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Cha ching queen living a big life on a little budget.
ByGreg Wilson, CFA Updated onMarch 1, 2025 Reading Time: 12 minutes
Home Ā» Galleries Ā» Struggling to Save? 21 Costly Mistakes Keeping You BrokeĀ 

Struggling to Save? 21 Costly Mistakes Keeping You BrokeĀ 

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Man in a light blue shirt sitting on a couch, looking concerned, using a calculator with papers in front of him.
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Saving money can feel frustrating when expenses keep piling up. Bills keep coming, unexpected costs pop up, and at the end of the month, there’s little left to set aside. With so many financial responsibilities, building a solid savings habit can feel out of reach. 

In fact, 53% of American workers say saving consistently for emergencies, retirement, or any other purpose feels difficult or even impossible. Without a solid strategy, financial security can feel like an unattainable goal.

In this article, we will break down the biggest reasons saving feels so challenging and how to break free from these struggles. We will also share practical strategies to help cut unnecessary costs, build better money habits, and make saving a consistent part of daily life. 

What saving habits have been the hardest for you to stick to? What strategies have helped you set aside more money? Let us know in the comments! 

Table of Contents

  • You Don’t Have a Budget
  • Living Paycheck to Paycheck
  • Not Prioritizing Savings First
  • Carrying High-Interest Debt
  • Lifestyle Inflation
  • Overspending on Non-Essentials
  • Not Having a Savings Goal
  • Not Taking Advantage of Employer Benefits
  • Ignoring Emergency Funds
  • Relying Too Much on Credit Cards
  • Poor Financial Education
  • Not Shopping for Better Deals
  • Subscription Fatigue
  • Renting Instead of Owning (When It’s Costlier to Rent)
  • Not Automating Savings
  • Lack of Side Income or Additional Revenue Streams
  • Not Adjusting for Inflation
  • Fear of Investing (Letting Money Sit Idle)
  • Paying Too Much in Fees
  • Procrastination (Waiting for the ā€˜Right Time’)
  • The Path to Better Savings

You Don’t Have a Budget

A surprised woman holding a document, adjusting her glasses, sits at a table with a calculator and papers in a bright room.

Without a budget, it’s easy to lose track of spending and wonder where the money went. Many people cover their bills, spend on daily needs, and save whatever is left over, which often isn’t much. 

A budget creates a clear plan for income and expenses, making it easier to set aside money consistently. Tracking spending can reveal patterns and highlight areas where costs can be reduced. 

Free apps, spreadsheets, or even a simple notebook can help organize finances and make saving a priority. A strong budget puts every dollar to work, making financial goals more achievable.

Budgeting Made Simple: Proven Strategies to Make Your Money Work for You

Living Paycheck to Paycheck

A woman sits at a table looking concerned, holding a piece of paper, with coins, a calculator, and a pen nearby.

Many people earn enough to cover their bills but struggle to set anything aside. Rising rent, food prices, and other essential costs leave little room for savings. Without a financial cushion, unexpected expenses can create stress and force reliance on credit cards or loans. 

Breaking the cycle starts with reviewing expenses, cutting unnecessary costs, and finding ways to increase income. Even small changes, like packing lunch instead of eating out, can free up extra cash. 

Creating a plan to set aside even a small amount each paycheck can help build financial stability over time.

Stop Being Broke: 20 Changes to Stop Living Paycheck to Paycheck

Not Prioritizing Savings First

A frustrated person holds their head while sitting at a table with a piggy bank, calculator, and notepad in a bright room.

Many people pay bills, cover daily expenses, and then try to save whatever is left. This approach often leads to little or no savings at all. A better strategy is to treat savings like a bill that must be paid each month. 

Automating transfers to a savings account ensures money is set aside before it can be spent elsewhere. Even starting with a small amount can build momentum and turn saving into a habit. Making savings a priority helps build financial security without feeling like a burden.

