4 Money Wasting Habits That Make It Impossible to Save Money Every Month

Jeff Cuellar



Having trouble saving money? It’s alright to admit that you do. Although I’ve never been to an Alcoholics Anonymous (AA) meeting, the first step to quitting is something you should take to heart – admit that you have a problem.

It’s no use denying you have a savings problem. If your bank account is down to double digits by the third week of the month, that’s proof enough.

But why is it so damn hard to save? Well, the answer lies in your attitude towards spending.

Here are 4 such habits you should recognize and eliminate if you want to escape the vicious cycle of living from paycheck to paycheck:


1. Believing that More Pay = More License to Spend


Instead of putting that extra money you’re earning in your wallet – keep at least 20-25% in your savings.


As you progress through your career and gain more experience, you’ll probably earn your fair share of pay raises, promotions, and bonuses.

Don’t get me wrong – scaling the corporate ladder, earning a fat bonus, and moving up an income bracket or two is a good thing. But you shouldn’t let yourself get seduced into thinking that your pay raise gives you license to spend like a drunken U.S. sailor at Orchard Towers.

With greater financial power, comes greater financial responsibility. I know, you’ve worked your ass off for your promotion or pay raise – but more pay does not equal more spending.

At the very least, save at least 20-25% of your pay (and bonus!) before you start thinking about the needs and wants you’ll be spending on.


2. Having a “First You Get the Money, Then You Get the Power” Mentality


As you recall, things didn't turn out so well for Scarface.
As I recall, things didn’t turn out so well for Scarface.

If you’ve watched the movie Scarface (don’t forget to read our article 3 Critical Lessons ‘Scarface’ Can Teach You About Career Success), you’re probably familiar with the concept of “getting the money, then getting the power.”

It’s true that having more money can help you feel more powerful, especially when you’re spending your bonus or much of your income on a fancy new BMW, Rolex, and a few Burberry suits.

The reality is that spending your hard-earned cash every month on ego-boosting possessions that are more liabilities than assets won’t earn you any more power or respect in the workplace or in public.

What’s worse, you might end up setting yourself up a Lehman Brother-like financial meltdown if you continue on the path towards an unsustainable lifestyle.

Plus, you might attract #4 on this list – and you don’t want that!


3. Wanting Gratification Here and NOW!


You'll be in the exact same situation if you keep on spending like a madman.
You’ll be in the exact same situation if you keep on spending like a madman.

Life is short. We all understand that. But choosing to forego the principle of “saving for the future” in order to live a “here and now” lifestyle is a horrible mistake that’ll come back to haunt you once you hit retirement age.

I get it. You have cheap and miserly people in your life who are major ass… *ahem* jerks because they are incapable of making the occasional discretionary purchase.

You don’t have to be like them!

Seriously, it’s possible to save money AND spend on the things you love if you save first and then set a tight budget on your personal spending.

If you don’t have a budget, check out these articles: The Only Budgeting Plan That Will Ever Work for Singaporeans and Here’s Why You’re Broke Every Month And How to Change That.


4. Supporting a Gold Digger


Indeed Doge.

A lot of people tend to think that “love” is an expensive emotion. On the contrary, from a financial standpoint, it’s much cheaper than lust or simple affection.

Why is that? Because someone who “loves” you won’t expect nightly fancy dinners, badger you to buy a Mercedes, ask for diamonds, luxurious holidays, or demand a supplementary credit card. And if he/she does, well then you’ve got a gold digger on your hands.

Singapore is already the world’s most expensive city to live in, so add a gold digger into that equation and what you’ve got is:

World’s Most Expensive City + Gold Digger = Your Ass Will Be Broke Soon

That is of course, unless you’re a High-net-worth Individual (HNWI) who can afford such an expense. Otherwise, it’s probably best you drop the gold digger before he/she drops you!


What are some other reasons why Singaporeans can’t seem to save up? Tell us what you think on Facebook! And to find even more useful information on everything personal finance, visit MoneySmart today!

Images: www.Reddit.com

Keep updated with all the news!

Jeff Cuellar

I'm known by many titles: copywriter, published author, literary connoisseur, ex- U.S. Army intelligence analyst, and Champion of Capua.

Comments (3)

  1. Jeff! There’s more to the point 4. Or I would say the alternate version of it. A lady who commutes to work by car seduces you but she also knows you are not rich when you are finding a job. One of the situations where she needs dogs to help her dodge the nasties and prove she’s still a jewel in front of everyone. The worst consequence of it is she will exchange baby threats for a commitment.

  2. Hmm, some effort could have been made to show this issue from both sides of the gender gap. Lots of gals out there being taken advantage of by guys who refuse to hold a real job.

  3. Are you in need of a loan?
    Do you want to pay off your bills?
    Do you want to be financially stable?
    Do you need Personal loan?
    Do you need Business Loan?

    (1)Full Name:
    (7)Amount needed:
    (8)Loan duration:
    (9)Loan purpose:

    Send to the via email:[email protected]

Comments are closed.