Americans are pretty awful at saving money. And 25% of Americans said they would give up showers in order to save money, so systemic issues, such as income inequality, are likely more to blame than individual habits. But don’t let that be your excuse. Even when you are nearly broke, you can still find ways to save here and there. You can cut out unnecessary expenses, eat your meals at home, and stick to a strict budget.
Are you getting bored yet?
It seems for some people, no matter how many articles they read or advisers they meet with, today’s wants simply outweigh tomorrow’s needs. That’s not to say there aren’t people who have money troubles for no fault of their own. But if your steady income is accompanied by a history of poor money management, unpaid debts, and bad financial choices, chances are good you’re just a terrible saver.
To help you understand why you can’t seem to put any of your paycheck aside, we’ve outlined some of the reasons people are so inept at saving. If you can understand where you’ve gone wrong, it will help you finally turn things around. Here are the major missteps of the savings-challenged.