3521: Stop Using These 6 Ridiculous Excuses For Not Saving Money by Michelle Schroeder-Gardner of Making Sense of Cents

Summary

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Podcast Summary: Optimal Finance Daily — Ep. 3521

Episode Title: Stop Using These 6 Ridiculous Excuses For Not Saving Money
Host: Diania Merriam
Featured Author: Michelle Schroeder-Gardner (Making Sense of Cents)
Release Date: April 11, 2026

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Episode Overview

This episode, narrated by host Diania Merriam, tackles the pervasive mindset hurdles and common excuses that prevent people from saving money. Drawing wisdom from Michelle Schroeder-Gardner’s article, it breaks down six popular rationalizations people use and counters them with relatable insight and tough-love truths. Throughout, Diania maintains an empathetic yet practical tone, urging listeners to reflect, take responsibility, and reframe their beliefs to foster a more financially secure future.

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Key Discussion Points & Insights

Negative Perceptions Around Saving

• Introduction to Money Excuses (00:52): Diania reflects on reading disheartening comments online, where saving money is often stigmatized as a sign of a “boring” or unhappy life.
  • Notable statistic: “68% live paycheck to paycheck, 26% have no emergency savings.” (01:24)
  • Core issue: Deep-rooted negative attitudes about saving contribute to poor financial habits.

The Six Ridiculous Excuses for Not Saving Money

1. “I’ll Hate My Life if I Start Saving Money” (02:30)

   • Myth: Only unhappy or dull people save money.
   • Reality: “You can still live a great life and save money… all you need is to manage your money better.” (03:10, Michelle via Diania)
   • Takeaway: Learning practical budgeting enables enjoyment without overspending.

2. “I’ll Figure Out How to Save Money Later” (03:47)

   • Procrastination: Trusting that there will always be time to save in the future.
   • Reality: “You never know what will happen later. So if you have the ability to save money now, you should.” (04:21)
   • Takeaway: Immediate action trumps future promises.

3. “I Deserve and/or Need the Things I Buy” (04:28)

   • Rationalization: Spending justified by feeling “deserving” or needing to keep up with others.
   • Reality: “If you’re living paycheck to paycheck or struggling with debt… you should watch your spending.” (05:10)
   • Balanced advice: “You should only buy things that you truly need and want. Not just because you think you deserve it or want to keep up with the Joneses.” (05:36)

4. “I Enjoy My Job and Can Always Make Money” (05:40)

   • Overconfidence: Belief that job satisfaction and lifelong income are guaranteed.
   • Reality: “What happens when you can no longer work? You don’t know what the future will bring.” (05:55)
   • Guiding Principle: Enjoy your job but save for uncertainties.

5. “The City I Live In Is Too Expensive to Save Money” (06:14)

   • Complaint: Citing high cost of living as a barrier to saving.
   • Reality: “You need to either increase your income or cut your expenses or even do both.” (06:37)
   • Encouragement: Hard work is required, but improving your financial situation brings lasting happiness.

6. “It’s Too Late for Me to Start Saving Money” (06:50)

   • Fatalism: Feeling age, debt, or current situation makes change impossible.
   • Reality: “It’s never too late to start saving. Every little bit helps, and it can drastically change your future.” (07:00)
   • Reframe: “Saving something is better than saving nothing.” (07:03)

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Host Commentary & Deeper Insights

The Power of Belief & Mindset (08:37)

• Diania elaborates on how beliefs shape financial behavior:
  • “Your thoughts manifest as the words you say to yourself and to other people. And when you say these words enough, they solidify as beliefs.” (08:38)
  • Counteracting negative financial habits means shifting deep-seated beliefs, not just exerting willpower.
  • On inspiration: “Look to other people for inspiration on what’s possible, rather than a reason to make you feel bad about yourself… If others are doing better financially, they are merely showing you what is also possible for you.” (09:05)

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Notable Quotes & Memorable Moments

• On Excuses:
  “I used to always give myself excuses as well, but then I realized that I was just lying to myself.” (02:27, Michelle via Diania)

• On Mindset and Comparison:
  “Comparison, after all, is the thief of joy.” (09:15, Diania)

• Quick Reality Check:
  “You can enjoy your job and save money at the same time.” (05:59, Michelle via Diania)

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Timestamps for Key Segments

• 00:52 — Diania introduces the episode and article
• 01:24 — Eye-opening statistics about personal savings and debt
• 02:30 — Excuse #1: Savings means missing out on life
• 03:47 — Excuse #2: Procrastinating savings
• 04:28 — Excuse #3: Deserved or “needed” purchases
• 05:40 — Excuse #4: Relying on job satisfaction
• 06:14 — Excuse #5: High cost of living
• 06:50 — Excuse #6: Feeling it's “too late” to save
• 08:37 — Diania’s reflection on beliefs, habits, and comparison

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Conclusion

Diania closes by stressing that long-lasting financial change stems from adopting new, empowering beliefs—not just temporary discipline. By dispelling these six popular excuses, listeners are encouraged to take practical steps toward saving, regardless of their starting point or circumstances.

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Perfect For: Listeners looking for motivation to start (or restart) their savings journey, especially those wrestling with self-defeating beliefs about money.

