Why can’t I save money? Bet you’d asked this question to yourself before, holding on to it for dear life.

If you Google this existential life question, there are a variety of answers or reasons why. Some might apply to your current life situation or not.  

But, let’s get #realtalk here. 

This post will discuss a couple of reasons why you’re living broke and waiting for every payday to get the chance to save money, only to get frustrated by missing it.

But wait, there’s more.

Let’s not stop from there. We will also share practical ways not to fall on this crazy money-sucking cycle and break the barrier that’s keeping you from saving money.

Ready to get slapped by the truth?

Related content: 32 Realistic Ways to Save Money Very Easily Without Giving Up Too Much

Why is saving money so difficult?

There could be a variety of reasons depending on the person and his unique life situation.

Sure, saving money sucks. It is tough, especially when your finances are out of shape.

For instance, there’s this income factor. When you make too little money and can barely make ends meet if your income barely covers your basic needs, then saving will be an uphill battle.

For this, we suggest you start small and consistently. Eventually, look for opportunities for a greener pasture and keep increasing the amounts you save.

You might also have self-limiting beliefs, making excuses, spending way too much, budgeting wrong, misusing credit cards, and more!

However, it all boils down to a proper mindset. A wise man once says that

Whether you think you can or you can’t, you’re right. 

Therefore, commit to a savings program. Make saving money a fun and attainable habit, not just the end goal. Then, inject it into your system as it will keep you out of debt when your reserves grow enough.

Like a doctor treating the symptoms, let’s get ahead to the root cause.

Why Can't I Save Money? Here's why

1. You don't have a budget.

Probably one of the notorious reasons why you might wonder, “why can't I save money” is because you're not maintaining a budget.

Moreover, you may have a negative perception of the overall concept of budgeting.

Why is that? It's because we are taught that living on a budget is living in restriction and bereft. Well, that is a complete lie.

A budget will tell you where your money is going or where it went instead of wondering where or how it vanished.

If you have a well-maintained budget, you are in control of your finances, plus you can have more room for savings because you know how to prioritize it.

2. Having no financial goals

If you don't know the end goal, what will be your motivation?

Therefore if you want to save, make it your goal. Set up multiple savings goals and make it a priority.

It would be best to have intelligent goals because your goals will keep you going and your driving force to save money.

For instance, your goal could be to save a down payment for your dream house, find your travel budget, or purchase a car.

Why can't you save money? Because you don't have goals, desires, or purpose so what will make sense, right?

If budgeting is the how (process), financial goals are your what (core, guide)

Read more: SMART Financial Goals To Live By For 2021 and How To Stick To It

3. Not saving for a rainy day

It's imperative to save for a rainy day. More commonly known as your emergency fund.

If unexpected and sudden minor emergencies come into your life, how will you respond?

Here's a couple of options for you:

• Throw a fit and blame the universe.
• Ask for a loan from your friends or colleagues.
• Use your stack of money (better, right?)

While not everyone can foresee the future, it's better that you come prepared and ready head-on to face whatever challenges ahead.

Hence, it's critical that you have a safety net to fall back on when life is a bitch.

4. Lifestyle inflation

Another reason why you could not save money is because of your poor lifestyle choices.

Maybe you fell into the lifestyle or income inflation.

It happens when you have a sudden income increase. Hence your expenses rise to the same or even beyond the level of your income amount.

Honestly, this is not the ideal life.

Ensure that even when you're earning more than before or even higher than your previous paycheck, you must keep your spending at bay.

Don't upgrade just because you can afford it now or just because you want to buy it.

Be disciplined, intentional, and conscious of your spending habit. 

Remember, you don't need to update to the latest iPhone model when your phone is perfectly working for now, even when you have the money to pay it. Just don't!

Read more: How To Live Below Your Means: Frugal Living Tips To Save More Money

5. “I deserve this”- too much

Don't get me wrong. I am an advocate for financial independence and all. However, sometimes our emotions will betray us.

After a long hard day of work, it's sure nice to treat yourself with little treats. But if it's happening more often than you anticipated, we've got a problem here, my friend.

Stop that “I deserved this” premise. Yes, you deserve to rest, relax, and have peace, all at zero cost.

I am not hindering you from stopping all that will make you happy. So what I am trying to say here is that it doesn't make it too much or too often, or else your budget will suffer.

Remove that item to your cart, stop adding like a therapy, get rid of shopping websites when payday is near.

Think of other ways where you can pamper yourself cheaply or more creatively and affordably. For example, my favorite way to treat myself after a long week at work is journaling.

It doesn't always have to be material things. It can be a humbling meaningful experience, a complete eight hours of sleep, etc.

