5 Reasons Why People Cannot Save Money

Lee Ann W By Lee Ann W, 8th Jun 2015 | Follow this author | RSS Feed
Posted in Wikinut>Money>Money Saving Tips

Having trouble saving money? Here is some very good reasons why most people cannot save money.

Saving Money Is Important

Regardless how you were bought up and what addictions some people have it doesn't matter. As one grows older it becomes clear pretty fast that if goals and motions are not set in place to save money then it won't be happening or if it does then it may get gobbled up fast.

It is important to save money not just to have money but for emergencies that come up, we don't always know what could happen. And also to have a bit of security as well. Although sometimes savings may not be needed right away having them there is at least one reason on it's own that makes it worth while.

1) Too Sociable

I know what you probably are thinking... 'Whatever do you mean I am to sociable?" I have found with having more friends or being out constantly can eat up money fast. How can one even think about saving money if they are constantly going away on the weekends, going to dinner every other week or buying that everyday coffee. What I like to do is have days where I don't go out with family or friends. Or if we do go out it is just a house visit and hang out session that way no real money ends up being spent.

I know it can be hard especially if one parties a lot or just is not into being alone. Luckily for me I am a loner but it doesn't stop me from indulging in that random coffee or coffee cake.

So don't feel down about reading this all I am saying is that if you are trying to save money maybe cut down on the going out every other weekend and daily coffee or fast food trips. You would be surprised at how much one can save by cutting those down or out altogether.

2) Not Willing To Budget

I have been living by a budget since I was 19 years old. That is when I was living on my own for the first time. At the start I did not need a budget but I wanted to ensure I was still able to save some money so by having that budget it reminded me of what I could and couldn't do with my money.

Now that I am older I am actually in a situation where I have to follow a budget strictly to get by some weeks since I work at home. It doesn't damper things to much it just means slightly less driving and eating out. But I am willing to cut that stuff out or down to save money.

Budgets are also good though for you can see a clear picture of where money is going and how much you need each month for bills and food items. Seeing it on paper has helped me keep up with it and make sure I was getting where I needed to be goal wise.

For the people who refuse to budget and are constantly broke I don't feel sorry for you. A budget doesn't have to be a life long thing. It can be temporary just until things are in an okay spot or short term if your trying to make a savings goal.

3) Addictions

This section is a bit hard for me because I fall into this category back when I was buying scratch tickets and lotto. I wasn't hurting anybody at first until it put me in debt, that is right it put me in debt. Now drinking and smoking seems to not put people in debt but I have seen people choose smoking over paying a bill or eating same goes for drinking. My only real addiction now is coffee which I make at home but sometimes I go out for some. And of course drugs as well can make people lose money fast. I had found when I was getting coffee at Tim Hortons 5 times a week I was saving no money really. I cut it down to 3-4 times a month. Sometimes less because I don't always feel like going out to get one, especially where I have everything at home to make coffee.

Addictions can be dangerous though and really is not a good thing when they put you in debt or stop you from paying bills or eating. My coffee habit was easy to slow down by just making coffee at home which is cheaper and most of the world drinks coffee anyways. With that being said though by cutting down your intake or quitting these things altogether can save you a ton of money.

4) Jumping On The Bandwagon

This is a good time to ask yourself if you are one of those people always heading out for the newest gadgets, latest video games and new phones. I know some people that own pretty much everything coming out and needless to say they are broke 90% of the time because of it.

I didn't own my first smartphone until 2013 and I don't plan on getting a new one until that one dies. And even then I might switch back to a flip phone. I am not saying don't own pretty things but one on earth does a person need to own every condole and multiple models of phones in quick succession.

I have never jumped on the bandwagon. I wear what is fitting to me and the stuff I wear is really just comfy no style to it. We eat a mix of brand and no name foods. And well I use my tech items until they don't work. Doing it this way has helped me save lots of money.

5) Low Wage Earnings

The sad cold hard truth that most people hate hearing but need to hear is that if you work something paying you a low wage or no hours it will be hard to save. Let's say you make enough to get by and after everything is paid and you are safe you only have $40.00 dollars to your name. What would you do with it?

Some people would save it and some would spend it on something. For the people working at home in jobs that constantly have no work they will understand this well. I work at home and some of the stuff I do is a low wage compared to my old job. But with my tight budgeting I am able to save where I can.

I understand for some people who are taking care of someone or many kids it can be tough. I don't have those things and still find it a bit tough but I guess that is just me or that is the low wage barrier.

Well if the low earnings are such a big deal the quickest thing to do is either get a part time job to add to it or get a higher paying job. At least with a higher paying job it becomes easy to save.

End Note

Are you mad after reading this? Well I don't blame you. These are the times though where we all need to wake up and take a good look where our cash is going. I can easily say I overspent on entertainment in April and it was because it was a good month. May I was quiet as a mouse and saving money and the same for June.

If you are serious about saving money I highly suggest sitting down and making a list of your bills and seeing what you pay each month and include a special section titled "Emergency" if possible it is good to keep savings separate. And then depending what is left after your paycheck it will be clear in regards to how much can be saved.


How To Save Money, Money Saving, Money Saving Tip, Money Saving Tips, Money-Conscious, Why Cant I Save Money

Meet the author

author avatar Lee Ann W
I am 28 years old and from Canada. I have been writing since I was a teenager I am not perfect at it but enjoy sharing thoughts and ideas with others and in turn enjoy reading them.

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author avatar Mark Gordon Brown
8th Jun 2015 (#)

For me it is a combination of factors of which low wage is one, but it is getting better.

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author avatar peachpurple
2nd Aug 2015 (#)

you know, now the adults are spending more money than the salary they had, no wonder no savings

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