Financial responsibility, it isn’t for all of us, but unfortunately once you hit Adult, you no longer have a choice but to sort them out. Managing money is hard, and not everyone is always on top of their finances.
In need of a wakeup call? Here are 4 signs that will show you just how bad you really are with your money:
- You have no idea where your money goes each month: There’s one thing saying it, but it’s another knowing. While it may seem as if you’re indulging in only a few luxuries each month, these are the same purchases that leave you sleepless at night.
How can you fix it? When your next paycheck comes in, tabulate everything you spend your money on until the next payday. This will show you what your spending habits are and how you can change them; like ordering fewer take outs.
- You have bad credit card debt: Bad credit debt is a result of bad financial planning, and it happens to the best of us. This is usually paired with high-interest rates, making the banks regard you as a high-risk case.
How can you fix it? By making your credit card your number one priority to pay off and by putting as much money as possible into it each month.
- You’re surprised by your bills each month: Being surprised by certain bills each month indicates you don’t know what your expenses are and that you have a careless spending habit.
How can you fix it? By creating a strict budget and sticking to it and by listing what you spend your money on each month to get rid of unnecessary spending.
- You don’t have savings: You think saving money can wait and you’d rather spend the money you earn while you’re alive than save it for a rainy day.
How can you fix it? By starting to save. Open a separate account and create a debit order that goes off as you receive your pay so that you cannot touch the money that you want to save. Remember every cent counts and it does not have to be a specific amount.
So next time you find yourself living off popcorn, counting the days to payday, stop and ask yourself how and then grow up and face the numbers!
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