People offer different excuses for failing to save any money at the end of the week/month/year, etc. The most common excuse is they don't make enough money and for that reason, can't save any. Supposing you earned less than you do right now, wouldn't you get by with whatever you earn? To embrace financial security in future, you need to make sacrifices now. Automate the transfer of a specific amount of money to your savings account each pay day and at the end of the year when you take a look at your bank statement you'll have a good reason to smile.
I preach the same principle of 'separate and automate' - i.e. have a separate account for your savings and put in place an automation process to ensure you transfer the money on a regular basis. This is a good way of having the right disciplines in place.
This is like the "pay yourself first" philosophy. Take the money out right away and put it in savings, then figure out a way to live on what's left. That's something they should teach each and every person the minute they get their first job. If people learned that habit right at the onset, no one would ever say the have trouble with saving money.
Its always best to lay everything down on the table and see what you are in reach of, for example one of my first financial goals is being able to have an emergency six months of funds in my savings account and i attempted to do that by creating automatic savings plans, and finding a more cost effective living lifestyle, There is no end to what solutions you can be able to find as well so best of luck.
I used to do the automatic transfer thing, and it is fine, but now I'm disciplined enough to handle that manually. Savings and investing secures one's financial future, so it is a no-brainer to stay focused.
It sounds all very high-tech to me. I prefer my humble piggy bank. I had one since I was a kid, and it's my preferred way of saving money. I automatically put a few dollars in it every day without even thinking about it anymore. It doesn't matter if I am a little short on cash or not, I will religiously put the coins into my piggy bank, and at the end of the month I take the usually $150-$200 to the bank.
The separate and automate theory appeals to me. This is good for people who don't have fiscal discipline. This money is something that we don't touch, come what may. Yes, austerity pays and it's never high time to put a penny in the bank.
