Why Doesn’t One Save Much?
While saving is a good idea and gives you comfort, people don’t save enough. Acting as an insurance policy, saving can be a for sure way to withstand life’s disasters and situations. So, why don’t people save? Aside from poor financial decisions and people simply just don’t have anything to save, there is a reason as to why this could be.
One of the biggest reasons people fail to save is for some people, no matter what, today’s wants outweighs tomorrow’s needs. According to the co-director of the Behavior Change for Good Initiative, people fail to appreciate future gains. People often focus on sight instead of vision, using the present to determine their future outcome.
Instead of expecting instant gratification like a brand new car or a private chef, the purpose is to think about your future if you want to retire at a young age and travel the world. Try focusing on your savings during key points in your life such as a birthday, new job, or the New Year, when you are typically thinking about what’s ahead. You are more prone to save more after a celebration, milestone or event.
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Feature Image via Black Enterprise