Treat yourself whenever you feel like you deserve it after your hell week-but not always! Make sure it is still on the budget for your self-care treats.

So for this, say “bye, Felicia.”

6. Confusing wants vs. needs

Why can't I save money, you may ask. Well, it's because you are confusing your wants to your needs.

It's critical to know the difference between the two, and you can identify even with eyes closed which are your essentials (non-negotiable) vs. your mere wants.

Write it on a piece of paper and asses what makes it your needs or your wants. Adjust if necessary.

For example, books. If you are a book lover, this could only fall under wants. But if you are a student and a particular class requires you to have a book copy, it could fall under your needs.

Additionally, if money is tight, check out free resources or books in the library or sell your stuff for extra cash. Besides, you will only use your book for one semester, so why not borrow instead?

Essentially, the basic idea for needs is for those elements that without them, you will die. Of course, these are food, shelter, clothes, etc.

Therefore, know your wants and needs.

Related reads: Save Money Live Better: 21 Practical Saving Tips

7. YOLO

You might be thinking that there's plenty of time for you to save money because you are young and capable for now.

Sorry to burst your tiny bubble, but no. One answer to your question why can't I save money is because you are living as if it's your last.

Again, don't get me wrong. I have nothing against this idea. But, adapting the You Only Live Once life is one of the reasons you can't save money.

If you're consistently hitting in bars for entertainment, enjoyment, having the time of your life, splurging for now because tomorrow you might die then, you will be left with literally nothing (unless you save enough for retirement years.)

Like the prodigal son who squanders all his wealth, it will not be far when you reach your demise if you are not keeping money now.

Sure, it's nice to have fun and not get paranoid or overthink what the future unfolds. Still, it's also equally essential to be a responsible adult and think about the consequences of not valuing saving money for the future.

8. FOMO

Also known as the fear of missing out, FOMO is another reason you’re probably unable to save money. 

This phenomenon is especially prevalent to millennials and younger generations. Peer pressure and the fear and anxiety of being or feeling left behind drive this “fomowing” stage.

Moreover, what we see on social media sometimes can trigger this FOMO effect. If you’re constantly checking what your other friends are up to and feeling miserable, you’re not in the same place, obsessing over other people’s life updates; it’s a sign you’re fomowing.

Ultimately this is not good. You’d be left out feeling uncontented of your own life, comparing material things or experiences with others.

To avoid FOMO and dip into your money, try other things aside from browsing through social media.

Read a book, meditate, write a journal- divert your attention to worthwhile things to do instead of comparing and keeping up with the latest trends.

9. Staying on a low-paid job

If you’re desperate to save money but you can’t, it’s time to check your career progress. 

As for me, I only have one rule in life. If I’m not happy anymore with what I do, it’s time for me to leave.

I’m not saying you should go right now and quit your job. No! I would like you to assess whether staying in the same position with minimum wage or low income is still worth it.

Which do you value at work? Salary or the working environment? Are you willing to trade a low-paying job but a healthy working environment into a high salary one but with a toxic environment?

If it's barely achieving your needs, maybe it’s time to leave. But if you can’t, there are still a few options you can do.

First, you can negotiate your pay. Ask for a raise and prove your worth. But of course, you don't just barge into your boss' office and demand an increase.

Raise your stake, man, upgrade your skills! Learn how to widen your knowledge and skills to be a valuable asset in the company worthy of the amount you are seeking.

If you’ve done all this yet you’re still enduring the same low-paying job; it’s time to rethink how you will keep with your finances. But if you do love what you do, there are more ways you can save money- by making more of it! (more on this later)

10. Lacking side-hustle

Related to the above reason, if you’re wondering why can't I save money, well it’s because you don’t make enough.

Yes, it’s good to have a nice steady paycheck, but if you are desperate for money, you have to think of ways to have some more.

You can’t just expect it to fall under your lap, do you? So, if you can manage your time, have a part-time job or a side hustle. Even a side business will do!

See, you don’t have to leave your job (if you love it) because you can have a side income instead. Besides, you can monetize your hobby and start from there.

Nowadays, many freelancers are thriving in the market, offering their skills and services to premium clients. As a result, some can generate more income, that they have to turn it into a full-time job or business, and some manage to juggle it with their other job.

11. Lack of financial literacy

In obtaining financial literacy, one need not be a scholar. Moreover, it’s not people with the highest IQs that are the best with money. 

Because with money, it’s not about what you know; it’s about how you behave.

Therefore if you want to get a good grasp of basic personal finance, educate yourself about it. You can read books or blogs (preferably like the one you are reading right now), watch and learn from money experts and certified financial experts about proper money management.

However, remember that personal finance is behavior and emotions first before math and logic. Even people that studied finance in school still get consumed with debt, overspending and don't save and invest enough.

