to readjust your budget and spending habits, this can take time to adjust accordingly.

Bad habits can occur if you spend money on an item regularly, for example if you purchase a coffee on the way to work each morning but complain you have no money for savings. These bad spending habits could be effecting your ability to save for the future or for a larger purchase.

There are many skills you need to live in the world, understanding all the financial implications as you grow, is one of the important ones. Unfortunately, this area is the most difficult to learn, the skills of managing a budget and living within your means is a process that many people expect you to do, yet the skills are seldom taught, either by schools or parents.

However, if you have recently hit a savings goal and you are feeling the need for a splurge this is fine, as long as you are able to get quickly back into the savings habit. Having a long-term goal for savings can motivate you into savings; once you reach one goal, you must work out the next to ensure you have a target.

Therefore, if you are struggling to get into a savings mode, find the reasons behind why you are unable to save and to put into practice a plan for getting back into a savings mode.