Habit are the building blocks that’s what make you different from most of the people.
What is the different between different people that make some people rich and some poor or financial struggling person.
First of all, if you earning money and not able to keep saving money then stay with this blog else search for a source of active income.
If you have a reasonable income but yet unable to save money or ever thought where your money went to or ever think why there is no money in my bank at the end of the month or why I am behind my credit card bills?
If yes then you are at the correct page. I will tell exactly the reasons that don’t let you amass your money with a decent income.
Here are the top 7 reason why are you behind your credit card bills and with almost zero funds in bank.
1. Spending more than your income
You know spending money is fun for you as well as to the company. There is scientific reason to this too, how spending money is fun.
Dopamine is a chemical released from your brain in some situations. This dopamine motivates you to repeat things like shopping, playing, etc.
It’s not dopamine but it is also the mindset of yours to fit in the society. Whenever you get bonus or incentive that force to use this your better societal status even with the zero money in bank.
There is no much difference between rich people and poor people, they all make money but the thing that only about what they do with that money.
Try to keep your expenditure at a constant level along with exploring ways to increase your income. That’s route to the success.
2. Sacrificing future happiness for Present pleasure
There is two kind of people, one who use they their money for today and second who use their money for tomorrow.
I am not saying to not enjoy your today but spending all your money and resolving today’s problem will not gonna help you much.
You must have a diversify your income for tomorrow known as income diversification. Rich people don’t work for money but they let money works for them.
In the simple start investing your income to let money works for you.
All you need to do is to take future perspective whenever you are making financial decision. Enjoy your today but keep working for your tomorrow too.
3. You think it’s too early to worry about saving
If you are young and think to look cool and fit in the society. All you think for the societal status and to compete with your friend.
It’s never too early to save a portion of your income, more importantly, investing your money.
Start saving today! In fact, experts say that you should save before you spend. Keep aside a portion of whatever money or income you get, and then spend the rest!
4. Not tracking your Money
You are the smart person and you maybe know where you are spending your money, isn’t it?
If you are, then you are not the smart person. You might be aware about major expenditure but the small things usually ends up eating your finances more than the big one.
It is an excellent idea to start keeping a journal for all your income and expenses, whether they are huge or small.
This way you will have a much better idea for controlling your finances.
5. Lack of Budgeting
Keeping the record of yourself is must. You may be trying to stay in budget but somehow if you are lacking it then prepare your budget.
Having a realistic and well-documented budget is the foundation of all financial planning and success!
Make a budget and stick to it! I can say this from my own experience: it makes a huge difference in how you look at your money. In the absence of a budget, it is very easy to get carried away and commit unnecessary expenditures.
6. Ignoring your debt
Most of the people start ignoring their debt like their credit card bill, rent, etc that actually increase the charges on that amount and keep your saving away.
Don’t run away from your debt and start paying all your debt first. Work out a plan for this and stick to it, no matter what. You don’t need to think that you are poor.
7. Constantly upgrading your electronic gadgets
Upgrading is the part of the life but in the case of gadget, if you really need upgrade then go to buy it.
Just because there is a new version of that mobile available will harm you to save more money.
Take charge of your life today. Do what needs to be done right now. You can do it. Do yourself a favor and start saving money and investing it later to become wealthy.
As William Shatner said, “If saving money is wrong, I don’t want to be right”
Thanks for Reading. Have a great day.