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You had P500 left from your salary last month and you put it in the bank. Hurray. But is putting aside P500 monthly enough? What if you suddenly find yourself in financial trouble? Are you prepared to take the blow? Most likely not. Here are five signs you’re not saving enough for the future. How many of them are you experiencing now?
The future may look so bright for you right now but it won’t always be the case. If you think the following signs shouldn’t be a matter of concern for you, perhaps it’s time to reconsider.
1. You Don’t Have Specific Retirement Goals
If you have no idea how much money you need when you retire then it could be a sign that you’re not saving ENOUGH for your future. Retirement may be the furthest thing from your mind but you really need to think about it so that you can develop a financial plan.
2. You Don't Track Down Your Expenses
Do you know how much you spend on coffee, leisure activities, or even your monthly movie subscription? It can be quite tempting to go on a spending frenzy especially when we see a comma in our pay slip. Keep in mind, though, that it’s also important to track down your cash flow by listing down all your purchases. There are expense monitoring apps that you can download for free in both Android and App Store.
3. You're Spending Too Much of Your Income
If you’re living from paycheck to paycheck, then your cash-strapped days will never be over. Get used to setting aside 20% to 30% of your income for your savings as early as now.
4. You have credit card debt
If you’ve got debts that are not really earning for you, then you have a serious problem. Not only are you not saving enough for the future, you are spending more than you should! Settle your debt ASAP as the interest can bury you deeper into debt. Then, start creating a budget so you can curb your expensive habits.
5. You Don't Have an Emergency Fund
If your idea of an emergency fund is a loan from a friend or a relative, then you should worry. The purpose of having an emergency fund is to have sufficient cash in case an unforeseen event happens, like when your car breaks down, or you need to make a sudden trip to the hospital, or worse, if you lose your job. If you do not have an emergency fund yet, create one now!
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