Now that you have an actual job, and you are making some money for yourself, this may give you a sense of independence and confidence. But the thing is, not everyone has the discipline to use their money in a practical way. Some working adults barely save enough even if they make money because of other priorities or spending habits that prevent them from doing so.

But you see, it is better to start early when it comes to saving money. This is a smart way to secure not only your future, but also your day to day life. This is why we have prepared for you a list of things that tend to limit your chances of saving enough, along with some tips on how you can go around these hurdles to help you grow your funds over time.

1. Low Income

Newly grads run the risk of getting just the minimum wages for their entry-level job. Since they do not have much experience in the job, they cannot expect to receive a salary that is comparable to what a seasoned employee is getting. Thus, if you are just new in the company, you will only receive a low income that may not be enough to carry you over for the entire month, depending on your lifestyle and expenses.

But then again, as you keep on proving your qualifications and skills, so will your salary increase over time. This is why if you keep doing your best, there are chances of a promotion and a raise in your paycheck. But for the mean time, if you want to save money even if you have a low income, you may consider getting an additional job on the side. Perhaps, you can consider working on weekends or taking an extra job after your office work even for just a few hours. Selling items online or holding a garage sale once a month can also increase your chances of saving more money even if you are only making the minimal amount. At times if you need a temporary approach, you can always apply for fast payday loan Singapore to help you get through unexpected issues that exceeded your financial capabilities.

2. Rental Payment

You want to enjoy your independence, so you have decided to move out of your parents’ house and rent your own place. This is a good way to become more responsible in many ways, including budgeting your money. As long as you have a budget and stick to it, there should be no problem with having to worry about your finances constantly. However, you have to accept the fact that the rental fee in Singapore is not exactly on the cheap side. In fact, with the high cost of living in the city, you may end up having to pay several hundreds of dollars a month just to cover your rental payment. The cost varies based on your location as some areas are more expensive than others. So, you will have to choose where you want to live, in case you have a chance to decide on this factor, if your workplace does not restrict you from doing so.

If you want to rent a space in the central business district area, then the cost of a single-room apartment may be up to $500 monthly. However, if you want to have the entire space for yourself, an apartment for rent in this area may cost you about $1,500 or even more. If you are making just a small amount of money, it may not even be enough to live in such a place. This is why some working adults choose to stay at their family home and not rent, so they can save more money and invest along the way.

3. Splurging on Designer Items

For working adults who are fond of shopping, it is exactly this interest to shop that prevents them from saving enough. It gets even tougher to maintain their savings account if they look for designer labels at all times. Just a regular, unknown brand will not do it for them, so they make sure they buy only the finest and branded items whether it is a bag, pair of shoes, clothes, and what-nots.

But, is this really worth the spend? Supposing you want to buy a Prada bag at $2,000, what will be left of your salary afterwards? You can buy a decent and good-looking bag that is maybe 60 percent cheaper than such branded item, yet the quality is still amazing. It is all a matter of setting your priorities instead of giving in to impulses. After all, at the end of the day, these are just material possessions. Eventually, they will love their value, you will want to upgrade your style, and your money is basically just put to waste. So, it is not really worth it to indulge on designer and fancy items if you want to save money for your future or emergency needs.

4. Riding a Cab All the Time

The good thing about Singapore is the convenient and efficient public transportation system. There are buses, trains, and taxi cabs to take you from one place to another. You can also be sure that the seat is comfortable, and you can reach your destination without breaking a sweat all the time.

Unfortunately, some people will not even settle for a regular public transport. They would rather hail a cab no matter where they go whether it is the mall, home, or the office. But the thing is, it costs a LOT to ride a cab in Singapore. It may cost you at least $100 to keep on riding a cab about 5 times, and this is a huge amount of money that you could have spent on food or added to your savings.

So, instead of hailing a cab, why not ride a bus instead? Be sure to leave home early to catch a bus on your way to the office. If you really feel that there might be a time in your life for you to ride a cab because of whatever reason, then have a so-called emergency taxi fund ready, which should not go for more than $60 in a month. Never ever ride a cab if this would mean going beyond your monthly budget.

5. Keeping Up with Fancy Devices

Sure, you need your cellphone for communication purposes, but at the same time, if you can never settle for a regular device and MUST buy the latest and the most expensive mobile phone, then the problem starts there. The cost of branded and latest technology is astronomical, and upgrading constantly can stop you from building your savings.

The expenses don’t stop once you buy a new phone, though. There are also recurring fees monthly for your broadband, and this impacts the amount of money you can save on a monthly basis.

6. The Ease of Withdrawing Money

Where do you keep your money? If you only have an ATM account, then it can be very easy and convenient to withdraw money anytime you want. As long as you are aware that it only takes a few minutes to get some money from a machine, then spending it is also effortless. This is the reason why some working adults hardly save anything, and they end up worrying about their future.

One smart way to prevent yourself from having withdraw too easily is by putting some of your money in investment or a fixed deposit account. Not only will this discourage you from withdrawing cash all the time, but you can also make extra money from the interest earned monthly or annually. In the end, it is a win-win situation that will keep you more disciplined and even inspired as you watch your money grow. You can also put an end to the constant desire to take some money out to shop, dine, or use it for unnecessary things.