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Retirement Planning

5 Reasons Why It’s So Hard to Save Money

It’s hard to save money. I mean, who doesn’t have trouble saving up enough to put into a bank account each month? After you pay all of your required bills, you plan to save the rest of your money, but saving ain’t easy.

Sometimes, it feels as if we, as laypeople, are required the self-discipline of an ascetic just to have enough for a retirement fund.

It’s easy to lose track of our monthly savings requirements, and here are the reasons why saving ain’t easy!

There are All These Monthly Expenses

The average household has fixed monthly spending requirements that the adults cannot back out of. For example, utility bills, mortgage payments, and buying groceries are the top three monthly expenses that are impossible to eliminate. If these expenditures completely obliterate your monthly income, you probably don’t even think about saving.

Compulsive Spending Habits

After the absolutely necessary monthly expenses, there are ones that we cannot help but spend money on. For example, you are browsing the aisles on your weekly grocery run and you see a fifty percent off deal for a branded nail polish or a precision watch. Would you be able to stop yourself from taking advantage of such as offer? Likewise, you are browsing an online retail store and you see a three in one deal for shoes; who can pass up such a bargain? As it is, compulsive spending is the number one reason most people don’t have enough to save each month.

Isn’t It Cheaper to Buy That Thing Now?

Say, you need a new refrigerator. A good one with a “green” certificate would be expensive. So you decide to forgo saving money and buy the fridge instead. After all, it is a necessary item in a modern household. Also, what’s the point of waiting several months until you have saved enough to buy the fridge? Wouldn’t inflation have driven up the prices? Likewise, sometimes we make prompt decisions to spend now to keep ourselves from having to pay extra in the future, savings be damned.

You Never Have a Surplus

Obviously, people who save are the ones who have plenty of money left after expenses, right? The reason most people don’t save is simply because they don’t have anything in their bank accounts at the end of the month to put into a savings account. (Hint: This is where a side hustle comes in handy!)

The Loans

If you are seriously in debt because of a mortgage, credit cards, student loans or personal loans, you may make the decision to pay off the debt instead of saving. The logic most people follow is that if loans mature, the interest only adds up. Therefore, it’s much smarter to use possible savings of the future to pay down present debts.

All of the above reasons contribute to many a spender’s lack of savings. However, if you look at them closely, these reasons are largely excuses not to save. All adults must have an emergency savings account to ensure financial security on a rainy day. Therefore, even if it’s only a dollar you have left each month, put it into a savings account. Better yet, consider savings as a necessary monthly expense, and dedicate a certain percentage of your monthly budget to savings. But even still, saving ain’t easy!


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Erin Thompson

Erin Thompson spent years managing her own blog about budgeting and debt. Because of that, she has great insights not only about managing spending and borrowing but also about running websites profitably. When she's not writing articles for us, she's traveling and looking for new types of wines to try.
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