Do you find yourself turning green in envy each time you see friends from way back making it big time? After all, you also aim to become successful just like them and you know you work hard enough. But what could be the elusive factor why you are still unsuccessful and seemingly stuck in paycheck to paycheck existence?
You have no financial goals
Remember how your goal to graduate helped you make it through school? That is the importance of setting a goal. Without a financial goal, it is easy to be sidetracked and do unnecessary spending so much so that you no longer live within your means. Try aiming to reach a certain amount of savings by the end of the year no matter how small. Achieving that will motivate you to save a bigger amount next time. Before you know it, you already have saved enough and have acquired a mindset of spending wisely.
You are an impulsive buyer and have bad spending habits
"Wants" is why most of us have bad spending habits, pushing one to become credit card swipe happy. If you own a credit card, stop thinking that when you are out of cash is not a problem. It will only create problems. Remember a famous quote from a popular investor who said that if you can't pay for it in cash, it only means you cannot afford it. Learn to determine your needs versus your wants.
You pick the wrong friends
Peer pressure is often not a good thing especially if it leads you to spend more than what you can afford. Why hang out with people who can afford to have expensive tastes when you don't have the kind of money they have? Choose a lifestyle that fits your budget and it will help if you have the kind of friends who can influence you to save rather than spend.
You keep procrastinating
There is definitely a good reason why our elderly tell us, "Don't put off 'til tomorrow what you can do today" - TIME IS GOLD! You may have plans to save, to set a financial goal, to stop spending hard-earned money on the wrong items, etc but you keep putting all these off thinking there is still tomorrow to do them. Tomorrow does not run out but your money does. If you must do something about your finances, the time to do it is now.
A penny saved is a penny earned. That is a universal truth. Save even just a dollar a day and that is thirty dollars in one month or $365 in one year. Imagine if you try to double or triple the amount. And when you decide to start saving, it will help if you forget about it and not think that there is an "extra" hidden somewhere for you to spend on another want.
Article Source: http://EzineArticles.com/expert/Jen_Rhoades/1701057
0 Response to "4 Reasons Why You're Still Broke"
Post a Comment