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Saving money can be a difficult task for many people, and there are a number of behavioral reasons that contribute to this struggle. In this blog post, we will explore some of the most common behaviors that lead to difficulty saving money, and how to budget financially, and provide tips for overcoming these behaviors.

Impulse buying:

Impulse buying is the act of making a purchase on a whim, without any prior planning or consideration. This behavior can lead to overspending and can make it difficult to save money each month.

Tips for overcoming impulse buying:

  • Create a shopping list before leaving the house and stick to it.
  • Avoid impulse buying by waiting 24 hours before making a purchase.
  • Try to find alternative activities to shopping, such as going for a walk or reading a book.

Knowing how to budget financially:

Budgeting financially is the process of creating a plan for how you will spend your money each month. Without a budget, it can be easy to overspend and miss out on saving money. Knowing how to budget financially is an absolute must for any person wanting to save and get on top of their finances.

Tips for budgeting:

  • Create a budget by listing all of your income and expenses.
  • Identify areas where you can cut back on spending.
  • Set financial goals, such as saving a certain amount each month.
  • Track your spending to ensure you are sticking to your budget.

Living beyond your means:

Living beyond your means refers to spending more money than you make. This behavior can lead to high levels of debt and make it difficult to save money each month. This ties in nicely with knowing how to budget financially.

Tips for living within your means:

  • Prioritize your spending by focusing on necessities first.
  • Avoid lifestyle inflation by resisting the urge to upgrade your lifestyle as your income increases.
  • Be mindful of your spending and try to avoid unnecessary purchases.


Procrastination is the act of delaying or postponing tasks. In the context of saving money, procrastination can lead to delaying opening a savings account or contributing to it. Once you have worked out how to budget financially you will be in a position to work out your savings goals and what it is going to require.

Tips for overcoming procrastination:

  • Break down your goals into smaller and more manageable tasks.
  • Set deadlines for yourself and hold yourself accountable.
  • Find an accountability partner to help you stay on track with your savings goals.

Lack of financial education:

A lack of financial education can lead to difficulty saving money because people may not understand the importance of saving or how to do it effectively.

Tips for improving financial education:

  • Read books or articles about personal finance.
  • Take a course on budgeting or saving money.
  • Seek advice from a financial advisor or financial coach.

In conclusion, saving money can be a difficult task for many people. However, by understanding the behaviors that contribute to this struggle and taking steps to overcome them, you can improve your ability to save money each month.

About Mike Coady

Mike Coady is an expat expert based in Dubai and is on hand to help with all of the above and more.

Mike is an award-winning money coach and industry leader in the financial sector.

Qualified to UK Financial Conduct Authority (FCA) standards, a member of the Chartered Insurance Institute, a Founding Fellow of the Institute of Sales Professionals (FF.ISP), and a Fellow of the Institute of Directors (FIoD) and featured as a highly qualified Financial Adviser in Which Financial Adviser.

To learn how to choose a great financial adviser, download our free guide.

Blog published by Mike Coady.