Why people fail to save money

No one wants to be a liability to their children. Everyone knows the importance of retirement planning, but why are people not taking steps towards financial freedom?

First of all, people, in general, prefer instant gratification.

No one wants to WAIT for their stuff if there is a way to get it immediately. To save, one needs to be disciplined enough to delay their urges. As irrational beings, saving is not as easy as it may sound.

Secondly, most of us put our savings in the bank.

While this is the first step towards saving, this money can be quite easily withdrawn. Personally, many times before, I too have used my savings that was meant to be in the bank. Nowadays, I still save in the bank but will throw away the ATM card.

Last but not least, they do not have a purpose to save money.

If there is no purpose to save money, this leads to a lack of motivation. Because of this, people simply put saving as their least priority.

I believe having a house is a sure way to save money. Having a mortgage loan can actually help one to save. You either pay or lose the home. It forces one to put aside some money to pay for something that will increase in value in future. Having a home not only help you to save, but you can enjoy the comfort and safety in provides.

I honestly hope that all of us here in Singapore will be able to at least own a home.

Given the grants and schemes that are available, it is achievable to own a home in Singapore here.

If you need help with the grants available, I can be reached at +65 94508732. I wish you all the best in your journey towards financial freedom.