When it comes to saving money certain people are better at the task than others. Some individuals have a great understanding of the need to save money and how to implement strategies to ensure their savings are constantly growing. Other people may try, often unsuccessfully to adequately pad their savings accounts. The remainder of the population simply doesn’t bother, either due to lack of knowledge or lack of funds. Fortunately we all have the ability to save money and by recognizing the common reasons we fail, can avoid mistakes that lead to inadequate savings as we age. Here are four reasons people fail to save enough money.

Not having enough money– By far the most common reason people give for not saving money is not having extra money to save. In most cases this is not the fact but an easy excuse for not investing the time, energy and discipline required to find the extra money we all have in our budget. Starting and growing your savings often requires not spending which is the real issue preventing many consumers from saving money.

Not starting early in life– Each day that passes without saving money is a lost opportunity to increase your savings. By starting early you increase the number of years you have to contribute to your savings as well as the opportunity to benefit from earned interest or growth in investments. [Power of Compound]

Not participating in retirement plans– There are few times in life where a person would turn down free money. This is exactly what happens when an employee fails to take advantage of employer matched retirement plan. Employer sponsored retirement plans are one of the easiest ways to save your own money as well as benefit from your employers contribution.

Not eliminating debt- A person who carries high interest debt will have a much harder time saving money than a person who carries little or no debt. Debt is one of the very real reasons people do not have money to invest in savings. Eliminating debt is one of the fastest ways to free up “enough” money to contribute toward savings.

The reasons and excuses offered by individuals not saving money are endless. There is one thing however that ties them all together- a lack of financial literacy. When it comes right down to it the underlying reason for not saving money is not understanding the basics of personal finance. Therefore the first step in taking control of your financial health is learning how credit, debt, investments and savings play a role in your long term financial health. Armed with this knowledge you can eliminate the reasons why you are not saving money and begin working toward financial security in the future.