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Are you making these four excuses about money in 2020?

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We're all human – some more than others! When it comes to making and saving money in 2020 and beyond, mental habits are powerful blockers that might be keeping you from success. In this challenging and uncertain time in the lives of all across the globe, saving and conserving what we have has never been more important. Today we're touching on how to do that a little better.

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We all have a narrative of sorts that we say about ourselves. Phrases such as "I'm just disorganised by nature!" and "I could never be that frugal"; keep us down, stopping us from ever entertaining the thought of improving ourselves in certain areas.

These excuses can be so normal to us that we don't even realise just how much they are stopping us from growing as responsible adults. Today we have gathered a list of these excuses when it comes to money, together with some advice on how and why you should get them to shut up right away.

I don't have the time to save.

This is obviously not true, but not for the reason most people think of at first. It's common to say that you're just too busy and that this restricts you from saving. The reality? You can look at it from another angle – you can get better at managing and using the time you have.

Instead of trying to cut out things from your life to make way, use new methods of organising yourself. Simple tools like Trello can help you make 'containers' for different recurring things in your life, and you can use the voice feature on your smartphone to make quick notes instead of having to type them out.

It's also worth noting that saving gets easier the more you do it. That means less time required to get results – keep that in mind.

I should reward myself for doing well.

A blurry line in some cases, but one all too many fall foul of. It's important to have a structure in your life that includes rewards and relaxation, but the key is in having just that: structure.

The problem creeps in when your rewards start to become ad-hoc. Random treats do little for you and build bad habits. Conversely, waiting for a set time when you can do or buy something special builds discipline. It's important that you do treat yourself, just make sure that you do it as part of a wider plan that involves saving wisely every day.

It's fine, I'll be making more money soon!

Don't ever make this mistake – it's dangerous. Yes, we all have careers and business goals that drive us. We can predict these reasonably well; you know that in a few years you'll have a raise or might move to a new position with a higher salary. The problem lies in leaning on that prediction too much.

It's even more of a problem when this excuse crops up as a way to avoid investing in a financial safety net. It's recommended that every adult should be able to live for at least three months without income; making the excuse that you don't need this because of more income down the line is dangerous indeed.

How to beat this one? Be present to the moment and understand that your circumstances can change quickly. If you haven't already, make an initial savings goal of the three months living mentioned above. It's a great place to start and will help build up that saving habit.

I'm just bad at handling money.

The nasty thing about this is how comforting it is to say.

Sounds strange, right? It's true. This comment is one that resigns you to a bad state of affairs. It's tempting because it means you don't have to consider doing work and putting in the effort. It's just so easy to let go of that responsibility, and many of us fall into that mental trap each year.

As a responsible adult, you can't afford to be so lazy with what you say to yourself. If you say this story to yourself, cut down the challenge of starting by taking things a day at a time. Instead of thinking about saving for an entire year – or indeed your whole life – set yourself a challenge to make it first through a day, and then a week, in a responsible manner. Before you know it, the challenge will be familiar, and you'll be cruising towards a better future.

Can we help your finances?

We hope you liked today's article! Stay tuned for more tips from the Everyday Loans team on how to live well and save like a pro.

If you're in a tough situation with your short-term finances, come to our website to get a quote in minutes on a loan to suit you. We're here to help – it's that simple.

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