Saving money can be as hard as losing weight, whilst spending money can be as easy as gaining weight. Do you agree? In this world full of temptations, it’s really hard to say no. Although we don’t want to be broke, we just can’t control ourselves sometimes.
Most of the time I justify something I want to buy with the reason that I “need” it when I actually don’t. Do you do that too? Then I guess we’re both broke.
Because I’m tired of not having any money left and just waiting for the next payday, I tried to figure out a way to finally save money.
And if you’re here for that too, then these 7 reasons why you don’t have any money may help you to realise what you’ve been doing wrong.
7 reasons why you, or should I say we, are probably broke:
1. Your income isn’t enough for your expenses
You have a nice job and you think you earn enough but no matter how much you try to save up, you really just can’t.
It’s not easy to get a salary raise and it’s definitely harder to get a new job when you’re already used to your current work. So I’m not advising you to do either because it’s not a practical move.
But what you can do is cut your expenses and consider your income before you buy anything. Don’t live a life that’s more expensive than what you can actually afford.
2. You spend too much on things you don’t need
Before proceeding to check out and walking towards the cashier, think twice or even thrice if you really need to buy the item you’re paying for. If it’s going to be another piece of clutter inside you’re home then you have to abandon the item immediately.
If you are a self-proclaimed shopping addict, then you have two options, either buy the item and be broke forever, or control yourself and stop spending your money.
3. You can’t say no
If you’re that friend who’s always on the go then no wonder we’re both broke because I’m that kind of friend too. That’s why we can’t be together. We’re probably going to spend all the money we have!
Truth is you don’t always have to be present to be a good friend. It’s okay to turn them down sometimes and stay at home instead. Don’t be easily swayed by their invitation. Learn to say “no” quite often and you’ll find yourself saving up some money without noticing.
4. You spend all the money you withdraw.. and then withdraw again
Your money won’t be spent if you just keep it in your bank account. Before withdrawing money, set a budget for the whole month to keep yourself from visiting the ATM every once in a while.
When you’re only left with a few in your wallet, forget about the ATM and do your best to be as thrifty as you can and for your money to last until the set date on your schedule.
5. You don’t have any plans
Anything can happen anytime and we have to be prepared. When a sudden big expense comes up, will you have any money to pay for it?
That’s why you have to make sure you have emergency funds so you won’t have to use your credit card or swallow your pride and borrow some money when something happens. Set aside some money and just let it sit there until such a time when it actually needs to be used. Remember to only break the glass in case of emergency!
6. You prioritise the junk
It’s fun to travel but if you’re broke and you have a lot of bills to pay, your next destination can wait.
Don’t deprive yourself from eating three times a day just to save up for you next trip. Weigh the importance of each item you want to spend on and think of which should come first. Set your priorities straight and don’t prioritise things that should be the last on the list.
So is it your food or your travel goals?
7. You just don’t know where all your money goes
The money you spend on the little things like the expensive coffee you’re buying to start your day or the pack of cigarettes you buy every week.
These all add up to your expenses and if you cut them off you’ll probably save more than you expected. It’s also a big help if you try using coupons for your next grocery shopping. The small amount you save can go a long way if you know how to handle your money. There are even some websites that pay you for using and downloading their coupons!
You can also sign up for cashback websites that give some of your money back whenever you purchase products from their featured shops. You can get up to 15% of the amount you paid and higher amount for more expensive items.
How do cashback websites manage to give that amount back? It’s because their featured shops give them a certain amount everytime a customer purchases a product through the cashback website. In other words, they share their affiliate commission with you when you help them earn.
If you can’t manage to keep a list of your expenses, you should at least be aware of where you’re money is going and know when to stop.
Now that we know why we’re broke, it’s time that we do something about it. Remember that being broke is always a choice and there’s nearly always a way to fix it.
Surely, we will never run out of money as long as we have a professional job but we will definitely sleep better at night when we know we saved up for the rainy days. Saving money isn’t about being rich, it’s about being able to control yourself and getting used to good spending habits.