Do you ever look at your bank account and wonder where all your money has gone? You make big plans to buy something or go somewhere but your current balance stops you in your tracks? It’s frustrating, to say the least.
Is it a lack of control? Or do you just not earn enough? There could be a multitude of reasons why your bank balance is always on the low side, recognising what those reasons are is the best way to change your habits and put yourself in a healthier financial situation.
Want to know more? Read on for four reasons why you’re probably always broke.
Your debts are out of control
Having debt can make maintaining a healthy bank balance difficult. When you’re constantly owing others money and paying extortionate interest rates, it’s a sad fact that anything you do earn probably won’t be in your account for very long. Seeking advice from Creditfix is a simple, yet effective way to get to grips with your current financial situation. You can arrange a debt consolidation or have a tailor-made debt solution created that suits your current situation. Gaining control of your debts will leave you with more money in your accounts. It really is that simple.
You’re buying things you don’t need
Putting additional items in your basket when you only went into the store for one thing. Buying a new top when you don’t need one. Clothes, books, home accessories – if you’re not considering how much you really need these items before you buy them then your spending habits could be spiralling out of control. If you want more money in your account, you need to stop spending so much money on things you don’t need.
You just can’t say no
Invited out for drinks after work? Invited on holiday with your friends? Going for coffees you can’t afford? Whether you struggle to say no to people because you don’t want to let them down, or you don’t say no because you fail to understand the impact that saying yes has on your bank balance, it’s no wonder your money is feeling a little strained.
Don’t feel pressured into say yes simply because you want to be a good friend. And if you make yourself aware of how much money you have, you’re more likely to make better choices.
You don’t earn enough
Ever heard the term ‘champagne lifestyle but lemonade money’? It simply means you don’t have enough money to afford the lifestyle you want. Spending more than you earn, using credit cards, constantly being in your overdraft (and then paying it back each month) is the most common drain on your monthly income. The best way to beat it? Create a simple budget each month and only spend what you can really afford.
You don’t seek help
When faced with financial problems, it’s very easy to assume that you’re all alone. Help is available in many situations, but you must take the initiative by reaching out for it. This could manifest in many ways, such as contacting a fire damage public adjuster following a home disaster. Alternatively, help may be available to support you through a job loss or provide financial grants to help parents or individuals with disabilities. If you are entitled to funding, you should not feel guilty about seeking it.
Managing your money better means that you’ll sleep better at night and have a happier, securer future. Use these tips to figure out where you’re going wrong and make some simple changes to get back on track.