Why is it So Difficult to Save?

Saving money is really difficult, mostly when you are not used to be a saver.  Your saving ability is determined by your capacity to stick in your goals within an environment filled of temptations.

Yes, you heard it right, temptation is the main culprit why is it so difficult to save.

Just looking the ads in your favorite TV program, in your Facebook wall, and also in your mobile apps, there are so much temptations.

I need to emphasize “realizing weaknesses”because we fall prey to this human behavior called overconfidence.  In behavioral economics, overconfidence refers to our unfounded belief that we possess superior abilities in managing our budget, controlling debt, choosing insurance policies, and growing our wealth through investing in securities or in a active business.

Nurture the Habit of Saving

To nurture the habit of saving, you must start out with small mortifications.  A person who is just starting out to become a professional weightlifter will not lift heavy weights right away for  fear of physical injury.  Similarly, you should not try to save large amounts right away for fear of financial injury.

Mortification is a process of killing desires of the flesh.  Start to kill small amount of desires first.  For example, you spent 20 pesos a day for a bottle of soda.  Try to consume a bottle of soda in two days, then make it in three days, until you gave up drinking soda.

If you have trouble in saving 100 pesos a day, try to save 10 pesos a day.

Make sure it will not turn into ningas kugon attitude.  Train your self to develop discipline in order to save 10 pesos a day religiously.

Financial mortification multiplied daily will eventually lead to financial discipline.

Always remember, excellence in saving is not an act but a habit.

To paraphrase the Good Book, temptation is like a roaring lion looking for someone to devour.  Yet, despite all of it’s strength, temptation will not succeed if we realize our weakness and address them effectively.


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Eleison Cruz

Financial Consultant. Personal Finance and Investment advocate. Author of The Good Asset, a blog that educates people in investments, financial literacy, and life insurance. Visit www.thegoodasset.ph

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