In our everyday lives there are always moments when we are confronted with the topic of money. Maybe you’re in a similar situation: you want to save, but it just doesn’t work. There are many reasons why saving is difficult, from unexpected expenses to everyday stumbling blocks.
In this reaction you will learn more about these challenges and get tips on how to overcome them.
1. Unforeseen expenses – When the account balance is too small
Sometimes it happens that you are standing at the checkout and suddenly realize that the account balance is not enough. Such situations can be embarrassing and make you feel like you are out of control of your finances. There are also other reasons that can cause a setback, such as expired cards, unverified bank details or unexpected fees. These little mistakes remind us how important it is to stay on top of your finances.
1.1 The importance of the overview
Managing money well starts with taking time to review your finances on a regular basis. Check your account, keep track of upcoming payments and stay up to date on the status of your cards. With a little planning, such unpleasant situations can often be avoided.
2. Saving as a student – almost impossible?
Saving is often particularly difficult as a student. You have little income and lots of expenses. Rent, tuition fees, books and daily necessities quickly eat up the budget. It is challenging to put money aside under these conditions. But there are solutions.
2.1 Full-time study and job – a balancing act
When you study full-time, there is often little time for a part-time job. Nevertheless, there are examples of people who manage to work while studying. However, caution is advised because too much work can quickly lead to overload. Finding a balance is the key here.
2.2 How much can you save?
The recommendation to save 1,000 francs per month is simply unrealistic for many students. It depends largely on whether you still live at home or already live independently. A goal of 200 to 300 francs per month can often be a great success for students.
3. Unexpected costs – the car inspection as a cost trap
Unexpected expenses can have a big impact on your financial situation. A good example of this is car testing. If you fail several times, you have to dig deeper into your pockets. In such cases, it is important to plan ahead and have an emergency fund for unforeseen expenses.
3.1 Emergency fund – your safety net
An emergency fund should be part of every financial plan. It helps you cover unexpected costs without getting into financial difficulties. Experts recommend having at least three to six months’ salary in reserve.
4. Savings vs. Lifestyle – The Eternal Battle
Many of us are in a constant battle between the desire to save and the urge to treat ourselves. You want to enjoy the lifestyle without constantly worrying about money. But how do you find the right balance?
4.1 Small changes with a big impact
It doesn’t always have to be a radical change. Small changes in everyday life can make a big difference. For example, think about how often you eat out or how much money you spend on new clothes. You can often save money here without having to sacrifice much.
5. The path to financial security – plan for the long term
As you get older and have new responsibilities, such as a family, managing money becomes more and more important. Anyone who learns early on to save 10% of their income every month lays the foundation for a secure financial future.
5.1 Saving as a habit
Saving should become a habit. Set realistic goals and make saving an integral part of your budget. Automate your savings by transferring a fixed amount to a separate account each month. This way you won’t even be tempted to spend the money.
6. The reality of retirement life – plan early
Many people only wake up when they are older and realize that they have not made enough provisions for their pension. The rude awakening comes when you realize that you have paid too little into your retirement provision and that your AHV (old-age and survivors’ insurance) is not enough.
6.1 Invest in prevention early on
It is important to start thinking about retirement planning early on. The earlier you start, the more you benefit from the compound interest effect. Invest money regularly in the 3rd pillar or in other forms of investment in order to be protected in old age.
7. Conclusion – It’s never too late to start
Managing money is a challenge, especially at a young age. But it’s never too late to get your finances under control. Regardless of whether you haven’t managed to save yet or have repeatedly been confronted with unexpected expenses, you can always start changing the way you deal with money.
7.1 Small start, big impact
Start with small steps. Think about where you can save in everyday life and set realistic savings goals. With the right attitude and a little discipline, you will be able to build long-term financial security that will enable you to live a carefree life.
Final tip: Also check out videos and articles about saving and financial planning to get more inspiration and pave your way to a secure financial future.
Thomas B. Kovacs (27)since 2015 I have been diving deep into the world of the stock market and sharing every step of my path to financial freedom with you on “Sparkojote.ch”.
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