Hence, money is deeply personal, and how we use it is mainly dependent on our mindset.

12. You are underestimating little amounts of savings.

Most people underestimate what they can achieve in a year and underestimate what they can achieve in ten years.

Therefore, how to save money? Even with your limited income, lack of purpose and will, plus self-doubt, you must never underestimate what little savings could do.

Besides, you can start with even $1 today. Yes, for reals. Keep that amount and once you are comfortable and able to set aside a little more than that, go ahead and do so. 

Remember, the little ones add up, plus the slow and steady wins the race!

13. Credit card misuse

So you’re probably wondering around here looking for a good ole reason “why can’t I save money,”

Have you ever looked at your outsatnding credit card balance? Well, it’s probably one root cause. YOU HAVE TOO MUCH DEBT!

And you’re not paying the total balance! Well, we all may have reasons for this.

However, to treat the problem, you have to get rid of the root cause.

First, admit and acknowledge your situation. Then, open it up with your confidantes and accept and own it up. If you keep living in denial, it's going to be hard to beat the self-criticism voice.

Next, focus on one debt at a time. Finally, there is a strategy that you can use to ease the payment burden. Of course, this also depends on your level of comfort and current payment ability.

But most people are comfortable using the snowball method. Of course, that is paying off debt with the minor balance first. Essentially, the Snowball Method will let you see progress as quickly as possible. Plus, it works for you if you’re someone motivated on small wins one at a time.

Although it may take too long to achieve financial freedom ultimately, at least you are starting to realize it and, slowly but surely, making progress.

Then, once you own up to your situation, prevention is better than cure. 

From now on, control your urge to spend. Don’t bring your credit cards with you, unmemorize the details, and use cash only for every purchase or transaction you will conduct either online or offline.

Lastly, try to avoid debts at all costs!

Related content: 12 Smart Ways to Pay Off Debt Fast and be Debt Free

14. You don't invest

You might contradict this, “but how can I invest when I don’t even have money to spare to save?” Well, start saving money first, no matter how small or large the amount you can make, and then invest a part of it.

Or better, invest the difference with your loose change using Acorns.

Besides, you don't need a tremendous amount of money to start investing. For example, did you know that you can start investing as much as $1 and own shares of stocks of the largest companies in the US?

Related reads:

• How to Start Investing Your Money Like a Pro – The beginner’s guide
• Is M1 Finance Safe? Learn More About The Finance Super App
• Robinhood App Review 2021- Is It The Right Investment App For You?

15. Bad money habit: Making Excuses

One of the reasons you might wonder, “why can’t I save money” is because you are constantly making lame excuses.

If you constantly inject your mindset with crippling self-limiting beliefs about money and savings, well, you are what you think. Moreover, you will attract what you manifest.

Why not turn it into something else?

Eliminate those long overdue excuses and lousy money habits impeding your growth. It’s time to step up and take charge of your finances once and for all!

There is always a way for everything.

Read more:

• 21 Rich Mindset Quotes To Inspire and Manifest Wealth And Abundance
• 8 Positive and Powerful Financial Abundance Affirmations To Manifest

16. No money management knowledge

Another thing is your lack of money management. 

When you receive your payday income, do you pay yourself first?

Again, it's a matter of prioritization. Set aside money first for your savings goal and then live on the rest for your expenses and not the other way around!

17. Paying for more

This factor is often overlooked. 

For your lifelong question of why can't I save money, maybe because you’re paying for more than what you can barely afford.

This time, look at your budget. Carefully look for any expenses that aren’t serving you.

Maybe a subscription you no longer use? Cut the cable! Becoming house poor? See if you can negotiate your rent or mortgage payments.

Moreover, identify parts of the house that you can fix or repair yourself to save on maintenance and utilities.

Mobile expenses eating out your wallet? Switch for better ones!

Are you paying for expensive insurance? Shop around for affordable ones with the best benefits, and don’t be afraid to switch brands. Spending too much on car expenses? See if you can lower it down by carpooling, learning maintenance yourself, negotiating your auto loan, etc.

You see, there are bunches of workarounds to see if you can save here and there.

18. Eating out

Food is one of the reasons why you can’t seem to save and are nearly broke.

Avoid eating out. If you can, cook your meals at home. Then, search for nutritional and cheap meals at Pinterest and DIY yourself towards it.

Bring your lunch and water bottle. Aside from that, plan your meal around grocery sales and repeat recipes if necessary. Who says you can’t use leftovers?

19. You are living beyond your means and often into impulse buying.

Penultimately, here’s another reason for your question why cant I save money.