25 Myths About Saving Money That Are Actually Keeping You Poor

Carrying High-Interest Debt

Woman sitting on a couch holding a credit card and phone, looking distressed.

Debt with high interest, like credit cards and personal loans, can drain income and make saving feel impossible. Monthly payments often go toward interest rather than reducing the balance, keeping people stuck in a cycle of debt. 

Paying down high-interest debt first frees up money that can be redirected to savings. Strategies like the debt avalanche or snowball method can help tackle balances more efficiently. Avoiding new debt and paying more than the minimum can speed up progress. 

Reducing interest payments creates more room in the budget for long-term financial goals.

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Lifestyle Inflation

A woman in a beanie and jacket sits in the driver's seat of a car, looking out the open window.

Earning more money should make saving easier, but many people increase their spending as income rises. Upgrading to a bigger home, buying a new car, or dining out more often can quickly absorb extra earnings. 

Without careful planning, lifestyle inflation can prevent savings from growing. Keeping expenses steady when income increases can help redirect extra money toward financial goals. 

Setting a fixed percentage of each raise or bonus aside for savings can make it easier to build wealth over time. Maintaining a balanced lifestyle ensures financial progress doesn’t stall with every income increase.

Why You’re Always Broke: 18 Habits to Break Today

Overspending on Non-Essentials

A woman in sunglasses and a leather jacket exudes confidence, holding several shopping bags, indulging in luxury expenses while smiling on the city street.

Small daily purchases may seem harmless, but they add up over time. Frequent dining out, impulse shopping, and subscription services can quietly eat away at savings. Many people underestimate how much they spend on extras each month. 

Tracking purchases can help identify areas where small cuts can make a big difference. Setting spending limits and waiting before making non-essential purchases can reduce impulse buying. 

Making mindful spending choices helps free up money for more important financial goals.

Are You Overspending? 20 Sneaky Clues You Can’t Ignore

Not Having a Savings Goal

A person counts dollar bills while sitting on a brown couch next to an open laptop and a closed green notebook with a pen.

Saving money without a clear goal often leads to inconsistency. Vague plans make it easy to push savings aside when other expenses come up. Defining specific goals, like building an emergency fund, saving for a down payment, or planning for retirement, creates motivation. 

Breaking goals into smaller, achievable steps makes progress feel more manageable. Setting deadlines and tracking milestones can provide a sense of accomplishment. Having a clear purpose for saving makes it easier to stay committed.

🙋‍♀️If you like what you are reading, then click like and subscribe to my newsletter. We share tips to waste less time and money.

Not Taking Advantage of Employer Benefits

A woman sitting at a desk with a laptop, holding and looking at a piece of paper.

Many workers miss out on valuable financial benefits offered through their employers. Company-sponsored retirement plans, health savings accounts, and employee discounts can help reduce expenses and grow savings. 

Matching contributions for 401(k) plans provide free money that boosts long-term financial security. Flexible spending accounts can lower taxes on medical or childcare expenses.Ā 

Reviewing available benefits and taking full advantage of them can make a significant difference. Maximizing workplace perks helps stretch income and create more opportunities for saving.

Should I Max Out My 401k? a 42-Year Old Retired CFA answers!

Ignoring Emergency Funds

Piggy bank labeled "Emergency Fund" next to a pile of US dollar bills, a hand holding more bills, a calculator, and a notebook on a wooden table.

Unexpected expenses can derail financial plans if there isn’t a backup fund in place. Medical bills, car repairs, or job loss can create stress and lead to debt if savings aren’t available. 

Many people struggle to save for emergencies, but even a small cushion can provide peace of mind. Setting aside a portion of each paycheck in a separate account can help build an emergency fund over time. 

A goal of three to six months’ worth of expenses provides a solid safety net. Having savings ready for unexpected situations prevents financial setbacks and reduces reliance on credit.

