Skip to main content

3 sneaky reasons you have trouble saving and how to start saving more

(BPT) - Are you struggling to save more and spend within your means? You're not alone. According to Fidelity's Money Mindset study, 59% of young Americans cringe at the thought of checking their bank account balance and 57% dread budgeting. While it's understandable to avoid tasks that cause stress, neglecting your finances now will only add up to more money worries in the long run.

If you're ready to start spending smarter, save more and improve your financial health, you may be interested to know what could be keeping you from having a better relationship with money. Check out these three sneaky reasons why you might be having trouble saving money and how you can take steps to overcome them.

1. You avoid thinking about your money

Sometimes, when something causes us stress, we avoid thinking about it altogether. Finances are no different. In fact, Fidelity's Money Mindset study found 1-in-3 young Americans say they would rather deep clean their bathroom than check their savings account. While not monitoring your money might provide momentary relief, in the long term, it can make your financial situation worse. You might forget about automated and recurring payments or overspend, and not realize until it's too late to save.

Instead, be proactive about your financial health. Getting your finances in check can sound scary, but it doesn't have to be! Sit down and think about how you're spending your money and what changes you'd like to make.

One great tool to use is automation. Automatically transferring a certain amount into your savings every month can be a great option to make sure you're making progress toward your goals without daily monitoring and stress. There are plenty of apps that can help you get started with this process. For example, Fidelity Bloom® is a free financial app that offers automated routines to help you grow your savings - like recurring transfers to your Bloom Save account.

In addition to automating savings routines, built-in incentives and recurring transfers, the app can also help expand your financial knowledge. In-app prompts and friendly nudges provide actionable steps you can take every day to help you navigate day-to-day finances and address the underlying causes that might be making it difficult for you to save.

2. FOMO and societal pressures keep you spending

The fear of missing out (FOMO) might also lead to missing out on savings. Many young Americans report feeling pressure to keep up with their peers which can lead to spending more money than they originally intended and impact their ability to save. Fidelity found that 61% of young Americans admit they spend more money than they intend because of FOMO.

This doesn't mean you have to skip every concert and vacation but try to limit your spending to the activities you really want to attend and know you can afford. Soon enough, you may find that you're able to both spend on the activities you really want and save for your future.

With Fidelity Bloom®, you get access to two accounts: one 'save' account that helps you build your savings and a 'spend' account that helps you track everyday spending. Having these two separate accounts, can help you be sure you're only spending the amount you've set aside for spending, instead of tapping into your savings.

3. You think you can wait to save

Saving for the future can seem like a lofty, far-off goal, especially when there is so much to spend on now. In fact, 76% of young Americans believe that to save money, they'd have to cut back on spending on things that bring them joy. But the earlier you prioritize saving, the less stressed and better prepared you'll be for the future.

A good first step is to create an emergency savings account, so you're prepared for any unexpected expenses that come up or potential job loss. Nearly half of young Americans (49%) say they wouldn't be able to cover an unexpected expense of $1,000. Fidelity suggests saving at least six months' worth of essential expenses in an emergency fund.

Fidelity Bloom® can also help you with your savings goals. It's the only app that matches up to 10% on your Save account each year up to $300. You can also save while spending on everyday purchases with debit card rewards and customizable round-ups into your Save account.

Changing your saving and spending habits can be difficult, but becoming aware of them is the first step to changing them. To help you with your saving and spending journey, download the Fidelity Bloom® app so you can take an honest look at your finances and start saving today. To learn more, visit

About Fidelity Investments

Fidelity's mission is to strengthen the financial well-being of our customers and deliver better outcomes for the clients and businesses we serve. With assets under administration of $11.5 trillion, including discretionary assets of $4.4 trillion as of September 30, 2023, we focus on meeting the unique needs of a diverse set of customers. Privately held for 77 years, Fidelity employs more than 73,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit

About Fidelity's 2022 Money Mindset Study

The 2022 Money Mindset Study presents the findings of an online sample of 2,010 adults 18 years of age and older with a checking or savings account, which represents 98% of American adults, with a focus on the 1,008 respondents 18-44 years old. Interviewing for this CARAVAN omnibus survey was conducted April 15-20, 2022, by ENGINE INSIGHTS, which is not affiliated with Fidelity Investments. The results of this survey may not be representative of all respondents meeting the same criteria as those surveyed for this study.

Important Information

The Fidelity Bloom App is designed to help with your saving and spending behaviors through your Save and Spend accounts, which are brokerage accounts covered by SIPC. They are not bank accounts and therefore are not covered by FDIC insurance.

Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.


Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917


©2023 FMR LLC. All rights reserved.

Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.