Have you ever wondered what happened to all of your money? Do you ever wonder why your bank account is empty at the end of each month? Have you ever found yourself worrying about the unseen holes through which your money disappears? Does it feel like something is keeping you broke no matter what how much you improve your income?
If that’s the case, you’ve come to the correct place. We can tell you exactly why you are unable to accumulate wealth while having a good income.
It’s not just a reusable coffee mug or cloth shopping bag instead of a plastic one that saves you money.
It is a great mind and awareness of how and when we spend money thoughtlessly, although the reason may be reasonable at first glance these are 5 mindsets that are keeping you broke.
I Have The Right To Pamper Myself
Sometimes we console ourselves by saying, “It’s been a tough time, and I can indulge in something nice.” These expenses are only justified if there is enough money and if we do not exhaust it at once.
Moreover, it is not reasonable to make these purchases by credit card.
Of course, we have to do things that make us happier, but we have to think about whether additional spending will bring us more trouble.
What’s more, it can cause a lot of other problems, such as an increase in monthly payments and other worries that your paycheck won’t be enough to pay for them.
Weddings Are Once-In-a-Lifetime Event, I’ll Spend Whatever It Takes To Make The Day Special
The phrase “Marriage happens once in a lifetime” sounds like a magic spell, and people often borrow money for the occasion without thinking about how unreasonable it is.
They should understand that marriage is not something that will bring you more money, and there is no guarantee that this event will pay off at all. You’ll keep the loan and start your life with unnecessary debt.
What’s more, disagreements over money are one of the main reasons for the fights between married couples.
I Work Hard, I Deserve It
You don’t need to work 12 hours a day to earn decent money – all you have to do is use your skills. There is no time to think about how to improve your life, not to mention other necessities and hobbies. When you come home and you feel like a pressed lemon, there’s no energy left.
When a person learns to switch between work and hobbies and builds his system a little differently, he will be able to perform his duties without damaging his quality of life. They will get free time, which they can devote to both hobbies and education, which will give them the opportunity to move up the career ladder.
YOLO (You Only Live Once), So I’m Going To Spend My Money Here and Now
These words are often said by people before they spend their entire paycheck. There is some truth to this: we really do not know what awaits us tomorrow, so saving money makes no sense when you can spend it here and now and be happy about it.
However, you can still do this by spending less money and not exhausting all your income and not emptying your bank account.
Of course, most things are unpredictable, but still, most of us want to live a long and happy life, and that’s why we need money. Therefore, it is worth starting to take care of the distant future as soon as possible and open a savings account instead of mindlessly spending money.
It’s a Special Occasion, I Shouldn’t Skimp On It
Events happen in our lives at any moment that inevitably lead to spending. But situations can be different, and you should be able to distinguish when expenses are really necessary and when you can calm your extravagance.
It’s quite easy to notice these events: you need to think ahead of time about all situations and make a list of when expenses are fine and when they’re not.
It is worth putting on this list only things that require attention: illness, loss of employment, malfunction of household appliances, without which it is difficult to live, or the urgent need to buy shoes for the upcoming season.
In all other cases, you have to say no to all unexpected expenses, since buying very expensive shoes or dresses that will only be worn once is a senseless waste of money, even if they were purchased in order to attend your best friend’s wedding.
Stop The Bad Habits That Are Keeping You Broke
Simply having a positive outlook is a huge element in accumulating riches. If you have the wrong mindset, you may have habits that are keeping you broke. You’re broke because of a number of possibly hazardous habits. The idea is to be aware of them and to strive to develop wealth-building habits.
Today is your chance to turn things around. If you’ve had financial difficulties in the past, now is the time to make a difference. Check out our Crash Course in Financial Literacy to begin building a strong foundation for which to build wealth and stop living paycheck to paycheck.