18 Critical Reasons to Start Your Emergency Fund NowĀ 

Relying Too Much on Credit Cards

Man in a gray shirt sits at a table, holding a smartphone and a credit card in his hands, with a kitchen in the background.

Credit cards can be useful for emergencies or rewards, but depending on them too much can lead to financial trouble. Many people carry high balances, making it harder to pay off the full amount each month. 

Interest charges add up quickly, increasing overall expenses and reducing the ability to save. Keeping credit utilization low and making full payments each month can prevent debt from growing. 

Setting a limit on credit card use and switching to cash or debit for everyday purchases can help control spending. Managing credit wisely keeps more money available for savings.

20 Credit Card Mistakes Many People Make (Plus How to Avoid Them)

Poor Financial Education

A person sits on a couch, looking serious, holding a calculator to their ear, with a laptop and papers on a table in front of them.

Many people never receive proper financial education, making it difficult to make informed decisions about money. Without basic knowledge of budgeting, investing, and saving, it’s easy to fall into common financial traps. 

Understanding interest rates, credit scores, and long-term financial planning can help build better habits. Free online resources, books, and financial literacy courses can provide valuable information. 

Learning about personal finance empowers people to make smarter choices and create a stronger financial future. Gaining the right knowledge leads to better money management and stronger savings.

Why Your Credit Score Matters Now More Than Ever

Not Shopping for Better Deals

A person sitting on a blue couch works on a laptop while holding and reading a sheet of paper.

Paying more than necessary for services like insurance, internet, and phone plans can reduce the ability to save. Many people stay with the same providers for years without checking if better rates are available. 

Comparing prices regularly and negotiating lower bills can lead to significant savings. Loyalty discounts, promotional rates, and switching to more affordable plans can reduce monthly expenses. 

Reviewing spending on subscriptions and other recurring costs can also reveal opportunities to cut back. Keeping costs low frees up money that can be redirected toward financial goals.

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Subscription Fatigue

A hand holding a remote control points at a TV displaying the Netflix logo.

Streaming services, gym memberships, and app subscriptions can add up to a significant monthly expense. Many people sign up for trials and forget to cancel, leading to automatic charges for services they rarely use. 

Reviewing all subscriptions and canceling those that aren’t essential can help free up extra money. Using free or lower-cost alternatives can provide similar benefits without the recurring charges. 

Setting reminders to review subscriptions every few months can prevent unnecessary spending. Being selective about paid services keeps more money available for savings.

🙋‍♀️If you like what you are reading, then click like and subscribe to my newsletter. We share tips to waste less time and money.

Renting Instead of Owning (When It’s Costlier to Rent)

For Rent" sign in front of a house surrounded by greenery.

Renting provides flexibility, but in some areas, it can cost more than owning a home. Monthly rent payments often increase over time, making it harder to save. Buying a home can provide long-term financial benefits, including building equity and stable monthly payments. 

Researching housing markets, mortgage options, and first-time homebuyer programs can help determine if owning is a better choice. Saving for a down payment and improving credit scores can make homeownership more affordable. 

Making a well-informed decision between renting and buying can lead to better financial stability.

Clever Strategies for Buying a House with Little or No Money Down

Not Automating Savings

A woman with long blonde hair in a light blue blazer is holding and looking at a fan of U.S. dollar bills.

Saving money manually can be challenging, especially when there are many other financial responsibilities. People who rely on willpower alone often struggle to set aside money consistently. 

Automating savings ensures that money is transferred to a savings account before it can be spent. Setting up direct deposits or automatic transfers makes saving effortless and consistent. 

Even small automated deposits can add up over time without requiring extra effort. Making saving a routine part of financial management builds a stronger foundation for the future.

22 Bills You Should Actually Avoid Putting on Autopay

Lack of Side Income or Additional Revenue Streams

A woman sits at a table in front of a laptop, appearing thoughtful or concerned, with a cup and smartphone beside her in a kitchen setting.

