I DON’T HAVE ANY EXTRA MONEY TO SAVE AND INVEST
Many people don’t start saving or don’t save more because they feel they don’t have any extra money. As Seedly founder Chew Tee Ming said: “The biggest barrier to saving is the high living expenses people incur every month after receiving their salary.”
What many people don’t do, however, is to examine their expenses to see where the money actually goes. By keeping track of every expense using an app such as Seedly or even a paper diary to write down your expenses, you can find out where your money goes and figure out where there may be options to spend a little less.
“Take a close look at your budget,” Women with Cents founder Natasha Janssens suggests, “and add up how much you spend on dining out, takeaways, clothes, TV subscriptions, or gym memberships. Be really honest with yourself about the must-haves vs the nice-to-haves.”
Overcome this myth by figuring out how you’re using your money, what you can spend less on, and saving just a little bit.