5 Reasons You’re Not Saving Money — and What to Do About Them

Home Budgeting 5 Reasons You're Not Saving Money -- and What to Do About...

Many people seem to have a lot of excuses as to why they can’t save money. Discover 5 reasons why your bank account might be looking sorry.

If you ever thought to yourself, “Why Can’t I Save Money?” then these tips are for you.

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A ton of people spend their money and don’t save any of it year after year. The truth is that there needs to be an abundance of money in most cases for people to decide to save. The problem is that most people never have that kind of abundance and they procrastinate the process of starting to save money.

The problem with not saving is that you are living your life in a very dangerous way. You are leaving your life to luck when it comes to any emergencies that could require that you have an emergency fund. In this article, we are going to talking to you about some of the most common excuses that people have when procrastinating their financial planning.

1. You Have No Idea How to Get Started

The initial process of starting to save is a tough one if you aren’t used to it and are living paycheck to paycheck.

A good way to do this is the good ole cookie jar method for saving money. Forget those new shoes or that new pair of pants and save that money to put it in this jar. Eventually, you will see that you have enough money in there to stock in your savings account. You can stop using the cookie jar once you get in the habit of saving money and just use your savings account as the cookie jar.

The idea is for you to have something that reminds you of the importance of saving money. This will be very useful for that purpose alone. If you want to start a savings account, you don’t even need to go to a bank to open one and can open one online, in minutes. Also, looking for a good licensed money lender can be an option.

2. You Don’t Have Enough to Save

This is another reason why people think they can’t save money each month.  It is quite common and the truth is that the economy can be bad at times and everyone has to work hard just to stay afloat. But a lot of people turn to making extra money on the side or getting a part-time weekend job to make it work.

However, the easiest way to have enough money to save is to trim your expenses. It’s important to identify that there is a good chance that you are still wasting money on things you don’t need.

Magazine subscriptions, extra TV channels on your cable bill, a Spotify membership, or fast food weekend expenses can add up. These are all things that you can definitely live without having to buy, so the only thing you need is to take the time to check your expenses and cut back on those things. You can also use apps that can comb over your monthly subscriptions and weed out the junk. You can learn more about that in this review here.

3. Life is Too Hectic

You may feel like your life is too hectic to even have time to sit back and take a look at your expenses.

It’s true that we are living in very hectic times and we have now started to count the minutes of each day and not just the hours.

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We all have a million excuses as to why we can’t do something, but everyone has the same amount of hours per day. I’m sure you can watch one less show, or stop mindlessly scrolling through Instagram or Facebook for an hour, so you can invest your time in starting a good savings plan.

4. You Aren’t Educating Yourself

This is also not a good excuse to avoid financial planning. There are many individuals who have saved a ton of money without any financial education. It’s important to understand that to save money, all you need is to take the time to set some of your earnings aside and store it in a safe location. The amount is eventually going to grow and you will get the results you want.

The only knowledge you need is to simply understand that you have to start setting money aside for savings. You have to take the time to consider this to be an important thing in your life. You don’t need any special training or a master’s degree in Finance to save money, so don’t use that as an excuse to procrastinate this important change in your life. If you want to be able to learn more on how to work smarter and not harder with saving money, you can check out money-saving apps that help you save money and do all the work for you.

5. You are Riddled with Debt

When you have a lot of debt, you need to get rid of that debt no matter what. Your first step is to create an emergency fund while still paying the minimum balances on your debts. Once you have an emergency fund built up, you should use the snowball method to pay down your debt.

If you have credit card debt, you need to stop using that credit card or cut it up since you should focus on paying it off and not adding to it. This is going to help you stop the vicious cycle of spending money with it and maintaining that debt and those high interests going.

If you want to get out of debt, you need to make as many sacrifices as possible. People think that their 10-dollar subscriptions to movie streaming services each month are nothing, but the accumulation of all of those small expenses is always going to lead to major expenses that keep you from getting out of debt. Just analyze your situation and your expenses to speed up the process of getting out of debt and achieving your goals.

The Bottom Line

You are going to have a much easier time saving money once you start making a conscious decision to stop spending money on things that you don’t need. This might be hard at first and the first steps to save money and cut back on certain expenses can be difficult, but once you do it, you will develop a habit to prioritize savings and to remember that rainy days will eventually come your way. If you feel your debt is out of control, just look for ways to pay it off faster.

They might take years and even decades, but emergencies will eventually come knocking on your door, and being prepared for them is going to be essential. Once you start saving, you will be glad that you decide to stop spending all of your money day by day without anything to show for it in terms of savings.

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About the author

Brian Meiggs
Brian Meiggs
Brian Meiggs is a personal finance expert, and the founder of My Millennial Guide, a personal finance site helping you put more money in your pocket. He helps millennials follow the smart money in order to increase their earning potential and start building wealth for the the future. He regularly writes about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. He has been quoted as a top personal finance blogger in major publications including Yahoo! Finance, NASDAQ, Discover, MSN Money and more.

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