Managing money is a hugely important life skill that can prevent you from getting in over your head and also help you to maintain a better sense of wellbeing, but it is a skill that o few of us fall short on, many of us without even knowing we aren’t doing money right.

With that in mind, here are 5 sure signs that you suck at money management. Spot any of them in your financial life and it might be time to reevaluate what you’re doing so that you don’t end up in a mess later down the line:

You have no budget

Not having a budget might not be a critical sign that you cusk at money management, after all, some people can manage their finances adequately without one, however, if you notice it in conjunction with any of the other issues in this post, it might be an indicator.

Having a budget just makes life easier. It ensures that you always know how much money you have coming in and going out, and makes it far easier to make changes should you need to tighten your belt for a while. It’s also really easy to create one what with the many budgeting apps that are now available. So, what are you waiting for? Get creating a budget right now.

Your credit score isn’t the best

If your credit score is on the low side, it could be an indicator that you are taking on too much debt or managing the debt that you do have poorly. Credit bureaus calculate your credit score using a vast range of information from the proportion of debt you’re using to bills you have paid late to how often you apply for credit, so they really are a sure sign of your money management skills. In the US, a score of 601 or below should trigger you to reassess your financial life.

You can’t live without debt

If you can’t make it to the end of the month and cover all of your expenses without resorting to credit cards or loans, it’s a sure sign that you’re in a financial pickle and you may want to look at readjusting your spending to better fit your circumstances.

You can’t pay your debts

This is a screaming sign that your money management skills suck because if you can’t even meet the minimum repayments, you’ve clearly overstretched yourself and you are undoubtedly living beyond your means. If that’s the case, you may want to speak to a debt counselor or check out this DTSS review to see what you can do of getting some control back in your financial life., The worst thing you can do is stick your head in the sand.

You aren’t prepared for emergencies

What would you do if your car broke or your pet needed medical treatment? If you’d have to beg borrow or steal to pay the bills, you have a problem. People who are good with money always have a cushion of savings to help them through emergencies and this is something you should be working towards too.

So, how did you do? Are you a money management megastar or a financial failure?

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