Top Ten Excuses For Not Saving Money

We can all come up with excuses for not doing things we find distasteful.  For some people, saving money is like a dreaded chore and they make up all kinds of excuses in order to avoid saving.  Here are the top ten excuses for not saving money:

1.  I can’t afford to save money.  Actually, instead of thinking this way, you need to understand the importance of paying yourself first.  Before the bills get paid and you buy that new gadget that is being advertised on television, tuck away a small amount each month or each paycheck towards both your retirement savings and your rainy day savings.

2.  I want to enjoy the here and now and not worry about tomorrow.  There’s nothing wrong with enjoying the present, but you don’t want to do so at the expense of your future.  You need to make sure that you are properly saving for your future and not getting yourself so deep in debt that you won’t be able to dig yourself out.

3. I’m not good with money so I just can’t seem to save it. This is a money script that is harmful.  You need to change the way you think about money.  After all, money is just a thing.  You can be in control of your own money, it should never have control over you.

4.  I’ll start saving when I am older.  Unfortunately many young people don’t think it’s that important to start saving for their future because they think that they will have plenty of time to save.  Although they may live a long life, the earlier they begin to save, the better due to the wonders of compound interest.

5.  I’m too old to bother to start saving now. Some older folks feel that since they didn’t start saving when they were at their prime, it’s no use to develop the habit once they are older.  That simply isn’t the case.  It’s never too late to develop the habit of saving money.

6.  I don’t need to save because I’m planning on winning the lottery.  It’s true that the odd few do win a lot of money, but most people who buy lottery tickets are forking over a lot of money over the years and not getting a great reward from it.  They would be far better off if they invested that money rather than spending it on lottery tickets.

7.   I don’t save money.  I just buy assets that will appreciate in value.  Although buying assets as investments can be a good thing in building your net worth, it’s still important to always have some cash on hand that is liquid and accessible in the form of an emergency fund.

8.  I don’t make enough money. No matter how much or little you earn, it is possible to earmark a small amount of your income towards savings.  As impossible as it may seem, even people with the tightest budget can save if they make it a priority.

9.  I will be taken care of by someone else.  Some people depend on their spouse or other family members to support them, or they expect that the government pension will support them when they are retired.  Unfortunately it is unlikely that government programs will be able to support more than half of your living costs when you retire.  It is your responsibility to provide for your own future.

10.  I deserve to have what my neighbors have.  We’ve all heard the phrase “keeping up with the Joneses”.  Although few will admit it, a lot of people feel they have to have every gadget and gizmo that their neighbors have in order to feel good. People who feel this way will have a hard time saving and they often end up with debt issues.  There’s nothing wrong with having material things but it’s important that you can afford them and that you maintain a rainy day savings in case something unexpected should come up.