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Can’t Save Money?21 Reasons Why & How To Fix It ASAP!

Are you wondering why you can’t save money?

All the finance experts talk about WHY YOU SHOULD save money and the benefits of saving, but no one discusses WHY YOU CAN’T save money.

If you can’t save money, you need to get to the root of the problem and fix it.

Do you say, “I have an issue with saving. I need help. I have a problem saving”

Similar to how a doctor tries to find a diagnosis for a health problem, you need to identify the reason why you can’t save money, so you can tackle the issue and get out of a financial rut.

So if you are thinking, “I can’t save money” or “Why can’t I save any money? this article is for you.


21 Reasons Why You Can’t Save Money

  1. You only have one bank account
  2. You believe you deserve the items you buy
  3. You don’t pick and choose what you deserve
  4. You treat your credit card as income
  5. You think the little amounts won’t add up
  6. You think that you are young, so you should spend on experiences
  7. You don’t do a weekly grocery shop
  8. You think it’s because you are on a low income
  9. You are paying for cable TV
  10. You spend money on convenience
  11. You don’t have a side hustle
  12. You don’t pay yourself first
  13. You don’t prepare for the unexpected- An Emergency Fund
  14. You don’t have financial goals
  15. You spend too much money on bank fees
  16. You spend excessive money on housing
  17. You don’t have a proper financial budget
  18. You have the wrong mindset
  19. You Lack financial knowledge
  20. You have an enormous amount of debts
  21. You spend more than you earn

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1.    You only have one bank account

All right. If you only have one bank account, then this is your first problem.  You need to have at least 3 bank accounts.

  • Checking/ current account
  • Easy access savings account
  • Difficult to access savings account

The reason for this is you will end up spending money on impulse purchases or frivolous items if all your money is in one account. This means you cannot save money. You are not able to save money.

But, you can’t spend money that isn’t there right?

So, speak to your bank and ask them to set up an easy and difficult to access savings account. The reason why you should have 2 types of savings accounts is that it will stop you from panicking about whether you can access your money during emergencies.

Furthermore, sometimes emergencies do crop up and it’s better to use savings instead of getting into debt.

Tip– Often banks will pay interest on your savings accounts, so you can earn extra money from your savings.


 Can't Save Money

2.  You believe you deserve the items you buy

Have you ever had a bad day and thought ‘Today was shitty, I am going to treat myself’? Yup join the club! Often, we think we are deserving of the items we buy, and that’s how we justify it.

I used to buy expensive lunches and nice clothes when I had a tough day or week, justifying it using the ‘self-love’ banner.

But unfortunately, if your spending is linked to all the items you think you deserve, you will never save anything!

You also deserve to have a nice healthy nest egg and to stop worrying about your debt. So, start changing your mindset.

Now I have changed my mindset to: ‘ If I save $xx amount of money, then I deserve to buy Y. BUT, make sure Y isn’t too expensive!

This is one of the best ways to save on a tight budget

3.  You don’t pick and choose what you deserve

Following on from the, I deserve it, mindset. The reason why you can’t save money could be you think you deserve everything.

I think we need to be kind to ourselves and from time to time it is important to treat yourself HOWEVER, I think you need to pick and choose your treat.

For example, I really like eating good food and I think it’s important to nourish your body with healthy delicious food as it makes me happy.

So, once a week I will eat out somewhere nice. But if I am eating out, I will make sure I pack lunch every day to save money on lunches.

You need to pick and choose what you deserve if you want to save money


4.  You treat your credit card as income

Do you ever think, ‘oh I don’t have enough money to buy that, but I have available money in my credit card so, so I can afford it?’


This is why you can’t save money

Your credit card is not an income and treating it that way will get you further into debt.

If you use your credit card this way, get rid of it now as this is the reason you can’t save.

Also, if you need to reduce your credit card debt, read this:

Can't Save Money

5.  You think the little amounts won’t add up

When I lived in the UK, I had this housemate who was in A LOT of debt. I sat him down and said, look you are on a low income, but just start with saving $5 a week.

He replied, I can’t save money, I have thousands of debts, what is $5 going to help?

But the thing is, $5 a week would be $260 a year.

Also, the great thing about tackling your debt is the ‘snowball effect’. This is where you tackle your smallest debt with any extra money you have.

Seeing the debt paid off will give you the positive motivation to save more and you will find ways to make or save extra money to pay more towards the debt.

So, start now, no matter how small, and commit to an amount to save per week.


6.  You think that you are young, so you should spend on experiences

Ahhh I have been so guilty of this, I still am to a certain extent. The phrase, ‘YOLO’ is often used as a justification for spending excessive money on experiences and items.

Don’t get me wrong, I don’t think you should only live in the future and save without experiencing life. Heck, I have traveled to 28 countries, it would be hypocritical for me to advocate that.

What I am saying is, just because you are young doesn’t mean you can’t save money. You can save and enjoy experiences.

For example, I saved and spent some of the money hiking up Everest Base Camp and motorbiking around Vietnam for 30 days. I did it on a budget so I wouldn’t use the rest of my savings up.

