Why Do I Struggle With Money?
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You’ve heard all the common advice about saving money: cut back on your coffee, make a budget, and stop shopping so much. But if it were really that simple, more people would have growing savings accounts.
The truth is, there are often deeper, less obvious reasons why saving money can be difficult.
1. Taking “Experiences Over Things” Too Far
There’s been a huge movement lately encouraging people to spend more money on experiences rather than material things—and for good reason. Memories tend to last longer than objects, and investing in things like travel, concerts, or unique outings can bring long-term happiness.
But, like with anything, moderation is key.
Some people justify overspending on experiences by saying it’s a better use of their money. Even though that may be true, there’s still a limit to how far this should go.
Traveling too frequently or overloading your calendar with expensive activities can quickly add up, leaving little room for saving. Just because something is an experience doesn’t mean it’s exempt from your budget. So you need to balance your desire for fun and adventure with your financial goals.
Yes, experiences are valuable, but they should be enjoyed within reason. (Related: Get your mindful spending MONEY MINDSET BULLET JOURNAL and stop feeling like you can’t get ahead).
2. You Don’t Know Your Financial Priorities
Many people struggle to save money because they haven’t clearly defined their financial priorities.
You might have only a vague idea of how much you want to save or what you’re saving for. And without a specific goal, it’s easy to get distracted by day-to-day expenses and temptations.
Having undefined financial goals is like trying to take a road trip without a map—you’re driving, but you don’t really know where you’re going. Without a destination, it’s hard to stay disciplined with your spending. Money becomes something you manage in the moment, rather than a tool for achieving something bigger.
To break this cycle, it’s important to get specific about your financial goals. Are you saving for an emergency fund, a down payment for a house, or early retirement? Without goals, saving feels abstract, and you’re more likely to spend money on things that don’t align with your true priorities.
3. Refusing to Adjust Spending as Prices Rise
Another common financial mistake people make is ignoring the rising cost of living. Prices go up—it’s a fact of life. But when this happens, many people try to maintain the same level of spending, even when their paychecks aren’t keeping up.
Whether it’s dining out, entertainment, or basic living expenses, sticking to old financial habits in the face of inflation can take a huge toll on your savings. If you find yourself dipping into savings or using credit more frequently to cover what used to be routine expenses, it’s a sign that you need to adjust your spending.
This doesn’t mean giving up everything you enjoy, but it does require a realistic look at your budget and some prioritizing. Can you cut back on how often you eat out? Are there subscriptions or services you’re no longer using but still paying for? Small adjustments can help prevent your savings from being eroded by inflation.
The key is adaptability. Just because you’ve always done something one way doesn’t mean you can’t make changes when needed. If you’re not willing to cut back in some areas, your savings goals might continue to feel out of reach.
4. You Don’t Value Small Wins
A lot of people fail to save money because they don’t value small wins. They think, “What’s the point of saving $5 or $10 here and there? It won’t make a difference.” This mindset often leads to financial apathy, where you only believe it’s worth saving when the amounts are big.
However, small wins add up in a major way. That $5 you save every week might not seem like much, but over a year, that’s $260. When combined with other small wins, these amounts start to snowball, and before you know it, you’ve built a significant cushion.
So, never dismiss the power of incremental progress. Saving is a marathon, not a sprint. Those small wins along the way matter just as much as the big ones.
5. You’re Abusing Self-Care
Self-care is important because it helps us recharge, feel good, and stay mentally and physically healthy. But there’s a line between taking care of yourself and using self-care as an excuse to overspend.
The idea of “treat yourself” has been taken to a whole new level, where some people splurge on things like massages, facials, hair appointments, and more. And while there’s nothing wrong with indulging in these services from time to time, doing it too frequently might drain your budget faster than you realize.
The issue, of course, isn’t self-care itself. It’s the lack of balance—and doing so at the expense of your financial health. Remember, true self-care doesn’t have to come with a hefty price tag. It could be taking a walk, reading a book, having a spa day at home, or simply allowing yourself some downtime without spending money.