Money can’t buy us true happiness, but it is obviously very useful. When we are financially stable, we can put more money into our savings, buy ourselves the nicer things in life, and share our wealth with others.
But if you’re always broke, your opportunities to do such things will be limited. The answer? Look at the reasons why your finances might be low and do something about them!
So, what could these reasons be? We don’t have every answer, but here are some common examples.
#1: Your job isn’t paying you enough
If you’re living from paycheque to paycheque and only just about paying your bills, you might want to consider boosting your income. You should do this anyway, no matter your reason for being broke.
On the one hand, you could change your job. If your career is low-paying, it might make sense to look for something that pays better. Alternatively, you could progress in your career. Going back to school can be beneficial, as you will gain new skills and qualifications. You might also want to work harder to prove to your boss that you are ready for a step up the career ladder.
There are other ways to boost your income here, so have a look and choose something that sits right with you.
#2: You are spending too much on your essentials
Of course, spending too much on non-essentials will also drive down your finances, so this is something you might want to think about. But as many of us give up non-essentials when we’re broke, it might be that you want to start looking at your regular expenses too.
It’s here where comparison shopping comes into play. Stop paying over the odds for things you might get cheaper elsewhere, and commit to research. Visit the websites of your local supermarkets and work out which might be cheaper for you. Compare prices for your utilities, as you might save money by switching to a different supplier. And compare car insurance quotes too, alongside other insurances you might hold, and switch when the time is right to do so.
Here are further tips to help you save money on your household bills.
#3: You are bogged down with debt
Debt is nothing to be ashamed of as many of us owe something to somebody. It could be a loan company, mortgage provider, or a car finance company, as examples.
Not only do we suffer the financial effects of debt, but there are the emotional effects of debt to consider too. Our money problems can lead to worry, stress, and depression, and we might then make our debt problem worse by spending more to make ourselves feel happier.
If you’re overwhelmed with debt, you need to find a solution. The sooner you do, the sooner you will climb out of the debt hole that you are in. So, you might want to check out the debt relief options suggested by the Money Advice Service, for example. And you might want to seek assistance from a debt charity too. Do something rather than nothing, as you will benefit from mental as well as financial relief when you start to make inroads into clearing your debts.
So, are those the reasons why you are always broke? Follow our suggestions if so, or look for other advice online if there are other reasons why your finances are low.