So, spend some, save more.


7.  You don’t do a weekly grocery shop 

If you shop for groceries every day or every other day, then this is your problem right here. You aren’t meal planning so you can’t save money on food expenses.

Meal planning will transform your finances.

Sit down on Saturday and plan your meals for the week. Try and think of how you can cook multiple dishes with the same ingredients. Buying in bulk also means you will spend less.

For example, I will plan to buy chicken and vegetables. This means I can make chicken curry and chicken stir-fry during the week.

Tip– Always make enough so you can use the leftovers for the next day, thus saving money on another meal.

can't save money

8. You think it’s because you are on a low income

I think this is the most common reason I hear why people can’t save money. “Why can’t I save money?” This question haunts them night and day.

But here is the thing, many, many people on a low income can save, so why can’t you?

Here is a lesser-known fact about me – I paid for my entire education all by myself. I worked and saved while studying and managed to fund my law degree and masters.

I worked in low paid jobs like cleaning and café work, but I still managed to pay it without a student loan debt.

It’s all about mindset, google people who have saved on a low income, it will inspire and motivate you.


9. You are paying for cable TV

Did you know that 73 percent of U.S. households have a cable or satellite television subscription?

This is money that could be stowed away and saved. Ditch the cable and go for free or cheaper alternatives like Netflix, Hulu, or Amazon.

10. You spend money on convenience

We live in an age where convenience is king, but that convenience is costing us and we can’t save money, as a result.

Have you ever returned home from work and ordered an Uber Eats because you can’t be bothered to cook?

Or been too lazy to take public transport or walk so ordered an Uber taxi? Or how about pre-chopped vegetables, they cost WAY MORE than normal vegetables.

These little habits are costing you money. If you are doing it often, it’s time to cut them out and start saving, every little counts.

Can't Save Money

11. You don’t have a side hustle

You can save in two ways, earn more money, cut your expenses, or DO BOTH.

Having a side hustle will help you earn extra cash, so you can save more for your future

Here are some useful articles on how to start a side hustle and work-from-home jobs you can do in your free time.

Related articles on how to start a side hustle:

12. You don’t pay yourself first

I never knew what this meant until I googled it but it’s so true.

When your salary comes in what do you do? Pay your bills and spend money on your needs and wants and then save the rest?

This is where to are going wrong and why you can’t save money

 You need to pay yourself first. Put an amount into your savings first, pay your bills, then spend anything left on whatever you want.

Save first, then you can spend the rest.

If you don’t know how much to save, then use the 50/30/ 20 rule.

Spend 50 percent of your budget on essentials like rent and food, 30 percent on discretionary spending like your wants, and at least 20 percent for savings.

13. You don’t prepare for the unexpected- An Emergency Fund

Emergencies cost money and can get you into severe debt. And once you are in debt, you will have to pay extra money on interest, which gets you further into debt.

Prepare for emergencies by creating an emergency fund to pay for things that crop up that cost money. Examples of these could be your car breaking down, hour repairs, or unexpected costs.

For example, my grandma suddenly got really ill when living in NZ and I had to book a last-minute flight to the UK. It cost me $3,000.

Had I not had an emergency fund, I would have had to take a loan or credit card out, getting me into debt. This would mean I can’t save money as I would be paying off debt and interest.


Can't Save Money

14. You don’t have financial goals

What is your financial goal i.e. what are you saving for? How much is it?

Write it down.

They say dreams become a reality when you have a plan and a timeline.

So, for me, I want to buy a house in NZ, so I need a deposit of NZD100,000 (20 % of NZD500k).

That is my financial goal and I have divided how many years will take for me to save it and how much I need to save per month to get there.

What is your financial plan?

15. You spend too much money on bank fees

Do you spend money on overdrafts, money transfers, or withdrawal fees? Do you often say”Why I can’t save money?”


This is why you can’t save any money.

Get yourself an alternative money provider like TransferWise, which charges way less for global money transfers and next to nothing on withdrawal fees abroad.

TransferWise has been a godsend and I highly recommend them. I use them all the time and they have saved me hundreds in bank fees!

16. You spend excessive money on housing

Housing expenditure is one of the main expenses for any person or family. Everyone either rents a house or owns it.  It is possible that you are staying in a place that is expensive. 

Typically, any household spends about 30% of its income on rent or mortgage. This is the place where you can save a lot of money if you find a way to spend less on rent/mortgage.

This could be because it is more luxurious or has a larger area.  You can think about moving into a smaller apartment or a less luxurious one. This will enable you to save a significant amount of money.

17. You don’t have a proper financial budget

Having a budget for every household is a must for proper financial management. In the absence of a budget, your expenses will go haywire. 

You will spend on things that you don’t need and don’t want either. A well-thought and prepared budget is the foundation of good financial health.

A budget helps you to see how much money is coming in and how much money is going out. It gives you the proper check and balances to maintain a healthy financial system.

