Why You Are Bad With Money – And How You Can Fix It

If you find yourself always struggling at the end of every month with not enough money to get by, not earning enough may not be the only reason behind this. You may simply be bad with money. If you feel like this is you, there are plenty of ways that you can improve. But first, you need to identify the specific reasons that you are bad with money. You may well be able to recognise yourself in this article.

You Are an Impulse Spender

Shops encourage you to make impulse purchases whenever they can by using techniques like putting things by the tills. If you always find yourself throwing them into your basket, this is a habit which is worth getting out of quickly. Before you are about to make an impulse purchase, stop to recognise this and take some time to think. It is likely that once you have left the store, you will no longer be that interested in whatever item you were so fixated on buying a few minutes earlier.

You Are Unprepared

If you are terrible at meal planning and going to the grocery store on a regular basis, it is highly likely that you will waste a lot of money on takeaway food and eating out at restaurants. Perhaps you are paying over the odds for transportation or accommodation costs because you wait until the last minute to book them. Ultimately, being a little more prepared can really help you out when it comes to living a more financially sensible lifestyle.

You Had Bad Money Role Models

Maybe you had parents who were bad with money and some of their negative habits have been passed down to you. Perhaps you were never taught the basics of money management at all and you have had to work things out all by yourself. The internet is an invaluable tool for finding out everything from how to make a budget to how to apply for a personal loan with bad credit. Taking in as much of this information as you can will help to put you in a much better position financially.

You Keep Up with the Joneses

There are inevitably going to be people in your life who earn more than you – as well as a few people who don’t but spend all their money on material possessions. If you are overstretching yourself by trying to keep up with them, this is a habit you need to break as soon as possible. Before buying anything, ask yourself whether you are getting it for you or whether you are looking to impress others.

You Live for Today

While there is nothing wrong with living for today as a concept, you can still plan for the future at the same time. Of course, you can still enjoy yourself, but with one eye on the time you have ahead of you.

Hopefully, if you have identified one or more of these traits in yourself, you are more prepared to deal with them effectively.