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We’re happy to be sharing this collaborative post, sent in by a reader, with you today. If you can’t seem to get ahead in your savings, but can’t quite figure out why, this is for you!

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Here are 4 Reasons Why You Suck at Saving

Even from a young age, our parents try to teach us the value of saving. We’re told that we’re more than welcome to spend our meager allowance however we want, but to really get the most out of our pocket-money we have to save it.

We have to put it in a piggy bank or a jar until we have enough to buy the toy/gadget/item of clothing we’ve bugged Mom or Dad for all year with our own money. Of course, it takes an extremely disciplined young mind to pull this off. But we see the value of the lesson, even if we never quite got to grips with it.

Fast forward to adulthood, however, and most of us still aren’t that great when it comes to saving for our future or for the down payment on a place of our own.

Yet, this is rarely because we’re ill-disciplined or reckless, or because we really, really like avocado toast. While we all try to stick to the advice our parents gave us, many of us struggle with the daily cost of living. And we end up not only struggling to save, but leaning on credit cards and poor credit loans for homeowners.

Here we’ll look at some of the reasons why you suck at saving and what you can do about it.

You don’t budget

The single most important aspect of managing your own finances is the ability to budget effectively.

Whether you’re single or living with a partner or have a family of your own, it’s vital that you have a budget that accounts for all the monthly income and expenditure. Trying to manage your finances without a budget is like trying to juggle while blindfolded. Only when you’re cognizant of exactly what’s coming in and going out can you hope to manage what’s left over effectively.

The good news is budgeting doesn’t suck as much as most of us think. Instead of viewing it as a restriction on how you can spend your money, think of it as a blueprint that shows you everything you can get for your money without over-extending yourself.

I’ve been able to use the Savings and Sangria Budget Calculator to make quick and easy work of budgeting. Just enter your contact info below to get a copy of your own!


Your savings account sucks

Even the most fastidious saver is limited by their savings account. And if you’ve loyally remained with the savings account you’ve had since high school, you’re probably finding that your money never grows. It’s because the majority of savings accounts suck. With an anemic average of 0.06% APY, it’s little surprise that you’re struggling to see any growth.

Try high-yield savings accounts from online banks instead. They have far lower overhead, so they can pass the savings onto you in the form of more favorable interest rates.

You’re over-subscribed

Subscription services are all the rage, and from a business perspective, it’s easy to see why. Why charge your customers once for a single piece of content when you can keep charging them month after month? It’s tempting to subscribe to Netflix, HBO, and Hulu on top of your cable subscription. But unless you spend your every waking moment watching TV, you’re not getting your money’s worth.

Amazon Prime may be the exception because that subscription pays for itself in so many other ways. But as for the rest of your subscriptions, pick your favorite and cancel the rest.

Also, check your credit card or bank statements for subscriptions you might not even realize you had. I once found that I was paying for a magazine subscription that was being delivered to a previous address! Cancel all those you’re not using.

You’re not being smart with your credit cards

Do you know what your current interest rates are on your credit cards? How about how much interest you’re paying in your monthly payments? Or how long you have until your cards are paid off?

If you’re unable to answer yes to all three questions you need to get smart with your credit cards. Transfer the debt to a new card with an introductory 0% interest rate. You may be charged an upfront fee but it’s often worth it. If that doesn’t work for you, consolidation may also be an option.

By managing the monthly outgoings on your credit cards you’ll be in a far better position to save!

To learn more ways to be smart with credit cards, check out these 3 credit card hacks you’ve got to try to believe!

Enjoy your financial future now that you don’t suck at saving!

Cheers! From Savings and Sangria