Depending on one source of income can make it difficult to save, especially when expenses are high. Many people find it challenging to cover daily costs while also setting aside money for the future. 

Earning extra income through freelancing, gig work, or selling unused items can help increase savings. Developing new skills or starting a small business can create long-term financial opportunities. 

Even small amounts of extra income each month can make a difference when consistently added to savings. Expanding income sources provides more financial security and flexibility.

🙋‍♀️18 Side Hustles For College Students (With Pay Estimates!)

https://www.youtube.com/watch?v=FAw1p6PkOuQ

Not Adjusting for Inflation

A woman sits at a table with a concerned expression, holding a calculator and several papers. A cup is on the table.

Rising prices affect everything from groceries to housing, reducing purchasing power over time. Many people continue saving at the same rate for years without accounting for the increasing cost of living. 

Failing to adjust savings contributions can lead to financial shortfalls in the future. Increasing savings deposits each year can help keep up with inflation and maintain financial stability. 

Reviewing expenses and finding ways to cut unnecessary costs can help balance out rising prices. Keeping savings growth in line with inflation ensures financial goals remain achievable.

21 Items Inflation Has Made Unaffordable for Most Of Us

Fear of Investing (Letting Money Sit Idle)

A woman holding a fan of US dollar bills in one hand while touching her temple with the other, looking thoughtful. She stands indoors with a window in the background.

Keeping money in a standard savings account may feel safe, but it often loses value over time due to inflation. Many people hesitate to invest because of concerns about risk or a lack of knowledge. 

While investing carries some risk, long-term strategies like index funds or retirement accounts can help money grow. Learning about different investment options and starting with small amounts can make investing feel more manageable. 

Setting long-term financial goals and diversifying investments can reduce risk and improve returns. Using smart investment strategies helps build wealth more effectively than leaving money idle.

Investing Basics: How To Get Started Investing

Paying Too Much in Fees

Woman talking on phone, looking at a credit card with a concerned expression, sitting on a yellow couch.

Hidden charges, including bank fees, ATM withdrawals, overdrafts, and investment management costs, can eat away at savings. Many people don’t realize how much they pay in unnecessary fees each year. 

Choosing no-fee bank accounts and reviewing financial statements can help identify avoidable charges. Lower-cost investment platforms and direct deposits can also reduce fees and maximize savings. 

Keeping track of account policies and switching to more cost-effective options can prevent money loss. Avoiding excessive fees keeps more money available for long-term financial goals.

25 Sneaky Fees Companies Hide From You (And Ways To Avoid Them)

Procrastination (Waiting for the ā€˜Right Time’)

A woman with long blonde hair rests her chin on her hands, sitting at a kitchen table with various bottles and shakers visible in the background.

Many people delay saving because they believe they need a higher income or better circumstances before getting started. Waiting too long can lead to missed opportunities for financial growth. 

Starting with small, manageable amounts can build momentum and establish a consistent habit. Setting up automatic transfers and tracking progress can help reinforce positive behaviors. 

Making small adjustments to daily spending can free up extra money for savings. Taking action today, rather than waiting for perfect conditions, leads to better financial security over time.

22 Things Successful People Avoid Spending On That You Should Too

The Path to Better Savings

A person sitting at a desk with a laptop and calculator, holding dollar bills in one hand and making an "OK" gesture with the other, smiling. Books and plants are on the shelves behind.

Building savings takes consistent effort and smart financial decisions. Small habits, like tracking expenses and automating deposits, create long-term stability. Avoiding common pitfalls, such as high-interest debt and impulse spending, frees up more money for future goals. 

Finding ways to cut unnecessary costs and increase income can make saving easier, even with a tight budget. Every step toward better financial habits strengthens financial security. 

Making savings a priority today leads to greater stability and peace of mind.

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AI was used for light editing, formatting, and readability. But a human (me!) wrote and edited this.

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