If you opened this article to expect yet another usual advice on finances, then you’re mistaken. Consider this as life’s way of leading you towards financial stability and growth. It’s time to come face-to-face with the reasons why you suck with money, and turn your life around.
1. You don’t budget
Budgeting tips? You’ve read them all. Do you follow them? No time for that. Once you get your paycheck, you run to your favorite shop and buy the most coveted shoes, shirt, etc. Your impulsive spending habits will eventually take its toll, not only on your finances but your life in general. As you read this, take a step back and realize your spending habits. When you get your paycheck, do you take time to write down your budget plan, or pay yourself first by setting aside a portion of your income for savings?
Not being able to budget and ending up short on cash everytime is also, quite frankly, a result of you being lazy. Back then there were no free guides to budgeting, but now there are all kinds of free advice on the internet. Accept the fact that you’re a spender and you can change your impulsive spending habits by simply setting up a budget plan. Write it down, put it on your wallet or on your fridge, any way you’re reminded that you have more important things to spend on than those impulsive, out-of-budget plans you suddenly have coming. Remember, everyone can attain financial freedom, but it takes a lot of effort and discipline to get there.
2. You don’t have foresight
What future? You always live in the moment. It’s all fun and games, until you wake up in your mid-40s, sick and tired of your daily routine to work, then you’ll think about why you didn’t save up and invest when you were younger and you had all the time in the world.
(See Related Topic: These Are The Reasons You Are Broke Right Now)
Always adapt the time-traveler mindset. Most people are so preoccupied with their current situation that they fail to prepare for the future. Imagine being old and broke, what do you have to do now to avoid regrets later on? Knowing that the future is unknown is both scary and thrilling at the same time. Scary because you really have no idea what will happen in five, ten years from now, but it becomes thrilling when you realize that your future depends on the decisions you make today, and that it’s full of unlimited possibilities. Consider saving for investments, or start your own business with a specific timeline so you won’t have to work all your life. Set up a dream board like successful people did back when they were only dreaming. There are so many things you can do to prepare for a comfortable, financially stable life when you’re older. It’s really all up to you.
3. You Don’t Take Ownership of Your Finances
It’s either you’re in a state of denial, or you’re YOLO-ing so much to even own up to your financial blunders. Ever noticed you’re only going through the same cycle a week after getting your paycheck?
Adulthood requires you to take full responsibility in your life, and in this case, becoming aware of your spending habits and setting your foot down to finally make things right. What must be done to break the toxic cycle of debts? What can you do to earn more income and eventually save more money?
(See Also: 4 Payday Habits You Need To Avoid)
Accept that you’re not getting any younger and ditch the victim mentality. If you need some inspiration to get started, look up successful people and see how they managed to get back up despite going through seemingly hopeless problems along the way. The line “Life is what you make it” perfectly sums up their journey. You are not limited to your weaknesses. You only need to grow up and start owning your life.