6 Common Money Excuses and How to Get Over Them

No one wants to live with financial limitations, they always want to become rich and can buy whatever they want. However, there are only a few people can actually achieve prosperity. While some people make a lot of effort to earn money, others seem to be irresponsible and often make excuses for why they are not financially independent. The bad news here is that making money excuses is one of the worst habits that prevent us from achieving our financial goals.

So, what are common money excuses, and how to get over them? Let’s have a look at this article to know the answer. 

What are the most common money excuses?

1. “I cannot earn enough money for my daily expenses.”

This is one of the most common excuses you may have ever heard. If you do not earn enough money for your daily expenses at your full-time job, why don’t you ask for a raise or find a new job with a higher salary level? You can also start a side hustle to earn more money. 

If you are determined and make enough effort, you can increase your income. You can start delivering pizza, selling handmade products, working as a freelance writer at night, and so on. Whether it is $100 or $500 extra per month, it helps improve your finance. 

2. “I am bad at money management.”

Normally, people do not understand how money works at first. They even do not know how to save money for retirement, create budgets for different purposes, or simply pay all debts. Fortunately, there are a lot of resources available for them to learn how to manage their money and finance. They can read books, search for information on the Internet, learn from friends and successful people, and so on. 

If you have the same thought, break it down. Try to find out what you are struggling with. You spend emotionally, don’t you? You do not have enough knowledge of how savings work, do you? When you understand your situation, you will know how to turn it around. 

3. “I only live once.”

You tend to spend impulsively when thinking that you only live once. You buy anything you want, go wherever humored to be beautiful, and eat anything you feel mouthwatering without considering your budget. Some people even use their credit cards to pay for expensive but unnecessary items. It is a bad habit that you reward yourself too much. 

Remember that you will never live comfortably with debts. It is only when you become debt-free and raise your income, you can live without inhibitions. This is exactly the thing you strive for because you only live once. 

4. “I will save later.”

Retiring is expensive, but many people seem to have no or very little money for this stage of their lives. It is because they spent most of their money earned on things that they want now. 

No matter how old you are, you maybe 20 or 50, you still have to save for your retirement and increase your savings annually. If you have a very tight budget for your living, try to save a small portion of your salary. 

5. “Budgets are tedious.”

Budgeting is often considered time-consuming and worthless, so many people ignore it completely. 

However, if you are serious about your financial situation, you should know where your dollars go and compare what you estimate with what you actually spend. This way, you will take better control of your cash. It will also show you a clear picture of how you are spending and whether you can adjust it or not. 

6. “I’m at least better at money management than some of my friends.”

Many people try to compare their finance with others to feel better about their situation. However, it is time-consuming. If you are doing so, you only shift your focus from your own to others, which will decrease your working productivity and likeliness to save more money. 

You may have heard many wealthy people who look people support their lifestyle finally end up with debts, while true millionaires live in small and humble houses. 

We cannot truly know other people’s financial situation; therefore, focus on what is in your hand instead of comparing yourself to others. The only way to get financial freedom is to pay off debt, build up savings, and stick to budgets. 

Why do people make money excuses regularly?

Here is the answer:

1. They spend extravagantly

This is one of the most popular causes among the youth. You can easily see a lot of young people queuing in line to buy expensive technological devices. They agree to pay a large amount of money, which equivalent to their weekly and even monthly income, for these items. In addition, they purchase a lot of expensive costumes, perfumes, watches, etc. And, if they do not have enough money, they will borrow from their friends and relatives. 

2. They have never been in an emergency

Young people don’t know why or how to save money, because they don’t understand how meaningful savings are in an emergency. Their purpose in making money is to serve their daily demands and reward themselves whenever they want. They have no definition of a problem that will need a lot of money to solve. Have you ever thought of a serious illness? Without saving money, how will you pay for treatment fees and living expenses during this period? Remember that you will have to leave from work for treatment. Therefore, change your mind immediately and start to save for unexpected situations such as illness, accident, or changing career. 

