The ONE Thing You Need to Save Money: Your Financial Why

When it comes to saving money, there’s one essential ingredient that most people overlook: your financial why. Without this, saving money can feel like a constant struggle. It’s not about willpower; it’s about purpose.

I remember visiting a school to teach kids about finance, and one boy raised his hand with a question that really hit home. 

He asked, “I’ve got about $200 leftover from this week. Should I save my money or buy new sneakers?”

 I congratulated him on the fact that he was thinking about saving, but I asked him, “What are you saving for?” 

He paused and then admitted, “I don’t know.” 

I explained to this student that he needed to find a “financial why” and explained that a financial why is just a reason or purpose for our savings. I helped him understand that all of us want to buy nice things in the moment whether it’s sneakers, make-up or updated technology that we probably don’t need, however those of us that manage to save instead of giving in to doing this, have strong a “financial why” that we care about MORE than the sneakers, make-up or updated technology. 

AND This is where so many of us get stuck, not just this particular 18 year old. Until we find a clear purpose for our savings, we’ll always be tempted by the sneakers, the dinners out, the impulse buys. The reason is simple: money itself doesn’t mean much to us until we know what we’re saving for.

It’s not about denying yourself; it’s about giving your savings a mission. Whether it’s financial security, the freedom to travel, buying a home, or investing in your future, that purpose gives meaning to the money you’re setting aside.

Without a financial reason, it’s easy to spend because saving feels like an empty task. But with a clear goal, saving becomes a tool to achieve something that truly matters to you.

To do this all you need to do is decide exactly what you are saving for, is it a meaningful family holiday for a parents 50th, is it a property deposit or is it private school fees? I’ve also spoken to many people who state something along the lines of “I don’t know what I'm saving for, I just know I should be”. If this is you, try reframing this into “to build wealth over my lifetime” or “to give myself more freedom, options and security” or to “have more money to enjoy on X (insert something you love, travel, food, family) in the future”. 

So, the next time you think about saving, ask yourself: What’s my “why”? Without it, those sneakers will always win.