Monday, April 11, 2011

10 Popular Excuses for Not Saving Money

How come it's so easy to come up with excuses to not save money? Ask most people why you should save money and you will get only a handful of answers. But ask them why they are not saving money, then the list will go on and on.

I'm not good at saving money.

I have heard this one a million times. Couples will say "I'm a saver and my husbands a spender". Are people just built to be savers? Is it genetic to be a saveer? If dad was a saver will his traits pass down to you? To say you inherited your dad's lack of responsibility to save makes you look as stupid as your father. Either way, with so many personal finance websites teeming with information about finances can you get away with that excuse anymore.

I am to young to save, I'll save when I am older.

Don't young people realize the time to save is now. They don't have any major expenses like a car payment or mortgage. They don't have children or debt yet. They have a lot of disposable income. I guess living for today is more palatable than saving. They might believe that being so young they have all the time in the world to make up for it later.

I don't get paid enough money.

This is the perfect example of pointing the the finger at someone else. For this excuse to be valid you are either working for free or your just making enough for the bare necessities of life. Can either of these excuse be true, really? Why not one evening sit down and write out all the money your spending in a month and see where it's going. There must be someplace it's being misspent.

I'll save money when I hit it big.
This is the talk of the person waiting to win the lotto. Why do so many intelligent people say they are waiting for there ship to come in? Just look around, how many people do you know that have won the lotto or hit it big. I'll bet you know no one. It's never going to happen. Wake up and smell the coffee.

I have got bills to pay.

People claim there bank accounts are empty because of there bills or responsibilities. I'll bet in every budget there is a little fat that can be found. It takes a determined person to cut that fat out. It's always easier to spend the money on fun things then save.

I would save money if I wanted to, I just don't want to.

The best reason for not saving money is we just don' t worry about the future. The future will take care of itself. Being ready for future opportunities or disasters is why we save.

I work hard, so I can enjoy myself.

Everyone works hard to enjoy there money. It's not right to not not spend on some enjoyable things along the way. But it's better to pay for those good times with cash and not debt. Saving will make that happen.

Money is made to be spent.

This is true. But it sure does feel good to have a nice cushion of savings to soften the blow of retirement. The goal is not to take your savings when you die, but to save money so you enjoy a secure and debt free life.

I am getting a big inheritance, there is no need to save.

If this is true for you than that's great. But for most of us this is not true. But this excuse does seem rather shallow because your being lazy now because later someone else will be footing the bill.

Why save if I am going to spend it later.

This by far the dumbest of all excuses. Having the security of savings only makes your life better and more enjoyable. It's an intangible feeling only brought about by having savings.


  1. I'm hearing the second one more and more often these days.

  2. Sgt Schultz!!! What a flashback! I have probably used all of the reasons above at one time or another. I am doing better with it now.

  3. One more: banking on social security!

  4. Another one I hear: why save when interest rates @ savings account is lower than inflation.

  5. Some people just don't know nothing. Like my friend says, "They have garbage in their head


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