BLOG – If quitting buying for the sake of buying and saving money is SO easy, why isn’t everyone doing it? (2 minute read)

Last week I was the guest on a QRRRWN (Queensland Rural Regional and Remote Women’s Network) webinar. Davida, the interviewer, asked me “If quitting buying for the sake of buying and saving money is so easy, why isn’t everyone doing it?”

That’s a fantastic and fascinating question.

80% of Aussies say they have no savings, one third of Australians say debt is their biggest stress and 1 in 3 employees say they spend 3 hours a week, at work, worrying about money.

So why isn’t everyone spending less and saving more?

I’ve interviewed more than a thousand men and women in Australia, the UK and USA about their shopping, spending and saving habits. They said they’re spending, not saving, because they are:

  1. Too scared to act – Whether it’s making a budget, calculating debts or cutting up credit cards, most people are too scared to act. The book ‘Feel the Fear and Do It Anyway’ was first published almost 30 years ago and is still relevant today. Being brave is about feeling the fear, the anxiety, the doubt, the insecurity, and deciding to act nonetheless. Act now. Enrol on a training course or ask for support.
  2. Focused on perfection – Most people are focused on perfection – job, salary, spouse, suburban house, cars, children, holidays etc. Author Mark Manson says: ‘When we let go of our conception of what is perfect and what ‘should’ be, we relieve ourselves of the stress and frustration of living up to some arbitrary standard… a standard we adopted from other people.’ Get prepared for imperfection now. Put money in an emergency savings account.
  3. Personally irresponsible – We’ve forgotten how to be personally responsible. Men and women said it’s much easier to be the victim and blame others – the economy, Government, banks, house prices – when we’re overspent and in debt. Blaming others may make us feel better today, but ultimately it implies that we were incapable of controlling our own fate. Be responsible now. Make a budget, spend sensibly and save as much money as possible.

What do think?
What will you do?
Until next time…