3. They do not keep track of their spending

Many people with a high salary still cannot save or have very little in their savings accounts. The reason is that they never keep track of their spending. Hence, form a habit of tracking your monthly, weekly, and even daily expenses to know what you can cut back on to save for bad times. If you do not follow your spending, you will waste a lot of money each month. 

4. They have no goals on savings

Having no specific goals may result in being unable to save. Some people want to save for retirement or buying a car, but they do not have a specific number on how much they should save. It is very difficult for them to realize their dreams.

If you want to save for something special, you should set a final number and try your best to achieve it. For example, after researching, you know that you will need at least $1,000,000 for your retirement, now consider how long you will work and how much you have to earn each month. Then, follow what you have planned strictly, you can live a wealthy life after retiring. 

5. They cannot do what they think

You have just received your salary, but you do not have any plan on how to spend or save it. You think that you will save some money at the end of the month. However, at this time, you have to borrow money from your friends to pay your electric bills and bank debt. Is it familiar? You must have been in the same situation, but you still do not have any savings plan, don’t you? Spend time balancing your expenses at the beginning of each month and save immediately if you do not want to regret later on. 

6. They think that money cannot be taken with death

It is the fact that money cannot be taken with death; however, burial costs are increasing day by day. The cost of funeral observances, including finding a place to rest in peace can be up to $10,000 nowadays. It means, if you don’t have any savings, you will leave a great burden on your loved people. Therefore, instead of rewarding yourself all the time, you should learn to save money. 

7. Their friends are prodigal

Your friends’ habits will significantly influence yours. When you are with people who invite you to go shopping or eating regularly, it is very difficult for you to refuse them, and it costs you an unnecessary extra amount of money. Instead of being with people who encourage you to spend more, create relationships with those who teach you how to earn more and save more. 

Saving money does not mean living an austere life, it means learning how to spend money intelligently and mindfully. When you have a saving, you will be financially free to invest or buy what you want. You can also leave your work to travel whenever you like, for instance.

Habits of good money savers

Saving money is also an investment. Studies show that people with these characteristics and habits are often very knowledgeable and good at saving money. 

1. Reading books

Many people believe that books are more precious than gold. People who are keen on reading seem to see gold in their books. When they find an interesting book, they will stick to it like a spiritual dish. 

Scientists also point out that people who are persistent in reading often endure and understand how to save money for business opportunities in their lives. 

They are well-informed and live very comfortably. They know when to act or not and are more careful than anyone else. 

2. Knowing how to allocate personal properties

Wise people realize that if they work as a salary earner for a lifetime, they cannot be rich. They also know that if they allocate their personal properties smartly, their lives will be better and more abundant than those who spend extravagantly.

Good money-savers know how to spend their income properly and save a certain amount for bad situations. They understand that they will die if they have no money in these cases. 

Remember, saving money is also an investment. 

3. Having good time management skills

Each day has 24 hours, equivalent to 24 coins. It means that a hard-working person can earn a maximum of 16 coins per day because we all have to spend 8 hours per day sleeping. This person does not know how to use his time effectively. 

If you work hard in an unusual way, you only need 4 hours to pick up 24 coins per day. The rest hours, you can play, sleep, and figure out how to make money faster. If you are doing so, you are good at time management. You value the amount of money you make and are good at saving as well. 

4. Focusing on one work

Imagine how you will appreciate your money when you have to put all of your efforts making it in a long time. In this case, you will never be extravagant. 

A good money saver has some similar characteristics to a person who focuses on one work only. They like one thing only and rarely change their stance. They are proud that they are professionals in that field and seldom listen to outsiders.

5. Taking care of physical and mental health

Life is an inherent property; taking care of physical and mental health will help people retain their lives – an invaluable asset. People who care for their own health often highly prize money; they are afraid of getting serious illness and will have to spend all of their savings on treatment. Therefore, they try to maintain a healthy lifestyle by doing exercise regularly, eating more vegetables instead of fast food, sleeping well, keeping stress and pressure at bay, etc.  Above, we have introduced to you the top 6 most common money excuses people often make and how to get over them. We also present to you some healthy habits of good money savers. Do you find them helpful? If you want to live a comfortable and happy life after retiring and getting older, stop making money excuses and start to save it from now on.