How do you know if you’re saving enough? If you go by retirement calculators or online savings tools, you might think you’re all set. However, these tools are too general for certainty — they’re meant to guide you, not function as the end-all, be-all. It’s worth your time to sit down and really think about what you’re saving and if it’s actually enough, no matter what a calculator might say.
It might sound obvious, but if you are living outside your means, you’re likely not saving enough. Many people report that they prioritize savings, but do they actually do that? It’s a lot easier said than done. People have a tendency to want to “keep up with the Jones'” and go on spending sprees, when that money should be socked away in a savings account or invested. It’s all well and good to talk a big game about saving, as long as those words are backed up with serious actions. How do you know if you’re making savings a number one priority? If you even have to ask that question the answer is likely no.
As Yahoo reports, another obstacle to saving enough is the curse of instant gratification. You know how it is. You want your things, and you want them now. It’s never been easier to get what you want and get it quickly. That means it’s also never been easier to spend money when you should be saving it. One way to avoid that instant gratification pitfall is to make a list of things you actually need to spend money on and save for them specifically. Any other items you might want to purchase that don’t appear on that list should be slept on before you acquiesce.
On the flip side, saving enough is not as easy as it sounds. You can’t simply plug some numbers into a calculator and presto! You’re done. You have to really think things through and make sure you’re doing everything possible to be on the right track. There will be sacrifices, but in the end, they will likely be worth it.
