8 Tragic Excuses for Not Saving Money (That You Need to Overcome)

We’ve likely all heard of the importance of tucking away money for big purchases or unexpected expenses. But how many of us actually have any savings to speak of?

Finding even a dollar to spare can sometimes be difficult — so difficult, in fact, that you may have given up on the idea of saving altogether. Don’t give up.

Take a look at some of the worst reasons people don’t save, and maybe you’ll see yourself in them.

“I can’t afford to save”

When you feel like your money is already stretched to capacity, you might struggle to find leftover funds to put into savings.

“I’m young, so I can wait to start saving”

If you’re applying this logic to your savings strategy, you might be in for a rude awakening.

“I’m too old, so it’s pointless to start saving now”

Conversely, you might think that since you didn’t save in your youth, there’s no point in starting now. It’s never too late to save money.

“I’m getting an inheritance, so I don’t need to save”

Even if your parents or grandparents are fortunate and generous enough to leave you money, it’s still wise to save.

“Savings accounts don’t yield high returns”

While it’s true that some accounts have abysmally low interest rates, many of the best savings accounts could give you a better annual return.

“I’ll use my credit card or take out a loan if I need to”

“I want to buy XYZ before I start saving”

You want to enjoy your money, we get it. You worked hard to earn it, so you deserve to spend it.

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“I need to pay off my debt first”

Along those lines, if you’ve already incurred significant debt, you might feel like those balances take priority over saving.

Now that you have a better idea of what keeps people from saving, go a step further and learn how to save and how to invest in a way that fits your situation.