Common Reasons Why You’re Always Broke

By | June 16, 2019

Do you always wonder why you’re always broke? Can you never figure out where all your hard-earned money goes? Here are a few common reasons why this might be happening to you!

5 Reasons Why You're Always Broke

It’s one of the great mysteries of life, isn’t it? Moping at the end of every month wondering where all your money has gone. It’s almost as if a black hole deep in the nether regions of space was siphoning all the cash out of your bank account on a daily basis. You just can’t figure out why you end every single month always either broke or dismantling your vacuum cleaner in hopes of finding some spare change that got sucked up during one of your rare clean-up sessions.

If you’re one of the many unfortunate souls who spends sleepless nights tossing and turning over your empty wallet, then maybe we can throw some light on where all your hard-earned money disappears to every month. So, without further ado, here are a few common reasons why your pockets are home to seven generations of moths.

Additional Reading: Dreading A Broke Month? Here’s How You Can Still Have Fun

  • The Little Things

You might not know it but it’s usually the really small, everyday expenses that drain your bank account on the sly. It’s almost like a leaky sink that only drips a few drops, but left unattended and your entire house could be flooded in a month or two.

It’s quite similar with small expenses like say your daily cab or auto rides, cigarettes, snacks, etc. You may not notice when you pay for these on a daily basis, but they eventually all add up to a pretty hefty amount.

However, you can actually do something about it. You could walk or take the bus to work, quit smoking, drink a lot more water instead of snacking and so on and so forth. Not only will you save money but your health will probably improve as well.

Sounds like a win-win scenario doesn’t it?

Additional Reading: 12 Insanely Simple Hacks To Cut Down Your Expenses

  • Paying Only The Minimum Balance

Here’s a very common reason why many people end up broke every month? They tend to rack up huge Credit Card bills and then try and get by every month by just paying the bare minimum. What this does is it creates a constant cycle of debt since you aren’t really reducing your debt by paying just the minimum amount due.

Not only does this eat into your savings in the short-term, but in the long-term as well since you’re constantly paying a certain amount every month that doesn’t reduce your overall Credit Card debt.

So, the next time you have to pay your Credit Card bill, try and pay off as much as you can if not all of it. Not only will this reduce your overall debt, but you’ll pay less in the form of interest as well.

Additional Reading: Sloppy Credit Card Habits You Must Ditch

  • Eating Out Every Weekend

Sure, we live to eat. Who doesn’t enjoy a scrumptious meal every now and then? And who doesn’t want to paint the town red every weekend after a terribly hard week at work?

Well, while all that may seem perfectly fine and dandy, the trouble is dining out every week can be extremely taxing on your finances. You probably don’t even realize you’re spending that much since a week passes between each binge and you lose track of how much you spent.

And when you throw a few spirits into the mix, well, you know where that’s headed don’t you? So take a step back and learn to say no. You don’t HAVE to go out every weekend. Try staying at home for a few weeks and you’ll see you have money to spare at the end of the month. Sounds way more enticing than waking up with a hangover and a decimated bank balance, doesn’t it?

Additional Reading: 8 Ways Foodies Can Save Money While Eating Out

So remember, the next time you’re wondering why you’re broke all the time, take some time to think about whether some of the expenses listed above are eating into your income. Once you pinpoint where your money is going, you can take the necessary steps to curb your spending and get yourself back on track financially.

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