It is important to sit down and brainstorm all your monthly expenses, put them down on paper, and keep checking throughout the month how you are performing.

18. You have the wrong mindset

By the wrong mindset, I mean to say that you have never made up your mind to save money intentionally. When this happens, there can’t be any savings.

The mind is a very powerful thing and so is your mindset. You must make up your mind that you are going to save a certain amount of money every month. When you do that, your actions will follow suit.

Set about intentionally reminding yourself to save a specific amount of money. Don’t wait until you start making big money before you start saving. 

Start saving a little amount today. Eventually, it will become a habit and result in bigger savings.

An ocean is made up of many small drops of water. That is exactly how your savings will increase.

19. You lack financial knowledge

You may be making a good amount of money but because of a lack of financial knowledge, your investment decisions may be poor.

We live in times when there are many complex and varied investment products available in the financial market.

These financial products may look complicated and intimidating to you. If you don’t have knowledge about these products, you may end up in analysis paralysis and not invest at all.

The best way to deal with this issue is to face it squarely. Educate yourself through the internet, watch some videos, and read some expert blogs on financial investing. Take the help of some experts.

Start investing in instruments that have high or reasonably good returns. Your wealth will start growing slowly but surely.

20. You have an enormous amount of debts

This generation is cursed with the curse of unbearable debt because of wrong financial decisions. Many homes have been destroyed and many a marriage has broken due to this curse.

Big financial companies and banks encourage small customers to take more and more debt directly or in the form of credit cards.

It serves them well as they earn handsome interest on it. But the common man suffers under the burden of servicing a loan that is huge.

To get out of this hamster wheel of debt, avoid taking any debt unless it is absolutely necessary.

If you do take a loan, repay it as soon as possible. The best option is to stay away from any loans.

21. You spend more than you earn

This is another big reason why people find it difficult to save money. Because of the huge proliferation of credit cards, people end up spending money that they don’t have. 

They don’t feel the pinch of spending money because it is plastic money. But when it comes time to repay the interest, they realize that they have been trapped. Sometimes, trapped for life.

The cure for this problem is to write down a proper budget at the beginning of every month and religiously follow your budget. Avoid falling into debt and avoid credit cards as far as possible.

There you have it, 21 reasons why you can’t save money.

FAQs About Why You Can’t Save Money

What Are The Difficulties In Saving?

What are the difficulties in saving? It is mainly a lack of financial knowledge. The lack of financial literacy may be the reason why you are unable to save money. It is a barrier to saving money. It’s essential to increase your financial literacy because frequently putting all your money in a savings account won’t be adequate.

Why Is It So Difficult To Save Money?

Why is it so difficult to save money? There are various reasons. High living expenses, excessive debt, overspending, lifestyle inflation, and a lack of a budget are a few examples of these. It is usually possible to build the habit of saving money by making little changes to your spending and earning patterns.

What Are Some Reasons Why People Have Trouble Saving Money?

Here are some reasons why people have trouble saving money:

1. Housing costs are excessively high.

2. No set spending limit.

3. An “I’ll save when I have more money” attitude.

4. Absence of realistic savings objectives.

5. Repayment of student loans.

6. Your range of comfort.

7. Misuse of credit cards

What Not To Do When Saving Money?

Here is what not to do when saving money:

1: Focusing savings at the expense of all other considerations.

2: Not Making Your Savings a Priority.

3. Purchasing goods because they are discounted.

4: Always select the least expensive option.

5: Cutting back on spending.

6: Skipping the Emergency Fund.

7: Making it difficult to access your emergency fund.

What Is The Most Challenging Part Of Saving Money?

The most challenging part of saving money is knowing that what you don’t have can’t be saved. Since there is a “money” problem rather than a “savings” one, this is by far the hardest part of saving money. You must increase your income.

What Is The 21-Day Challenge For Saving Money?

The 21-day challenge for saving money is all about making substantial, yet achievable, adjustments over the course of 21 days in order to save at least $500 every month. If you’re anything like me, you likely have more bills and payments due each month than income. This challenge will help you to keep your expenses in control.

What Are The 3 Main Reasons To Save Money?

The 3 main reasons to save money are as follows:

1. You can gain freedom through saving.

2. Savings gives you financial stability.

3. You can take sensible risks if you have saved up.

What Are 5 Forms Of Saving Money?

The 5 forms of saving money are:

1. Normal or regular savings accounts.

2. Savings account with a high yield.

3. Market-based accounts.

4. A CD Account.

5. Account for managing cash.

What Are The 4 Steps To Saving?

Do you want to know the 4 steps to saving? Well, here they are:

Step 1: Automate your positive habits. Smart spending and saving are built on good habits.

Step 2. Know where your money is going.

Step 3: Decide where to make cuts.

Step 4: Establish an affordable budget.

You should now have the answers to : why cant I save? or why cant I save money!

Related Posts On How You Can Save Money:

Do you know why you can’t save? What are you doing so that you can change that?

” Live like no one else, so later you can live and give like no one else.”

Dave Ramsey-

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