This is because of your impulse buying! Resist that! Don’t fall into temptation and too much hype. You should not keep up with anyone. Mind your own business, brah!

If you live beyond your means, you will most likely be unable to tuck money away.

Whenever deciding to purchase something, try the 30 Day Saving rule. It will save you from grace!

20. You are not saving during abundance.

Lastly, another cause of you not saving money is because you are not saving it when you have plenty of it!

You must save during your prosperity period! So any bonus or windfalls, try to keep at least half of it and don't just spend it in one go.

Like the ants saving for the rainy day, you must also save when money is bountiful and when times are good and on your side.

How do you save money when it seems impossible?

First, you have to get into a healthy financial mindset. Second, know that nothing is permanent, and your life situation doesn't define you.

Condition your mind that you can save money. It would help if you were disciplined, committed to saving, and have strong faith that you can save money and achieve your goals.

Apart from that, there are two things you can do.

Firstly, you can tighten your belt. Reduce and curb your expenses (at least for now) and save the difference. On the other hand, you can also think of ways to bring more money into your life (earn more through a side hustle or business)

Moreover, make saving a habit, mainly make it automatic. Every time you receive your money, pay yourself first. Save first and then live with what’s left. Learn how to properly budget and keep track of your finances consistently. 

Lastly, seek help. If you need financial guidance, there are many resources available out there waiting for you to tap.

Is it normal to have no savings? 

Yes, it is, especially if you’re a student for now or a young professional starting a new job.

Unless you’re from the wealthy kind, it’s completely normal that you have zero money in your bank account for now or are full of red lights.

What’s not normal is when you’re getting older, yet you’re still not financially responsible for your actions. So as we grow older, we must see what the future will look like for us.

For example, what do you want to do when you're nearing retirement years? But, of course, it's not like you will work forever!

Besides, isn't it scary that you don’t have money left at all? Even for uncertain times? So it’s better to save now and enjoy later rather than splurge now and suffer later.

How can I force myself to save money?

Here are effective methods that will force you to save money.

1. Start from within

As mentioned earlier, if you don't have your core or your driving force, how will you go on?

You need to help and motivate yourself too. First, think about your goals and what it is you desire. From there, focus or channel your energy towards more than just wanting it so bad.

Hence, you must need or want it so bad that no matter what happens, you believe you will make it no matter what challenges come through.

Reprogram your mind so that you have a compelling reason why you want to save money.

2. Join Saving Challenges

Money-saving challenges are fun ways to start saving money. Besides, it's a visual or digital tool that you can use to track of how much you want to save vs. how much you actually keep.

Moreover, you can let your loved ones join with you too for accountability purposes. Finally, you can instill a saving money mindset if you have kids by enrolling them in the junior savings program. So, if your financial institution offers a savings account for junior savers, this will be a great start.

You can also check out other savings program your bank offers.

Ultimately, saving challenges are fun, easy, and can add an extra layer of motivation to force yourself to save money.

3. Prioritization

For this we mean, paying yourself first. No matter how small you can stash away, for now, it doesn't matter.

So long as you have established your emergency fund. Besides, it's not just useful for emergencies or unexpected events.

Having an emergency fund will give you peace of mind knowing you have enough to cover when you leave your job or change your path.

Moreover, if you have other financial goals, you must put them first on your list, like sticking to your budget, paying off debt, allocating money to investments, and saving goals.

Above all else, prioritize your savings!

4. Make it a habit

They say that habits are the “compound interest' of self-improvement. So how do you apply a healthy habit to your finances?

Well, for once, make saving a habit. Furthermore, make it automatic that you no longer have to remind yourself that you must keep this amount. You must get used to saving a portion of your money.

What you can do is to set up an automatic transfer from your checking to your savings account- have it coordinated to your HR department. Moreover, keep track of it. If you know where your money is going, you can discover ways to spend less and find the motivation to stick with your habits, such as saving and investing.

As James Clear said, to start a healthy habit, make it:

1. Obvious (write your goals on sticky notes or have a money vision board.)
2. Attractive (incorporate fun into your savings journey, join savings challenges, make it irresistible and bundle it with positive feelings)
3. Easy (pick the right financial tool, start small)
4. Satisfying (reward yourself for achieving your saving goals)

Final thoughts

So that's it! Those are the top 20 reasons for your most asked question of “why can't I save money.”

Some are close to good, but most are bad habits and lack guidance.

Therefore, if you want to get better at your finances, subscribe to TheFinanceBoost and bookmark your favorite posts.

Here, we don't just focus on saving; we also help you put your money to work as we teach young adults to invest and build wealth that will last their lifetime. So, see you in your mailbox!

Can you think of other reasons why you can't save money? Share your thoughts down below, and let's real talk about it.