I’m Bad at Saving Money What Can I Do?

i'm bad at saving money what can i do

The fact is, not everyone is good at saving money. There are a lot of reasons for this. Maybe your parents didn’t save money, so you never learned how. Maybe you find spending money gives you a rush. Regardless of the reason why there are things you can do to improve your spending habits and turn the thought process from, I’m bad at saving money what can I do, into, wow saving money isn’t so tough after all.

i'm bad at saving money what can i do

(You can read how I got myself drowning in debt here and how I got out of it here and here.)

Let Someone Else Save Money For You

Once you have your paycheck and put it in the bank or have it deposited automatically, it is much harder to save money. Instead, you tend to spend more because it is available to you.

One of the easiest ways of saving money is to let someone else do it for you. What I mean by that is to have money taken out of your paycheck before you receive it.

Most companies have some sort of retirement account such as a 401k that you can contribute to. If you set it up so that money is taken out of your check automatically, then you will never see it and you can’t spend it.

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Once it is in your retirement account, there is a good chance that if you do try to take the money out, you will have to pay a penalty. That will help keep you from putting your hand into the cookie jar so to speak.

This the easiest way to save money for retirement.

If you have direct deposit, you can also have a portion of your paycheck sent to a savings account as well. This will help you build up your savings on autopilot. 

This can be used as an emergency fund if something comes up as it is easier to access this money.

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i'm bad at saving money what can i doTake Advantage of Technology

There are tons of apps out there now that will save money for you. A lot of them round up your purchases to the next dollar and then save or invest that change without you having to lift a finger.

One that I personally use is Acorns. I like it because the money doesn’t go into a savings account. Instead, it goes into an investment account.

You can also allow the app to take anywhere from $5 dollars and up per week from your linked checking account and put it into your investment account. Once you give permission for Acorns to do so, it happens automatically.

There are other apps out there that do the same sort of thing. What’s great about all of them is you don’t have to think about saving money and it doesn’t matter how bad you are at saving money. It happens without you.

You could really stop right here with these two ways to save money and be fine, but there are other options for those that aren’t good at saving.

Tackle Your Debt

While saving money is important, if you have a lot of debt like credit card debts, installment loans, and the like, one easy way to save money is to consolidate all of that debt into one payment with a personal loan.

The nice thing about personal loans is that the interest rates are lower than credit cards. Also, with one payment, which can be lower than all your other payments combined, you can get it paid off faster.

You can save money without physically having to do anything to save money. The lower payment and interest rate will do it for you. Once your debt is paid off, that will free up a lot of money that you can then start to invest.

You can find a couple of great personal loan companies here and here. If your credit isn’t very good you can find an option here for folks with bad credit.

Let Companies Give You Free Money

It’s kind of a no-brainer that if a store you shop in offers a reward program you should take advantage of it. 

This is free money. It might only be two or three dollars here and there, but it does add up. 

For example, I get a $3 coupon each month from my cell service provider that can be used at a number of places such as Starbucks and Amazon. 

While $3 dollars doesn’t seem like a lot that’s $36 dollars a year I save. Add that to a couple of other reward programs and it could end up being $100 or even $200 a year.

Another example is Barnes & Nobel. They have a rewards program as well. It does cost $25 a year, but then you get big discounts. One year my father and I saved $250 on items we purchased. 

Those were items we would have spent money on even without the reward program, so we saved a good deal of cash.

i'm bad at saving money what can i do

Ignore Extra Money You Receive

If you get a bonus at work or a tax refund or any other chunk of money, immediately put it in your savings.

I know there is an impulse to spend it but don’t. Save it instead. This could go into a vacation fund, or a new car fund, or whatever you would like. It could also go towards a downpayment on a house or retirement.

It doesn’t really matter. What’s important is that you don’t waste it on an impulse buy.

That also goes for any raises you may receive at work. 

It is always tempting to live up to your income – get a nicer car, a bigger house. 

Instead, continue living at your current level and have that extra money from your raise put into your 401k if you haven’t been investing the maximum amount or into your investment account such as Acorns.

Finally, when you pay something off like your car or even a credit card, pretend that you didn’t and keep making that payment but put it into savings instead.

If you’ve paid your car off but you keep making your car payment each month to yourself, then when you are ready to buy a new car, you can pay cash which is a wonderful thing.

Bring in Additional Money

One easy way to save money is to make more money than you need to pay your bills or daily living expenses.

Don’t go out and get a second job. That’s no fun. Instead, consider making money on the side. 

  • Sell things on eBay you already own that you don’t want or items you find at thrift stores and garage sales. 
  • If you are creative make something and sell it on Etsy. 
  • If you have lots of books sell them on Amazon.
  • Do freelance writing or editing.
  • Start a blog

Really you are only limited by your imagination.

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Related Questions:

I’m Struggling to Save Money – What Can I Do?

If you’re struggling to save money, the best thing you can do for yourself is to automate your savings and find a way to make an extra $100 to $200 a week.

You don’t have to save thousands of dollars a year to make a difference. Small amounts will add up over time.

How to Save Money Weekly?

The best way to save money weekly is to pay yourself first. When you get your paycheck, immediately take 10 or 20 percent of your take-home pay and put it into savings. Then pay your bills and spend money on things you enjoy.

Where to Put Money So You Don’t Spend It?

If you don’t want easy access to your money, consider getting a CD (Certificate of Deposit) at a bank. With this type of account, you cannot access your money for a specific pre-determined time such as six or twelve months.

You can also get a high-interest savings account. This type of account will usually have a minimum balance that you much keep or you will be penalized.

Why Do People Struggle to Save Money?

A lot of people struggle to save money because they were never taught how to in the first place. Instead, as they grew up, they saw the people around them spend impulsively, so they do the same.

Saving money is a habit and like all habits, it needs to be learned and practiced until it becomes second nature and you do it without even thinking about it. 

To Sum it All Up:

If you are bad at saving money, the only thing you need to do to change that is to automate your savings. If you want to go a step further then bring in extra income, let companies give you free money, and ignore any additional money you receive. It really is that simple.

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