Piggybank, calculator, calendar, clock, and coins, symbolising financial management, reflecting the sentiment 'I have a hard time saving money'

Is your wallet looking depressingly empty at the end of each month, making you question where all your money goes? 

Are you at a loss about how to save up for the things that really matter to you?

I still remember the first time I managed to save every penny I earned. 

I was desperate to go on my first trip abroad, so I calculated the exact amount I’d need for the entire adventure and then hustled hard, working multiple jobs alongside my studies.

When I finally saved enough, I took off and had the time of my life.

At university, I juggled two or even three jobs while attending lectures and meeting assignment deadlines. 

So, when I transitioned into full-time employment and a more stable financial situation, I was baffled to find saving money so challenging.

It wasn’t a lack of budgeting skills or income that held me back—I’d already proven I could save for my trip. 

So what was it?

After some soul-searching, I uncovered six reasons why you might be having a hard time saving money.

Related articles to explore:

Unlock the Secrets to Effective Saving

Smiling woman saving and dropping note to piggy, demonstrating financial management, reflecting the sentiment 'I have a hard time saving money'

Saving is not a punishment, but an investment in your future self.

1. You Don’t Have a Clear Financial Goal

When I saved for my first international trip, I had a vivid, exciting plan that outweighed any instant gratification. 

That enthusiasm for travelling made me put every spare cent into my savings, brimming with anticipation for the journey ahead. 

Yes, it was tiring to work multiple jobs while studying, but the adventure and excitement playing out in my mind kept me going.

Imagine having that same kind of motivation for your financial goals. 

If you’re struggling to save money, it’s crucial to have a compelling reason that’s strong enough to help you resist short-term temptations.

Start with defining clear, specific financial objectives, like saving for a down payment on a house, funding your child’s education, or building an emergency fund. 

You’ll see a world of difference in your saving habits when you have a concrete goal that inspires you and keeps you focused.

Having a financial goal is just the beginning of a successful financial journey.

To ensure you stay on track and avoid common pitfalls, read our post on 9 Money Mistakes to Avoid in Your Early 20s for Financial Success.

Learn from my mistakes and set yourself up for a prosperous future.

? If you’re looking for more guidance on setting financial goals and developing a plan to save money, consider reading Dave Ramsey’s book, The Total Money Makeover.

This book offers practical advice and actionable steps to help you transform your financial habits and build a solid foundation for saving and investing.

(Disclosure: If you purchase through the link, I may earn a small commission at no extra cost to you. Thank you for supporting my blog, my dear reader!)

2. Your Environment is Sabotaging You

Even with a strong motivation to save, being surrounded by big spenders can hinder your progress. 

When everyone around you is discussing their latest shopping sprees, vacations, and indulgences, it’s natural to feel left out. 

After all, we all want to fit in and partake in the experiences our friends and peers rave about.

To counter this, seek the company of like-minded individuals who uphold your financial values. 

Plenty of people out there prioritise saving, investing, and living within their means. 

By connecting with them, you can exchange ideas and learn from their habits and techniques.

Surrounding yourself with the right people can provide inspiration, encouragement, and support to help you reach your financial goals and maintain your savings momentum.

Your environment plays a significant role in your saving habits, but it’s essential to take responsibility for your financial education.

Dive into our post Breaking Free from Financial Ignorance: Stop Blaming Your Parents and Take Control to learn how to empower yourself with financial knowledge and make informed decisions about your money.

3. You Always Put Savings on the Back Burner

Person writing on a notepad scattered calculator, piggybank and coins, demonstrating financial management, reflecting the sentiment 'I have a hard time saving money'

Perhaps you’ve considered saving money before and even opened a savings account. 

But when payday arrives, there’s always a new list of things to buy, and saving gets pushed to the side (again).

To break this cycle, prioritise your savings and make them a non-negotiable part of your budget. 

Better still, pay yourself first by automatically transferring a set amount or percentage of your paycheck into your savings account. 

You’ll find that saving becomes a natural part of your financial routine.

4. You Think You Need a Large Sum to Save

Once you’ve taken care of your shopping list, you might have some money left over, but it doesn’t seem worth bothering to save such a small amount. 

So you promise yourself you’ll start saving next year when that annual pay raise comes through.

The problem is, another list of must-haves will inevitably appear, and you’ll be stuck in the same cycle. 

Remember, developing the habit of saving—and the discipline it requires—is more important than the actual amount you save.

Find the beauty in paying yourself first by starting small and gradually increasing your savings rate. 

This will not only build your confidence but also show you the power of consistent saving over time.

5. You’ve Fallen into Bad Money Habits

Without a financial goal and surrounded by people who aren’t financially savvy, it’s no wonder we develop unhealthy money habits

Saving doesn’t have to mean sacrificing everything; you can still set aside a small percentage of your income and enjoy the rest.

However, trouble arises when you overspend to the point where there’s nothing left to save or when you need to borrow money to cover your expenses. 

To overcome this, identify and eliminate bad money habits that keep you from saving.

A great resource for learning more about managing your finances and overcoming bad money habits is the Consumer Financial Protection Bureau (CFPB).

They offer various tips and tools for budgeting, saving, and improving your financial well-being.

Visit their website to access valuable information and resources that can help you take control of your finances.

Whether it’s impulse buying or living beyond your means, tackle these issues head-on and replace them with healthier financial behaviours. 

You’ll soon find out that your saving efforts will flourish.

Understanding how to save money effectively also involves being aware of your credit score and how it can impact your financial health.

Check out our post on Debunking Credit Score Myths: The Real Impact on Your Credit to gain more insights into how credit scores work and how to manage yours better.

6. You Believe Saving Now Takes Away from Today’s Enjoyment

It’s difficult to prioritise your future self when the pleasures of today seem so much more immediate. 

But saving for the future doesn’t have to mean sacrificing the present.

When I saved for my trip, I still made time for the things I loved, striking a balance between living for today and preparing for tomorrow. 

Remember, it’s all about finding that perfect equilibrium that allows you to enjoy life now while also securing your future.

Things are always more fulfilling when you know you’re taking care of both your present and future self. 

So, embrace the journey and discover the joy of saving without compromising your current happiness.

Final Thoughts: Essential Takeaways for Better Saving

If you’re capable of saving money (and I suspect most of you are) but find it difficult, one of the six reasons described above is likely the culprit.

To overcome this, create a powerful financial goal that motivates you to save. 

Surround yourself with like-minded savers, not spenders, who can support and inspire you. 

You might even consider joining an online forum where people discuss saving and investment strategies.

Make saving a priority by putting it front and centre in your budget. 

Start small and develop the habit of saving, gradually eliminating any bad money habits that lead to overspending. 

Experiment with different techniques, like adopting a cash-only lifestyle.

Remember, you have a responsibility to look after your future self. 

So strike a balance between living for today and preparing for tomorrow.

By addressing these challenges head-on, you’ll be well on your way to financial freedom and a more secure future.

? If you’re struggling with saving money, consider reading The Richest Man in Babylon for simple, straightforward advice on achieving financial freedom.

It’s a must-read for anyone looking to take control of their financial destiny.

(Disclosure: If you purchase through the link, I may earn a small commission at no extra cost to you. Thank you for supporting my blog, my dear reader!)

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