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Home / Budgeting / Top Excuses Not To Save And How To Overcome Them


Excuses for Not SavingWhether you call it a rainy day fund or cushion for the hard times, building a savings account is important to many of us. Despite the importance of a savings account, quite a few people have one that hovers right at the minimum needed to keep it open, if they have an account open at all. The reasons are myriad; many of which are valid. Here are the top excuses that I have heard and a little info on how to overcome each of them.

”I’m not a saver.”

That is hogwash. Anyone can be a saver, all you have to do is change your mindset. The main obstacle here is the belief that saving equals self-deprivation. Start small. Take all of the loose change in your pocket or purse and put it into savings each week. If that doesn’t seem like enough, add a payment into your savings account to your budget.

”I have too many debts to save any money.”

That is a pretty common excuse. Again, it is a mindset obstacle. If you pay off a debt, you are saving yourself money over the long term. Attack your credit card debt first. Send an extra $25 a month, if nothing else. You will save interest, improve your credit score, and, as long as you do not use the credit card, you will soon have one less payment each month.

”I don’t make enough money to save.”

It is more difficult to save when your income is low. In this situation, the only thing that can be done is to look for ways to become more frugal. Start by building a budget if you do not already have one. If you do, have another look at it. Any little item you can cut can lead to a small savings account that you can build upon.

”My spouse makes it impossible to save.”

When a saver partners with a spender, the results can be disastrous. The only solutions is to maintain separate accounts and a single joint one to pay your bills from. This is a conversation that you must have before marriage or cohabitation so that it does not seem as if you are hiding money.

Saving money is often difficult. Many of us feel that putting money into a bank account only makes sense if you have plenty of cash. If you treat your savings account as if it is just another bill, you will soon find more cash in their than you ever expected.


About the author: Jerry Coffey


Jerry Coffey spent many years in a debt-riddled gray area somewhere between broke and desperately broke. His seemingly endless need for more and more cash led him to payday loans, repossessions, bankruptcy, and depression. After years of the same financial style, he heard a piece of advice that inspired him to find a way to change. The advice: ''The very definition of a fool is someone who continues to do the same things, but expects different results.'' This led him to a much more frugal lifestyle that sees all of his bills paid on time and a growing savings account. Even the seed of a retirement account has begun to sprout.


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