Why Can’t You Save Money? 12 Reasons 

Why Can’t You Save Money? 12 Reasons 

The question, “why can’t you save money?” is a crucial one. Why? It’s because many individuals have this challenge. 

Many Americans and people in other parts of the world have issues saving money. Some people earn money, but they haven’t been able to save up any reasonable sum. 

So, what could be wrong? Why would someone that earns money every week or month have problems saving? 

Well, numerous factors can contribute to this. But to proffer a solution, one must understand the problem. 

If you’re having challenges saving money, this article is for someone like you. Read on!

12 Shocking Reasons You Can’t Save Money

1. You don’t bother comparing cheaper prices: 

A designer bag costs $100 on XYZ online store. You love the design, color, everything about the bag, and you’re ready to splash $100 on the bag. You don’t have the time to start navigating the internet for a cheaper deal. 

 Now, here’s the shocking thing. You can find that same item at a far cheaper price and save a reasonable sum. It won’t even cost you the whole day to find a bag of the same design, color, and quality for a cheaper price. 

If you’re ready to save money and live your dream life when you finally retire, you have to value every penny. So, if an item costs $100, try to look around to find the same item for a cheaper price. 

Besides, you won’t be wasting gas. And you won’t be spending hours surfing the internet. 

The exciting thing is Comparrot has made finding such great deals a breeze for online shoppers. Plus, you’ll save money on any item you’re buying via Comparrot. You’ll find the cheapest price for any item you want to purchase without breaking a sweat. 

2. You have a habit of procrastinating: 

If you’re working in a big corporation or you’re an entrepreneur that receives fat checks or bank alerts now and then, you have no reason not to save money for the rainy days. 

Life isn’t a bed of roses; there’s time for drought and time for abundance. That’s how life works. So, if you’re getting paid handsomely or your business is booming, now is the right time to start saving. 

The reason most people don’t save is that they believe they’ll always get paid salaries continuously. But don’t forget that you might not remain in that job or position forever. If you have a business, your customers may also decide to start patronizing your competitor, which could hurt your finances to some degree. 

So, avoid procrastination. Start saving today. It doesn’t matter if you’re saving a thousand dollars every month. It also doesn’t matter if you’re saving less or saving whenever money enters your hand. The most crucial thing is that you’re saving. That’s what matters. 

3. You spend under the pretense of self-love:

It’s okay to have self-love. If you don’t love yourself, you can’t show love to others. But buying things under the pretense of self-love isn’t something you should consider or keep doing. You might never have reasonable savings if you keep up with that. 

This is how people spend under the pretense of self-love. When they have a bad day or week, they take themselves out on a treat. In that process, they can splash the cash on expensive items without considering cheaper alternatives or not even buying at all.  

The worst part is the reason most people do these things is to show off. They want the person that hurt them to know that they’re doing well. And what better place to show off or share those experiences than social media? None, as it stands. 

The truth is no one is saying you should stop buying things for yourself. Just ensure what you’re buying isn’t way over your budget. If you sincerely love yourself as you claim, you’ll know that saving is one of the ways to prove it. 

4. You always justify your reason for not saving:

One of the reasons most people can’t save money is that they have a thousand and one so-called justifiable excuses to give. Some complain food prices and the cost of living are rising, which isn’t far from the truth. But is that a reason you can’t save money? Try another excuse, please!

The reason you aren’t saving isn’t because of your low income. Most people don’t receive half of what you earn. Yet, they have saved a reasonable amount of money over the years. 

You aren’t saving on that income because you spend money on things that aren’t necessary. For example, you’re paying for cable and keep complaining you can’t save.

Imagine if you were saving up the money that you spend on cable subscriptions every month. You would have saved up a reasonable amount by now.   

However, the cable isn’t the only item to consider. There are others on your list. So, go through that list and take action.   

5. You don’t have a plan on how to spend your income:

There’s a popular saying that “an individual who doesn’t plan, has planned to fail.” What does this mean? In life, planning is important. If you don’t plan, failure is inevitable. 

If you want to save money, you can’t splash the cash on everything that has a price tag. Have a plan on how you want to spend your money each month. But please, make room for contingencies. 

You should also be ready to say “no” and stand by your word. Friends, family, colleagues, and neighbors are going to test your resolve. They literally don’t know about your plan or budget. But please stand your ground. 

