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Can’t Save Money Because of Bills? How to Navigate Wisely

4 Mins read

Bills.. and Billing

There are several reasons you might want to save money. It could be for a new car, gadgets, vacation, education, or even Japa. 🌝 However, you realise that though you spend a lot, bills do not stop. Billings from friends and family hit you every now and then, and at the end of the day, you’ve got little or nothing to save.

This does not show that you have a healthy relationship with money. If you keep going this way, you will not only not have savings, but you will also run into some financial trouble sooner or later. 

Before we discuss how to navigate wisely and be more in control of your money, let’s look into some signs of an unhealthy relationship with money.

7 Signs you have an unhealthy relationship with money

1. You don’t know how to say No

If someone suddenly asks you to loan or give them money and you know that you don’t have the money at that time, you still find a way even when it’s totally inconvenient. If this is you, you should start creating boundaries around your finances.

2. You are a reckless spender

Spending money as soon as you get it without making a budget means you are not in the best place with money. Just because you can afford something doesn’t mean you shouldn’t spend wisely.

3. You are constantly worrying about money 

Everyone needs money. But if you are always checking your balance and worrying about when the next paycheck will come, then something is off. It means your money is never enough, which might be a sign that you’re not managing it well. 

4. You don’t like to talk about money

If for instance, you were raised in a household where money and finances are discussed in hushed tones, you might think money is taboo. This might make it difficult to even negotiate offers that will potentially make you more money.

5. You live a life you can’t afford

It’s okay to splurge once in a while. However, once you keep buying things your paycheck can’t cover and start piling up debts, then you need to sit your 🌚 down and find a healthy way to deal with money.

6. You feel guilty about spending

You don’t have to be frugal or tight with money all the time. Sometimes you deserve to spend the money you’ve worked hard for, to be honest. However, if you always feel terrible for spending your money, it’s not a good sign you and money are cool. You will keep looking at money as something you don’t deserve.

7. You are never accountable

You keep blaming external factors for the way you spend money. You could blame your parents, the price of goods, and other factors instead of being accountable and accepting that you are at fault for not spending wisely. If you find yourself never taking responsibility for your spending, you should take a step back and reflect.

How to be in control of your money and start saving

Saving money gets easier when you have a plan. Determine the amount of money you want to save each month and stick to it. Here are other ways to be in control of your money:

Pay off your debts

The earlier you start paying off your debts, the better it is to gain financial independence. Take a look at all your bills and make a list of debts you have to pay off and start clearing them one at a time.

You don’t have to attend every social function

Not all parties require your presence, especially the expensive ones. Cutting down the number of monthly functions you attend can help you save money on expenses.

Automated savings

Money apps offer automated transfers. You can choose when, how much and where to transfer money so that a part of every salary goes directly into your savings account. This way, you wouldn’t forget. However, be sure to have a realistic savings plan, so you don’t get overwhelmed.

Set up a monthly automated savings plan on Cowrywise now.

Have a budget

One of the first rules about money is budgeting for what you need. Without a budget, you just continue spending without a limit. Have a budget before the money drops. Create a personal spending plan to monitor your inflow and outflow.

Cut monthly expenses

Look at all your subscription plans, find the ones you use the least, and unsubscribe from them. It might seem insignificant until you add up and see how much it costs over a year.

Additional source of income

No one wants to work multiple jobs, but some conditions may call for it. If you find yourself paying more bills and not earning enough, look into getting another job or working overtime for a short period. It could be one month or three months till you find yourself back on track.

Watch this video on how to create additional sources of income:

Getting rid of unhealthy spending habits and saving may not be the solution to all your financial issues, but they can help you be in control of some of the actions you take.

Learn more tips in our personal finance book, where you can learn other money rules and gain knowledge on how to grow your wealth. 


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