Does it seem like you're working yourself to death, but have nothing to show for it? Is your bank account and wallet empty on a regular basis?
If you're wondering why you're still broke, it's time for a wake up call. It's not the level of income you're making, because even those with good-paying jobs are still broke. It's all about how you're living. Let's take a closer look at reasons you're still broke.
You're Living Above Your Means
One of the biggest reasons many people are still broke is that they're living above their means. What this means is that you may be driving a car that has payments you really can't afford or living in a neighborhood where the rent or mortgage payments are eating up most of your paycheck.
It's not only that though. You may be shopping for more items than you can really afford and putting them on credit, which causes credit card payments that you can't afford. Living above your means can literally cause you to go broke.
You're Going Broke Saving Money
We all love a good deal, but are you going broke saving money? If you're the type that buys anything that's a good deal, you may be wasting money. While it's great to score a good deal on something your family really needs, it's wasteful to buy items you aren't going to utilize just because they're 75% off.
You're Not Aware of Where Your Money Is Going
Another reason why you're still broke is that you have no idea what you're spending money on. You need to start tracking your expenses so that you can be more mindful of where your money is going. For example, you may have no idea that the morning cup of coffee you love so much is costing you $150 a month. Or that going to the movies each week with your family of four is costing you over $300 a month. All these little expenses can really add up.
You're Paying for Things You Don't Use
Think about your satellite bill. Chances are it's around $150 a month. How many channels are you actually watching on a regular basis? At $150 a month, you're paying $1800 a year for that satellite package. That's enough to take a family vacation.
Don't want to give up the channels you love? Check out a service like Sling or PlayStation Vue. Both of these services are a small fraction of the cost of satellite or cable, but still offer you the channels you love. Look at all your monthly expenses and cut anything you don't need.
You're Not a Smart Shopper
You can still save money without going broke saving money. You want to focus solely on saving money on the things your family uses. If you're the type that goes to one grocery store and just grabs things off the shelf without comparison shopping or clipping coupons, you're wasting money. By comparison shopping and using coupons, you could save a lot of money on many of the things your family needs.
You don't have to be broke. You may be doing things that eat up your paycheck, but you can make changes. It might be rethinking how you living or how you shopping. Regardless, you can have money left over each month.