7 Silly reasons you have nothing in your bank account
You have asked yourself, how come you have nothing in your bank account.
You have a career, maybe even a decent one, but you’re living paycheck to paycheck with no savings. How did that happen?
There can be so many contributing factors. In this article, we are going to share reasons you have nothing in your bank account.
7 reasons you have nothing in your bank account.
1. You don’t set goals
If you don’t set targets, you’ll never get anywhere. This applies to your work, your life, and, of course, your finances.
Set a target to have X amount saved up in a year, Y saved up in five years, and Z saved up in ten years. Sure, life throws us curve balls now and then, but you also need to know how much you should have saved at each point of your life, even though you have to play catch-up now and then.
If you’re 25, your goal should be to have a net worth of $1 million by the age of 50, including your home. If you’re 40 and have nothing, start saving $500 a month (increasing by $100 a year) to be worth $1 million by 65. Read an article on how to set goals that work.
2. You don’t have a budget, or you do, but you don’t follow it.
Budgets can seem tedious, but trust me, having no money is much more tedious. Make a spending plan and stick to it. First and foremost, save, then handle the rest, whatever it takes.
3. You squander cash
You can’t get your money back once you spend it. Cut down the cigarettes, out-of-house meals, bar drinks, and brand names from your life… Being financially on track is much more critical. Instead of going out to the latest overpriced restaurant, invite friends over for dinner, open a cheap bottle of wine at home instead of drinking at wine bars, learn to cook instead of ordering take-aways, buy cheaper items, put a 6-month spending freeze in place, re-negotiate your mortgage, speak with your bank to eliminate or reduce fees, find free things to do on weekends instead of spending hundreds of dollars
Read also: Are you financially fit
4. You don’t make enough money or put in enough effort.
Even if you’ve slashed your expenses to the bone, it’s possible that you just don’t make enough money. Concentrate on the career and try to get a couple of promotions. Instead, look for something that pays more. To get ahead, you will need to move about. Let your CV look professional. Start a side hustle to supplement your income. You’ll never be financially stable if you just work the bare minimum at your day job and then party after 5 p.m. If you don’t make enough money, you will end up have nothing in your bank account.
5. You are paying off your debtors
You’re working for the bank, not for yourself, if you’re in debt or just paying the minimum on your credit cards. Your mortgage should be the only debt you have. Make a plan to pay off all debts, beginning with the debt with the highest interest rate and setting some deadlines. Try consolidating all of your short-term debt into your mortgage and swear to yourself that you’ll never do it again.
Also read: 10 Easy ways to make money as a photographer
6. You’ve joined the wrong club.
You try to keep up with your mates who spend money like there’s no tomorrow. Maybe they make more money than you do, or maybe they, like you, have debts that are weighing them down. Don’t be afraid to say no to the new money-wasting scheme. Joining cheaper events such as reading clubs, hiking parties, cooking lessons, and so on will help you make new friends. You’ll be in with a better crowd in no time.
7. You live with the wrong person
You’re scared to put your foot down after so many years because your partner is a spender. But why should a spender make financial decisions? It is illogical! Take control. Cancel the joint credit cards and close the joint account. Okay, you didn’t fall for anyone because of their spending habits, but come on! Can you serve as a donkey for the rest of your life for nothing? Sit down with your partner and agree on the way forward. The earlier you iron out these issues the better.
Conclusion
I do hope you have enjoyed reading 7 reasons you have nothing in your bank account.
Have you seen the reason you have nothing on your bank account? Am sure there are many other reasons. The earlier you realize this and work towards realizing your financial freedom the better. Start by making daily small changes in your life and you will surely
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