If you didn’t capture an item in your budget, don’t spend a penny on it. Even if there’s an emergency, ensure it’s a necessary one before spending money on it. 

6. You have all your cash in one bank account:

You have all your money stashed in one account, and you’re busy complaining that you can’t save money? You’re the one preventing you from saving all along. 

If you’re using one account to save all your cash, here’s what will happen. You’ll spend on impulses and exhaust all your savings now and then. 

If you are serious about saving, have at least three different accounts. One should be a checking or current account, while the remaining two should be a difficult and easy savings account. 

It would be difficult to falter in your money-saving journey with this arrangement. Give it a try and see. 

7. You can’t define your wants and needs:

Now, here’s another common reason many people are finding it hard to save money. They confuse their wants and needs as the same. But they’re not. 

Firstly, what are your needs? Needs are things that are necessary for an individual to survive. Want is the opposite. Want implies a desire to own something which isn’t necessary. You can survive if you don’t get your wants. 

An example of your needs as a human includes a house (a place to live), a handful of clothes, water, and food. Without these things, it will be challenging to survive. 

Imagine living without food for weeks. You won’t have enough energy to speak, let alone move to your place of work. 

However, the fact that food is important doesn’t mean you should spend a fortune at a restaurant. You can eat good food without breaking the bank. 

8. You’re waiting to start earning huge amounts: 

The future is bright. Thus, it won’t make sense to lose hope. If you’re waiting to land a job in your dream company or have your big break before you start saving, you’re making a big mistake. 

You don’t have to earn big to start saving. Start cultivating a money-saving habit now so saving won’t be a problem when the big amounts start rolling in. By then, it’s already part and parcel of you. 

9. You don’t value smaller amounts:

If you think that $5, $10, and so on don’t add up, you’re making a big mistake. Those small amounts add up quickly. 

By saving $10 every week, you’ll have $520 saved by the end of the year. You can use that money to offset debt or invest in something that will bring some returns.  

So, please start valuing every little amount you have, as they can add up quickly and become huge. 

Furthermore, if you start valuing even the smallest amount of money, you will develop the habit of saving. 

10. You haven’t started thinking about the future:

Are you surprised to hear this? It’s true! Some people are only thinking about the now. They believe the future would sort itself out when they arrive there. 

Most people want to enjoy their money now that they’re alive. Once they leave the earth, they know other people who didn’t labor with them would enjoy their hard-earned money. 

Well, no one would fault you for thinking this way. We are all humans, and it’s in our nature to have positive and negative thoughts now and then. 

But listen to this, what if you made it to old age? How do you plan to cope financially? Remember that at the age of 70 or above, you won’t be able to work as you used to. Who would you depend on? 

So, start planning for your future now. Remember that it’s not late to start saving today.  

11. You think you’re too young:

You’re young and feel you should be enjoying yourself instead of tying up your finances, all in the name of saving. 

Keep in mind that you’re not wrong for thinking this way. But please, saving money isn’t a function of age. It has nothing to do with age. 

It’s even better to start saving money earlier in life. If you start early, you’ll have enough money to cater to your needs when you’re old. 

By the way, who says you can’t save and enjoy life to the fullest at a young age? You can do that. But if you must, apply some wisdom when spending. Don’t spend above your income. 

12. You depend on only one source of income:

You depend on your monthly salary alone and have a mountain of expenses to address at the end of every month. Please wake up and take drastic action to turn your life around. 

Having one income isn’t advisable for someone in your kind of situation. So, please think of incorporating other side hustles that won’t affect your regular job. 

There are diverse work-from-home jobs you can do in your spare time. And what’s more, these online jobs are super flexible. 

A Handy Tip: Look into earning free Amazon gift cards as a side hustle.


So, why can’t you save money? There are diverse reasons why. It’s even possible that the reason you haven’t started saving isn’t on this post.

Nevertheless, the main thing is that you haven’t started saving, which is more worrying. You have your reasons and believe they’re genuine enough. 

On the contrary, you have no excuse not to save. Having little income shouldn’t also keep you from saving. You don’t have the habit of saving money. That’s it. 

However, we believe after reading this post that your mindset would change for good. You would have all the motivation you need to start saving.   

About the author

Hi, I'm Lisa. I went from losing everything in my divorce, to beating all odds and becoming a financially free, independent Woman. My blog is about gaining financial freedom. Thanks for supporting my journey!

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