7 Reasons Why You'll Never Reach Your Savings Goals ...

1. You’re Not Saving ENOUGH MONEY

It's very difficult to reach your savings goals if you do not save enough. Financial experts recommend setting aside at least 10% of your pay each pay period. This is sufficient for building an emergency fund or saving up for other goals, such as a house or another high ticket item. If you can't save 10% of your pay, aim for at least 5%.

2. Your Savings Account is Too Accessible

A regular savings account is an option when you're saving up. However, if your savings account is too accessible, it's easy to dip into your account and take money before you're ready. Therefore, consider savings options that aren’t easily accessible, such as an online high-yield savings account, a certificate of deposit or a money market account.

3. You’re Not Earning a High Interest Rate

To maximize your savings account, you need to shop around and compare interest rates. The average interest rate on a savings account is .06% APY. However, you can earn a higher rate with money market accounts, certificate of deposits and online high-yield savings accounts. Speak with banks and credit unions (online and offline) to compare rates, products and services.

4. You Have Too Many Bills

It's also hard to reach savings goals if you have too many bills. The more expenses you have, the less money you can put in your savings account. Therefore, look for ways to reduce your expenditures. These include shopping less, eating at home, looking for free entertainment and reducing your food and transportation costs.

5. You Can't Deny Yourself

It's also hard to save money if you can't tell yourself no. For example, you might be unable to resist a sale. Or if your friends are planning a vacation, you might go into your savings account to join them. Reaching any savings goal, however, calls for sacrifices.

6. You Don't Have a Savings Plan

To reach your savings goals, you need a plan in place. For example, how much will you deposit each month? What is your target goal? How will you generate extra cash to increase your savings? Even if your plan isn’t perfect, it’ll keep you on track.

7. You Don't Have a Target Goal

The decision to save money is commendable, but without a target goal, it might be easier to fall off. Ask yourself, what am I saving for? Maybe you're saving up for a house, a car, a vacation, or perhaps you want to remodel your home or simply increase your emergency cash cushion.

Although difficult, you can reach your savings goals. But with any goal, you need to keep your target in front of you, and you need to make wise financial decisions. The way you spend your money influences how fast you can reach goals. How did you reach your savings goals?