As a personal finance blogger, I hear a lot of money stories from readers and followers.
Too often, those stories come with excuses for why people can’t achieve their financial goals. I’m not denying that some situations are genuinely difficult, but in many cases people can make concrete changes that move them closer to their goals.
Common excuses I hear include:
- I don’t have money to travel.
- I don’t have money to pursue my passion.
- I don’t have money to go back to school.
- I don’t have money to start a family.
What do these all have in common?
MONEY.
Why do so many people let money prevent them from living a life they want?
There are many practical steps you can take to reach your financial goals. Yes, some things in life cost money, and some goals require income proportional to the desired outcome. If you earn $30,000 a year, a $30,000 weeklong trip isn’t realistic. The key is to set realistic goals and plan a path to reach them.
Quick note: I know I make a living from what I write, and some readers have dismissed my advice because of that. But money struggles affect people across all income levels. I know families who earn $30,000 a year and are content, and I know people earning $100,000 who feel they can’t get ahead. When I first moved out on my own I made barely above minimum wage and still managed to make ends meet. I wasn’t perfect with money, but I learned to make what I had work.
Here are six common reasons you might be bad at saving money, and what to do about them.
1. You don’t have a budget.
Not having a budget—or having a weak one—is a primary reason people fail to save. A clear, realistic budget helps you track where your money goes and highlights areas to adjust. It doesn’t need to be fancy; a simple written plan listing income and expenses can be enough to reveal spend patterns and opportunities to cut back.
Many avoid budgeting because it forces them to face their spending habits. If that’s you, start small and be honest with yourself. Creating a budget is one of the most effective steps toward saving.
2. You feel you deserve everything.
Rewarding yourself occasionally is fine, but if every stressful day or setback becomes a justification for a purchase, it becomes a harmful habit. I’ve been guilty of this too—treating myself after a rough day with dinners or impulse buys felt comforting, but it didn’t help long-term.
Before spending, pause and ask whether the purchase will genuinely add value or just provide a temporary mood boost you’ll regret later.
3. You confuse wants with needs.
It’s easy to label many purchases as “needs.” Remember, essentials include shelter, basic clothing, food, and water. Luxury items—expensive clothing, oversized homes, frequent dining out, multiple subscriptions, or costly pets—are often wants, not needs. If your budget is tight, prioritize necessities and trim discretionary spending.
4. You think you’ll save later.
Many people delay saving because they plan to start “someday.” But emergencies and unexpected events don’t wait. Starting to save now—even in small amounts—builds financial resilience and compound growth over time. The earlier you begin, the easier it becomes to handle future needs.
5. You don’t believe small amounts add up.
Some dismiss small savings as pointless. That attitude wastes opportunities. For example, saving an extra $100 a month becomes $1,200 in a year—far better than nothing. Small, consistent contributions accumulate into meaningful sums over time. Begin with what you can, and let consistency do the rest.
6. You don’t earn enough relative to your expenses.
Sometimes the root cause is income that’s insufficient for current spending levels. If your expenses consistently exceed your income, saving becomes impossible. The solution is either to increase income or reduce expenses. If you’re not working or underemployed, actively seeking additional work, training, or side income is essential. If you are working but still short, reassess lifestyle choices and prioritize essential costs until income improves.