Why is saving money so hard?

[Horace18]

I don't know how some people do it, but for me it is like mission impossible.How do you do to save some money?

 

[VirtualLarry]

I blame Newegg sales...

 

[Kaido]

I blame Steam sales...

ftfy

 

[purbeast0]

it's really not. people just have absolutely no discipline in general. that is why you see so many fatties as well.

 

[WhoBeDaPlaya]

*shrug* Not that difficult. I've squirreled away about 35-40% of gross total income (salary, RSUs, etc.) since I've started working.

 

[drebo]

Buying stuff is too much fun.

 

[Horace18]

i don't think that the humans were designed to save money.

 

[KB]

It's not that hard. Before buying something ask yourself do I need it or just want it. Buy needs and not wants.

 

[Fritzo]

it's really not. people just have absolutely no discipline in general. that is why you see so many fatties as well.

You can say that on your high horse, but a lot of families keep getting unexpected expenses and it prevents them from putting money away.

Hell, since November, my son has broken his jaw twice. $9000 down the tubes and an empty savings account. Similar thing happened to my coworker.

 

[TheVrolok]

It's basic human nature to want as much stuff as possible. In addition to that, life happens which can put up obstacles. As someone said, it certainly takes discipline. I think I do reasonably well at this point maxing out my IRA and putting 25% into my 403b with a little extra in cash savings; but I certainly buy things I don't need, and could definitely save more. Like anything in life it's a balance. Saving for the future is incredibly important, but you also can't continue to put off gratification.

 

[WilliamM2]

You can say that on your high horse, but a lot of families keep getting unexpected expenses and it prevents them from putting money away.

Hell, since November, my son has broken his jaw twice. $9000 down the tubes and an empty savings account. Similar thing happened to my coworker.

No insurance? How's he keep breaking his jaw? Just curious.

 

[MustISO]

I've always been a saver since I was very young. You need the discipline and the will to do it. Many people live paycheck to paycheck and still buy crap that is a complete waste of money. Create a budget and track your expenses. You'll find out very quickly where the money is going.

 

[JackBurton]

Saving? I'm trying to figure out how to make more money. Lamborghini released their Huracan and I need to find a way to buy it. Good Christ that car is amazing. Sucks being poor.

 

[Engineer]

Kids.

The end....

(Well, no raises isn't helping!)

 

[brianmanahan]

almost %40 of my paycheck goes directly into my 401k (pre-tax + after tax). it's easy to not spend that money because it never makes it to my bank account.

 

[master_shake_]

Kids.

The end....

(Well, no raises isn't helping!)

this.

son put a controller through my tv...

had to spend 1400 on a new one.

 

[kranky]

There are a couple things you can do.

First is to know exactly where your money is going. Keep track of every cent you spend for a month - then look at where it went and decide if you want to make changes in your spending habits. If you don't want to change anything, then that's that. But it won't be a mystery any longer.

If you want to change, figure out what those changes are going to be - you've just made a budget. If you budget for savings, then save the money as planned.
If savings is the goal, and you feel like you don't control your spending as well as you would like, then use the "pay yourself first" tactic where you move it out of your easily available funds to avoid temptation. Set up a savings account or put it in your 401k.

Sometimes we only have enough to get by and that can make it tough to save. Start small if you have to - even $5 or $10 a week will build some momentum to do better. But if you do realize you have enough to save something, it's all about the self-discipline to control impulse spending. Even my wasteful co-worker figured out how to save some money without having to reduce the nights he goes out to the bar - he only drinks half as much as he used to. Since he can walk from his apartment to the nightlife area, he never had to worry about driving, but the $100 a night bar/food bills were killing him. Now he goes just as often, stays just as late, but watches how many drinks he has. And for each night where he didn't get carried away with his drinking expensive booze, he moves the $40-50 he saved out of his checking to his online savings at a different bank. Instant reward.

 

[smitbret]

No insurance?.......

Sounds like you've been lucky with your health. $9000 sounds just about in line for a couple of broken jaws WITH insurance. A couple of years ago, my daughter fell at day care and cut her lip open. Because it was on her face and she was so young, they recommend that a plastic surgeon fix it. By the time we were done, our out of pocket for stitches on her lip was just a little more than $3000.

 

[Arcadio]

this.

son put a controller through my tv...

had to spend 1400 on a new one.

Wow... children are cheaper than I thought.

 

[Engineer]

this.

son put a controller through my tv...

had to spend 1400 on a new one.

Hopefully, it was $1,400 for a new son......

 

[Zeze]

I remember my first job in college.

I'd lose sleep at night because no matter how hard I tried to save money, there was just no room after car payment + insurance + rent + food + utilities. I wasn't doing anything special, yet it was basically paycheck to paycheck.

It's easy for me to save money now simply because I make more. My lifestyle changed a bit- I eat out more, travel for fun, etc. But that increased spending habit is minor compared to the disproportional increase in my salary.

I still drive a Hyyundai, my wife clips coupons (lol).

It's not always about penny pinching. You gotta think about bringing in more money in the first place.

Try getting a new job, go for promotion, enter a new field, etc.

 

[Svnla]

In order to save money, you HAVE TO sit down and write down ALL of your expenses (everything, no exception) and then ALL of your income.

Then separate your expenses into MUST HAVE (housing, food, transportation, etc) and NICE TO HAVE (eat out, movies, etc.). Go over every single item and see if you can cut back such as get a cheaper place or roommate, buy groceries on sale and in bulk, eat out a lot less, and so on). And then see if you can increase your income by getting another job or anything that you can bring extra income.

For example, I am still driving my vehicle because it is still running even I can get another one, I don't stay in a luxury location, I don't eat out everyday.

Saving money is not easy, you just have to bite the bullet and do it. I am saving about 50% of my salary (after taxes) plus my income from my business. It is easier for me because I live in the South (lower cost of living) and I am single and no kid.

 

[mrjminer]

Because spending money is so easy

 

[NikolaeVarius]

Stop buying things

 

[JackBurton]

Because spending money is so easy

Spending money is easy and fun, but damn, people spend it on the stupidest crap. Drinking, eating out at extravagant restaurants, impulse buying.....and kids. Those are some of the biggest drains on people's finances that they'll never get a return on. I avoid all of those and focus and where my money could be spent better. It's not always about what you save, but what you buy.