Do You Know How to Manage Your Finances or Do You Suck at It? Read on to Get Some Money Saving Advice.
You’ve either said it or heard it… “I suck at money.”
Maybe you don’t even realize you suck at money, but you’re always broke. So today, we’ve got 15 Signs You Suck at Money (and what to do about it)
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Without further ado, let’s jump right in.
1
You Are Afraid to Admit You Screwed Up
Instead of facing your financial demons head on – you choose to bury your head in the sand, hoping the problem will just go away. Aluxers, it doesn’t go anywhere. The problem just gets worse, and the debt just increases.
Suck it up and seek help from a professional. Paying for one or two appointments will make little difference to the sh*t you’re already in, so rather use your credit wisely and get help.
2
Your Finances Won’t Change If Your Behaviour Doesn’t
You’re not going to get different results by doing the same thing repetitively. If you’re caught in a cycle of online shopping when you’re feeling low, that’s not going to change unless you do. With this example, you could try going for a brisk walk or calling a friend, both of which have far better results for feeling down than wasting money shopping online.
As Winston Churchill said, “To Improve is to Change, To Be Perfect is to Change Often.”
3
You Feel Deprived If You Don’t Have Something
Call it “keeping up with the Jones’s” or “FOMO” but the root is the same…. You are afraid that you will be deprived if you don’t have everything.
Aluxers, this can be a legit psychological problem, and may require intervention… but it’s worth doing your da*n best to get to a space where you are grateful for what you have, because we assure you it’s more than most.
Don’t forget Aluxers, we’ve got plenty of wonderful videos on our channel… just remember to subscribe.
4
Your Family Suck at Money
It’s not genetic, so you can’t blame your genes, but we do mirror what we’ve been exposed to. So, if your family are rubbish with their finances, there’s a good chance you will be too.
Our advice is, the sooner you recognize your family’s influence on your attitude towards money, you can figure out the right path to finding solutions to your financial problems.
Again, seek professional help, you can’t go wrong!
5
You Say You Don’t Have Time to Budget
Nothing worthwhile ever came quickly, or without effort… and it’s the same with money. We get it, you’re busy… but you’re wasting so much more time by not doing it.
As Investopedia says, “Having a budget keeps your spending in check and makes sure your savings are on track for the future.”
6
You Feel Uncomfortable Discussing Money
Part of money’s problem is that from young we’re taught it’s impolite to talk about it. It’s rude to discuss someone’s financial status, how much they’ve saved, earned or lost. It’s taboo… a no-go area and that, Aluxers, sucks.
Because when we can’t discuss our finances, we can’t move ahead with fixing the wrongs. To h*ll with that… don’t repeat the cycle. Break it, take our advice and speak openly and candidly about your money… or lack thereof.
7
You Don’t Know Your Net Worth from Your Capital Gains
Let’s be honest, they’re not exactly teaching you this stuff in school, are they? So, it’s understandable that so many people become completely overwhelmed with finances, and financial jargon.
So, what can you do about it? Never stop learning and educating yourself. Watch videos, read books, listen to audio – especially “Personal Finance in Your 20s and 30s for Dummies by Eric Tyson. It’s on Audible, and we’ve got a free download for you at alux.com/freebook.
If you are interested in finding out your net worth, check out How to Calculate Your Net Worth.
8
You Just Don’t Make Enough Money
And Aluxers, that is nothing to be ashamed about. When you don’t make enough money, saving money is not an option.
Create an excel spreadsheet with your net income, then deduct all your expenses. What is left over? If you’re going into arrears, then you either have to cut back somewhere, find a job that will pay you more or get a side hustle.
If you want some sound advice on starting a business with no money, be sure to watch our video:
9
You Believe You Deserve Every Purchase
You work hard. Very hard. You surely need to reward that hard work with something new and exciting right? Wrong… just because you work hard doesn’t mean you should go and blow all your hard-earned cash.
By all means, treat yourself occasionally, but what you really deserve over and above any material purchase, is to take our money advice and have a budget that works for you and leaves you less stressed at the end of each month.
10
You Have Expensive Habits
Aluxers, forget the obvious of drinking or smoking, and let’s focus on other areas that are a financial drain.
Having your nails done weekly, unused gym memberships, take-away coffees, eating out constantly, buying the latest sporting gear or new hobby equipment you’ve just fallen in love with. All these things cost you.
As Forbes says, “Trim off a few of the bad ones and develop more good ones. You’ll be happy you did.”
11
You Have Zero for Any Emergency
Some say it’s money for a rainy day, but it’s really just to get you out of unexpected sh*t.
Unexpected expenses cannot be avoided. They happen, even to the best planners. The size of an emergency fund will differ from person to person, but if you suddenly lose your job, a single person should at the very least have enough to live for 3-months, although financial guru Suze Orman recommends 8-months’ worth!
12
You Love a Bargain
Sales signs promising great discounts lure you like a moth to a flame. But while you’re grabbing the deal of a lifetime, you spot a few other items and before you know it, you’ve got a trolley stacked with items at crazy low prices that you’ll never, ever use.
Aluxers, you’ve saved nothing. All you’ve done is waste your time and money. If you struggle with this for of money wasting, circle back to our earlier advice: take a brisk walk or call a friend.
13
YOLO
Yep, we really do… but living while anxious and stressed month in, month out… is not living. So, booking tickets for these “once in a lifetime” experiences is just going to rob you of the joy of right now.
Learn to seek pleasure from what you already have. It takes practise, but don’t give up. It’s a journey worth taking.
14
You Jump from One “Get Rich Quick” Scheme to Another
People just can’t keep up with what you’re currently working on. It changes as often as Covid regulations, and just like Covid regulations – you’re not sure what is legit and what is not.
People who don’t have a goal, which requires hard work and dedication, usually suck at money.
Pick a lane, write down your financial goals, make a timeline and work steadily to achieving them. Get help and follow this money advice so that you can reap the benefits of your hard work and dedication.
15
You Think Winning the Lottery Will Change Your Financial Situation
It doesn’t and never will.
Now, why would we say that? Because if you can’t manage a small budget, how on earth are you going to manage a big budget?
You’re going to have a few big splurges, for sure, but that money is going to trickle through your fingers like sand through an hourglass.
Forget winning the Lotto and focus on your end-goal.
As Suze Orman says, “The only way you will ever permanently take control of your financial life is to dig deep and fix the root problem.”
Question:
Aluxers, what do you think is a sign that someone sucks at money? We’d love your input!
