Why Aren't People Saving More?

In America, there is a big problem with people not saving enough money. It is not uncommon, in this country, for people to get to retirement age and have very little to show for it, let alone enough to take care of themselves into old age.   

As you can imagine, not saving enough can lead to some serious regret. So, why do people regularly not save enough?   

Plain Procrastination

One reason people often give for not saving like they should is procrastination.

It’s all too easy to think that you’re young and that you have plenty of time ahead of you to save. Before you know it, however, years have passed, and you have nothing stashed in the bank.

Don’t let simple procrastination be what keeps you from saving. Remember, it is never too early to start a savings account. In fact, talking with a financial adviser and getting set up on a good savings plan as soon as possible can go a long way toward kicking procrastination to the curb and getting you on the right track.

Job Loss

No one likes to think about losing their job. Unfortunately, this can happen to the best of us.

Whether there are lay-offs at your job, or you do something wrong, firing can and does happen. And, when it does, it’s easy to deplete your savings and never get back on track.

This is why it’s so important to have an “emergency plan” in place for if you got fired. Would you have some kind of backup employment? Would you have at least six months worth of money to live on without dipping into your savings?

The better you prepare for these types of potential situations, the less likely it is you will find yourself devastated and your savings wiped out in the event of firing or some other undesirable life event.

In fact, having a plan- a plan to save and a plan for how to save in light of dire circumstances- is really the key to saving successfully. If you haven’t already, meet with a financial planner to get your finances on the right track and to ensure you’re saving as you should.