If saving more money is on your to-do list, but you just haven’t gotten around to it, it’s time to stop making excuses. We’ve all told little white lies to ourselves about why we’ve yet to open a Roth IRA or save for a down payment on a home, or stop living paycheck to paycheck. But have we actually sat down and come up with solutions? Probably not.
To help you get out of this habit — and on the right financial footing — we’ve come up with a list of common excuses money managers often make. If you find yourself using one of them, you’re doing your money no favors.
- How to Stop Living Paycheck to Paycheck
- Why You Need Financial Goals
- The Trick To Controlling Your Finances – Once and For All
1. I Don’t Have the Time
Saying you don’t have time to manage your finances is like saying you’re too busy to hit the gym. There may be some truth to your reasoning, but you probably refuse to make it a priority for another reason. Perhaps you’re dreading what you’ll actually find when you check your credit scores. Or you’re afraid not making ends meet will mean having to change your behavior. Whatever the fear, avoiding the problem won’t solve it, and you’ll have to face up to it sometime. Start being honest with yourself so you can stop the shame cycle for good.
2. I’m Bad at Math
Not everyone loves crunching numbers as much as your algebra teacher. But that doesn’t mean you can’t come up with a system to better manage your finances. Plenty of free smartphone apps make budgeting a cinch for right-brain types, and if you don’t like using an app, then there’s always old-fashioned pencil and paper. Excel or other spreadsheet applications can be useful for those who like keeping tabs on their progress.
3. I Don’t Earn Enough Money
It’s rare to find someone who’s truly content with their take-home salary. But that shouldn’t hold you back from managing what you do have coming in. While it’s reasonable and even advisable to think about a raise, you owe it to yourself to make your current paycheck work for you. That means living within your limits — excessive debt is a no-go for building good credit, as how much you have (in relation to your overall credit) impacts a chunk of your score — setting aside what you can, and rewarding yourself for a job well done when you can afford it.
4. I Can’t Give Up My Lifestyle
If living a life of luxury now matters more than saving for the future, it’s time to assess your priorities. This starts with understanding a need versus a want — something you need, like food and shelter, versus something you want in the moment, like the latest eyeshadow kit. The latter may be a fun splurge, but it certainly won’t pay for your house or fund your retirement. It also won’t feel so hot when you get a hefty credit card bill or a dreaded phone call from debt collector wondering why you haven’t paid what you owe. Worse still: Being rejected for credit when you really need it to buy a house, get a job or help out a relative.
Remember, staying on top of your finances is often easier said than done. But you can make it easier for yourself by doing away with the excuses and getting proactive. Reaching your goals won’t happen overnight, but you’ll be well on your way to financial success if you start being honest with yourself.
This article originally appeared on Credit.com.