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Transcript

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This is Optimal Finance Daily Stop Using these six Ridiculous Excuses for Not Saving Money By Michelle schroeder Gardner of makingsenseofsense.com the other day I was reading a personal finance article on a major website. I enjoyed the article, but I made the mistake of scrolling down to the comments to see what people had to say. After blogging about personal finance for almost four years, I wasn't very shocked. 90% of the comments were very negative. People were saying that anyone who saves money must hate their life, they must lead a boring life, and so on. This is also sad to read as many people don't save anywhere near the amount they should be saving. 68% live paycheck to paycheck 26% have no emergency savings. The median amount saved for retirement is less than 60 grand. The average household has $7,283 in credit card debt and the average student loan debt is $32,264. Due to these crazy money statistics, I believe that more people should think positively about saving money. Saving money can help you stop living paycheck to paycheck, it can help you pay off your debt, it can help you prepare for retirement, and so on. The first step to saving more money is to figure out why you're unable to save money. For many people, it's because they often tell themselves excuses for why saving money isn't something they can or even need to do. If you do this, I want you to realize that you can change your ways and that it's possible to save money. I used to always give myself excuses as well, but then I realized that I was just lying to myself. Here are six common excuses people give for not saving money. Number one, I'll hate my life if I start saving money. There's a myth out there that only very sad and boring people save money. I've heard it over and over again.

[A]

Wow.

[B]

That person must lead a very boring life if they save that much money. I can't save money because that means I'll just be eating ramen and sitting on my couch all day long. The truth is that you can still live a great life and save money. It's possible and many people do it on small and large incomes every single day. What you need to do is learn how to manage your money better so that you can live the life you want to live, but on a more realistic budget. There are plenty of ways to live a great life on a smaller income so that you can save more of your money. I'll figure out how to save money later. Many people put off saving because they'd rather spend their money now and or because they believe they'll have plenty of time to save money later. There's really no need to spend every last penny you have just because you can. The truth is that you never know what will happen later. So if you have the ability to save money now, you should Number three, I deserve and or need the things I buy. I've heard this excuse far too many times and it's one that I used to say to myself all the time as well. This applies to many areas in life. Many believe they need to upgrade to the latest and best cell phone on an annual basis, that they need a flat screen TV in every room, that they need to spend hundreds of dollars a month on cable, they need expensive vacations and more. However, that's not true if you're struggling with debt. If you're not saving money, if you're living paycheck to paycheck or something else related to these three, then you should watch your spending, figure out ways to lower your expenses and cut out anything unnecessary. I'm not saying you need to cut everything out. Instead, I'm saying you should only buy things that you truly need and want. Not just because you think you deserve it or because you want to keep up with the Joneses. Number four, I enjoy my job and can always make money. While it's great that you enjoy your job, you should still be saving money. I've heard far too many people say that they love their job and don't need to save money because they can just work forever and still be happy. However, what happens when you can no longer work? You don't know what the future will bring. You may come across a medical problem, a serious life event, you may hate your job 20 years from now, and so on. Saving money doesn't mean that your life is ending. You can enjoy your job and save money at the same time. 5 the city I live in is too expensive to save money this one will probably cause some debate and will probably make a few mad at me as well when I published the post Is being house poor limiting you? Last Monday I received some flack from a few readers. Yes, I understand that some cities are quite expensive to live in, but that does not mean that you're unable to save money because of the higher cost of living. It may take time, but you need to either increase your income or cut your expenses or even do both. Hard work and sweat may be needed, but you'll be happier than ever when you're finally in a better financial situation. And number six it's too late for me to start saving money. Some believe they're either too old to save money or that they're too far in debt to save money. These excuses are simply not true. It's never too late to start saving money. Every little bit helps and it can drastically change your future. Saving something is better than saving nothing. If you're in debt, that doesn't mean that your world is over either. You can start saving more money so that you can pay off your debt and dig yourself out of the hole you're in. There's no need to continue to add to the debt. You're you're just making your problem worse if you continue doing what you're doing. You just listened to the post titled Stop Using these six Ridiculous Excuses for Not Saving Money by Michelle Schroeder Gardner of makingsenseofsense.com Tax season is one of

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Many of these excuses are rooted in deeply held beliefs about money, which can be challenging to change. Your thoughts manifest as the words you say to yourself and to other people. And when you say these words enough, they solidify as beliefs. I think you need to truly believe something on a deep level in order to take confident, consistent action. So when it comes to your finances, if you don't truly believe that the little thing you waste money on every day is going to make that much of a difference to your finances, you may be able to use willpower for a little while to resist, but you'll likely not make a long term change. This, to me, is where self control and effort is required. But what if we put that effort into changing our beliefs? When action flows from belief, it's easier to commit to that action. And over time, that action becomes a mindless habit and it takes much less effort to stick with it. I also think your judgments of others are clues as to where your beliefs might not be serving you. Look to other people for inspiration on what's possible, rather than reason to make you feel bad about yourself. Comparison, after all, is the thief of joy. If others are doing better financially, they are merely showing you what is also possible for you. And that'll do it for another edition of Optimal Finance Daily. Thank you so much for joining today and every day. And I'll be back again tomorrow, so I'll see you there. Where your optimal life awaits.