Can't Save, Won't Save, But Could You Still Enjoy A Financially Secure Future?
You really don't need to be a genius these days to know that it'simportant to save as much money as you can, as soon as you can. In fact, some go as far as to say that you should aim to keep $10,000 in the bank while others believe that retaining around 20% of your annual income is a good bet. Either way, savings are the flavor of the season.
The trouble is that, no matter how many articles we read or experts we talk to, some of us just can't get into that saving habit. Perhaps you set money aside each month but spend it soon after, or maybe you never even get that far. Whatever the problem, you often end up with an empty account and a whole load of guilt on your shoulders.
The thing is that this save mentality simply doesn't work for everyone, and in this instance, there's absolutely no point in forcing yourself. That said, you do still need to get your finances in some kind of order to ensure a secure future. Luckily, savings aren't the only way to make that happen, and we're going to consider some of the alternatives.
Investments rather than cash in the bank
For those of us with a spending habit, investments are a fantastic second choice. As well as offering the potential to drastically increase our trust funds (which, by the way, doesn't happen with the money just sitting there,) investment options including real estate or even business enterprises ensure that our money is out of reach, and thus safe for long term financial protection that may be even better news when we finally need it.
Insurance in case of emergencies
No matter whether we have to take time off work or fork out for a new boiler, savings make it all possible with, relatively, little stress. And, when savings aren't an option, insurance policies offer much the same protections. By seeking insurance in viable areas (home, life, health, etc.) with the help of a trusted independent insurance agent, you especially stand to get the best deals, with the best coverage for every eventuality. Sometimes you might even be able to enjoy added benefits like replacement vehicles or alternative accommodation!
Do what you can to pay off debts now
If you aren't great at saving, then having debts hanging over you is never good, meaning that our last tip is to overpay wherever you can right now. This way, you should find that you can clear your credit cards, pay off the mortgage, and a whole lot besides, all before you're looking down the barrel of retirement without a nest egg. Then, you can enjoy a much more affordable way of life later on which, hopefully, even your lack of savings won't struggle to cover.
If you've been trying and failing to save for years, then it's time to give it up and instead put these alternative protections in place to ensure financial security that's actually within your reach.