Like most of us, you like to reward your hard work by buying yourself something nice. It’s only natural to want to treat yourself.
But the problem is a lot of people feel they can buy whatever they want all the time. It becomes a habit to spend a paycheck as soon as it hits your account.
Instant gratification is common because we all desire to have whatever we want. But having this type of mentality is why so many people are in debt.
Besides wanting to fulfill your needs right now, there may be other issues. You may be an impulse buyer or don’t think things will ever change.
If you’re wondering why you’re struggling, here are five significant contributors to your money problems. And — we reveal how you can start making the right decisions to fix those issues.
Don’t give up; you have it within you to make sound financial decisions!
Table of Contents
1. You’re an Impulse Buyer
Do you tend to buy things on impulse? If you do, you’re not alone. We’re a society that continually gets bombarded with ads urging us to buy something.
It’s easy to fall into a “buy whatever you want mentality,” but that’s not the way to go. Instead of buying things that depreciate in value, invest in your future.
That means focusing on paying off your debt if you have any and investing instead of spending. You could set up a Roth IRA or online savings account. Or you could do both!
Another idea is to look for different loan options so you can consolidate your debt and make a plan to pay it off.
Saving money is always better than spending it as soon as you get it.
At first, it may not be easy, because new clothes and going out for another delicious dinner sound good.
But saving up money for the future will be more fulfilling than a yummy dinner will ever be.
2. You’re Significant Other Isn’t Making Wise Decisions
It could be that you’re not the issue, and your significant other is. They may be spending your money on things you don’t need without discussing it with you first.
If this is an issue, you should confront them about it. Let them know that you both need to start saving for your future.
They may pushback and feel attacked at first, but once they’re willing to change, they’ll see the benefits.
For some couples, therapy may need to happen to get on the right page. If you’re making the right decisions to save, but your spouse refuses to change, then it’ll be hard to move forward.
A lot of couples have money issues and don’t agree, but there are ways to resolve that.
Have an open discussion on how you both can make a change and what steps you must take. Only then can you both start contributing money and saving it for your future.
3. You Don’t Think Things Will Ever Change
If you’ve been in debt for as long as you can remember, you might be feeling like nothing is going to change. You’re throwing in the towel because you’re tired of being disappointed in yourself.
Instead of getting stuck with this mindset, choose to set a new financial path for yourself.
Break Up With Credit Cards
Credit cards could be a problem for you. If they are, it’s time you broke up with them and only used cash.
At first, not using them will be scary, especially if you’re used to having them for as long as you can remember. But in the long run, not using credit cards will help you get out of debt.
Don’t Spend Beyond Your Means
Even if you’re not using credit cards, you can still spend beyond your means. You could have inherited money and don’t feel like saving it. A shiny new car is calling your name, or you’re eager to go on an expensive vacation.
Instead of falling into temptation and spending all your money (like we mentioned in #1), save it for a rainy day.
Ditch the credit cards and live within your means, and things will finally change. You’ll be making strides to improve your financial situation!
If that’s the case, you should be proud of yourself for your hard work!
If you’re in debt and can’t see a way out, don’t give up hope. There are many things you can do to improve your financial situation.
Here are a few more ideas that should help improve your present circumstances:
- Create a monthly budget by deciding how much you get to spend on each category.
- Don’t get any new credit cards until you’ve paid off your existing ones.
- Find an accountability partner who will encourage you to make better financial decisions.
- Take on a side gig to help bring in more income.
- Downsize and move into a smaller house or apartment.
- Get a financial counselor.
- Participate in a debt consolidation program.
Change won’t happen overnight. But with your newfound dedication, good things will follow.
Keep pressing forward, because you WILL get a handle on your money issues!