When saving becomes the only strategy, it can quietly turn into a trap. Lynda Moore says savers need a builder's mindset to accumulate wealth

Last week, we explored how growing up in scarcity can leave lasting money habits—some of them helpful, others more limiting. This week, I want to look at one of the most common habits I see: the deep belief that saving is the key to financial success.

Saving is important, of course. It creates safety, stability, and breathing space. But when saving becomes the only strategy, it can quietly turn into a trap.

On my own journey to understand my money psychology, I struggled with the concept of saving at all. I was so embroiled in the concept of ‘use other people’s money’. I could have what I wanted whenever I wanted it as credit was always available. I had no savings at all. I didn’t see the need for it. I had a business I could sell, and that would solve all of my problems. Until of course it didn’t. 

I had to learn how to get the same dopamine hit from saving that I got from spending. It took a lot of work to get to the point, where I now get as much joy looking at my savings as I used to my latest purchase. 

Learning to save was a very important step but can saving alone make you wealthy? That’s what we are going to explore a little more.

At the heart of saving is the desire to feel secure. Many of us learned early on that being careful with money meant being safe. Saving becomes not just a financial behaviour, but an emotional anchor.

When we save, we feel responsible. We feel in control. We feel like we’re “doing the right thing.” That’s why it’s so hard to question this habit, because it’s tied to our sense of safety and self-worth.

Being a spender, I felt ‘bad’ that I didn’t have any savings. I talk to clients now, who have had very successful careers and generated a lot of income, and when I ask the question what are you not so proud of in your financial world, nine out of 10 will say they feel they haven’t saved enough of their earnings over time.

But here’s the challenge: saving alone rarely leads to wealth. It helps us hold on to what we have, but it doesn’t create more. And if our focus never shifts, we risk staying stuck in the comfort of saving while missing out on growth.

Here are a couple of mindsets to think about. The saver and the builder.

The saver’s mindset often asks questions like:

• “How can I cut back?”
• “What can I go without?”
• “Where can I tighten the budget just a little more?”

These questions are rooted in scarcity thinking. They’re about protection and preservation. There’s nothing wrong with that, it’s what gives us security.

But compare that with the builder’s mindset, which asks:

• “How can I grow?”
• “What new opportunities could I create?”
• “Where can I invest my energy, time, or money for a bigger return later?”

These are abundance questions. They’re about expansion and possibility.

The real shift comes when we can move fluidly between the two. Saving builds the safety net; building creates the future.

For many people, especially those with strong scarcity backgrounds, moving beyond saving can feel deeply uncomfortable. Spending money on a course, a tool, or even a networking event can trigger guilt or fear. The inner voice might say:

• “That’s wasteful.”
• “Better to hold on to it, just in case.”
• “What if it doesn’t pay off?”

This is where money psychology shows up most clearly. The hesitation isn’t really about the money itself, it’s about what money represents. For savers, money equals safety. And anything that reduces the pile, even temporarily, feels like a threat.

Recognising this pattern is powerful. It allows us to separate genuine wisdom (protecting ourselves with savings) from fear-driven limits (never allowing ourselves to take a growth risk).

The habits of wealth builders

People who create wealth tend to do three things differently:

1. They invest in themselves. They see personal growth as a legitimate financial strategy. This might mean education, coaching, or experiences that stretch their perspective. The psychology here is that they trust themselves as an asset worth developing. I have followed Darren Hardy for years, and he recommends that we invest 10% of our income every year in personal growth and development whether you earn $50,000 a year or $500,000 a year, continuing to grow and learn is important.
2. They create systems. Instead of manually managing every detail, they design processes that handle the routine. The psychology here is letting go of the need for constant control and trusting the system to work.
3. They build multiple streams of income. They don’t rely on just one source. Psychologically, this reflects a mindset of expansion rather than dependence.

The difference isn’t just in behaviour, it’s in the underlying beliefs. Wealth builders believe money can grow. Savers believe money must be protected. Both are true, but if protection is the only story, growth never happens.

How do we balance these two mindsets? The key is awareness.

If saving feels like second nature, notice when that habit serves you and when it might be holding you back. You might ask yourself:

• Am I saving out of wisdom, or out of fear?
• Does this choice build safety, or am I avoiding growth?
• What small step into growth would feel both safe and expansive right now?

Sometimes the step is tiny, like buying a book you’ve hesitated over. Sometimes it’s bigger, like starting a side project or investing in professional development. The size matters less than the intention: choosing growth instead of only protection.

The term investing and all the jargon that goes with it, can be quite intimidating, finding an expert that you can relate to who can help you learn the jargon is a good place to start before you invest your first dollar.

Saving keeps you safe. Growth helps you thrive. Both matter, but only one leads to wealth.

If you’ve grown up with scarcity habits, saving probably feels comfortable and natural. That’s a strength. The opportunity now is to notice when safety is enough and when it’s time to lean into growth.

Wealth isn’t built by holding on more tightly. It’s built by trusting yourself to plant seeds, even when you can’t see the tree yet.

So perhaps the question this week is: where in your financial life are you protecting, and where are you willing to build?

*Lynda Moore is a Money Mentalist coach and New Zealand’s only certified New Money Story® mentor. Lynda helps you understand why you do the things you do with your money, when we all know we should spend less than we earn. You can contact her here.