4 Reasons Why Saving Money Feels Hard and What You Can Do

Have you ever tried to save money? You already know that it is not accessible if you have.

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Even if you were successful at times, have you been consistent in saving?

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No? Yeah, we thought so.

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The lure of spending those additional bucks on a movie or a night out with your friends is simply irresistible.

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You know, sometimes it is a matter of not knowing where to start or when the budget doesn't stretch enough to cover everything you need. 

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But have you ever wondered why it is super hard to save money? And how can you possibly build that habit? Let's find out.

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Why is it so Hard for You to Save Money?

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According to a recent survey, Indians do not save enough money, and millennials make up a huge part of it.

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While there are many reasons people might be unable to save money, one of the biggest culprits is often us.

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Yes, you read that correctly.

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We are not proactive about spending and tend to track monthly bills without realizing it.

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Do you know why that happens? Here is why:

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1. Money mismanagement

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It can be challenging to save money because people often make financial mistakes, such as:

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• Not setting aside enough money each month
• Not using cash instead of credit cards
• Overspending

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2. The escalating cost of living and other expenses

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According to Forbes, "the cost of living is one of the biggest factors that make saving money difficult."

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The amount of money you spend on groceries, transportation, and other miscellaneous expenses is huge.

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Adding all these together will leave you with less money to save, and no one can live without these, right?

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3. Debts that you may have accumulated

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Saving money cannot be easy when you are toiling to make ends meet. And existing debts can make the situation even worse.

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You may have to put aside less money each month for your regular bills and expenses when you are in debt.

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This means that you do not have adequate money left over to save.

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4. Financial ignorance

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Financial illiteracy is one of the biggest reasons people have difficulty saving or investing money.

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Many people don't understand how to save or budget their money, which causes them to spend more than they earn.

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Ignorance can also lead them to make bad financial decisions that can further hurt their ability to save.

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5. Procrastination

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"Time heals all wounds." You would probably have heard the saying, which is mostly accurate, but there is one exception: money.

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‍Saving money is challenging if you are prone to procrastination. Procrastination can make it hard for you to save as it can keep you postponing your investments.

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Saving is a habit; you must develop the discipline to do that successfully.
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What Happens if you Don't Save Money

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The long-term consequences of not saving money can be significant and far-reaching, impacting various aspects of your life. Here are some of the potential effects:

Financial strain and instability

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Vulnerability to emergencies: Without savings or an emergency fund, unexpected expenses like medical bills, car repairs, or job loss can push you into debt or financial hardship.

Limited access to opportunities: Lack of savings restricts your ability to invest in education, career advancement, or starting a business. These opportunities can open doors to a better future but remain inaccessible without financial resources.

Retirement insecurity: No savings and lack of retirement planning leads to financial dependence on others or relying solely on government benefits, which may not be sufficient for your desired lifestyle.
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Physical and mental health

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Increased stress and anxiety: Financial insecurity is a major source of stress, constantly worrying about making ends meet and covering unexpected expenses. This chronic stress can take a toll on your physical and mental health, leading to problems like sleep disturbances, anxiety, and even depression.

Lower quality of life: You may struggle to maintain a healthy diet, access recreational activities, or provide for your family's needs, leading to feelings of frustration and dissatisfaction.

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Missed opportunities

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Inability to achieve financial goals: Without savings, buying a home, paying for your children's education, or taking a dream vacation remains out of reach.

Dependence on others: Lack of savings can make you reliant on financial support from family or government programs, compromising your independence and autonomy.

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The Perfect Solution that You Need to Tackle These Concerns

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But is there a way to address all these problems and begin a strong habit of saving money?

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Yes, there is—Jar App.

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So, what is Jar?

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In a nutshell, Jar App is a digital piggy bank. It is designed to help you save money without the hassle of making explicit decisions about saving.

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You may wonder how Jar App can help you address all the challenges that make saving a near impossible task.

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Let's get to it.

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1.  Save money on autopilot

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One of the biggest reasons most people find it extremely difficult to save money is the huge amount of decision-making involved in saving money.

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It starts by analyzing the savings account rates, the best financial institutions, the best plans, etc.

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Most people do not want this hassle in their lives, as there would also be a million things they need to manage.

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With Jar App, you can set your preferred amount on auto-pilot mode and forget about diligently having to take time off to save every day.  

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Further, Jar App will also let you know the amount deducted for saving 24 hours before deduction. You can accept or reject the same.

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As you can see, Jar App makes it possible for you to save money without you even knowing.

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And to make it even better, it invests the money you save in digital gold. The result? You get to enjoy better returns than just regular savings accounts.

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How's that for a saving?

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2. Does not infringe on your living expenses

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A big concern of most people when trying to save money is that saving is seen as a loss and a lock on their monthly expenses.

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However, you will not feel the amount being deducted with Jar App as it makes deductions in smaller amounts.

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The app uses an intelligent technique to deduct small amounts from your wallet every time you spend it.

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The workings of the Jar app are pretty simple. Every time you spend your money online for any transaction, that amount gets rounded to the nearest 10.

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So, if you spent ₹356 on a swiggy order for lunch, your Jar App rounds that off to ₹340 from your account and saves the difference (₹4) to your Jar account and is invested in buying digital gold. 

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What makes the entire thing exciting and fun is that the app deducts very little money, such as INR 1 or 2, as your preferences.

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It is like saving the change you get after shopping in a piggy bank.

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Therefore, you will never feel that huge amounts are being deducted from your account.

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But since this happens daily, you get to see your savings rise by a bountiful amount over a short period of time. 

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3. Finance lessons and advice to educate you

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One of the crucial reasons people do not invest or save is their ignorance about the field and the importance of saving.

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With Jar App, you get all the advice and guidance you need to make yourself a financial expert.

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The app publishes insightful and expert blogs frequently so users can stay updated with industry news.

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It also has numerous guides on using credit cards responsibly, managing debts, managing personal finance, improving your credit score, etc.

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Over a while, you will undoubtedly become knowledgeable in the most important matters related to personal finance, saving, and investing.

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4. Save money as less or more as you want

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A primary reason most people do not actively save is the need to set aside considerable sums of money to make good savings.

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Since life is unpredictable, failing to meet saving commitments can also be difficult.

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However, with the Jar app comes flexibility. You can invest amounts of your choice with the Jar app starting from ₹11 or as high as ₹5000 per month.

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This allows you to keep your money-saving goals without worrying about managing your monthly expenses.

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The flexibility can make the Jar app a great assistant to creating a solid habit of saving money and preparing for the future.

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Additional Read: 14 Tips To Stop Impulsive Buying & Curb Your Spending

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Conclusion

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You need to invest and save to protect yourself from future emergencies or unforeseen challenges.

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While many people know it's imperative nature, they cannot commit to it for various reasons, like the ones we have discussed. 

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However, it is not difficult to make that happen with the right discipline and commitment. But it is easier now with an intelligent and user-friendly app like Jar. 

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Download the Jar app, install it, and set your preferences. The Jar App does more than just save; it makes you better at finance while also helping you save for the future.