Why am I always skint? 5 things to change now to break the pattern
Why am I always Skint?
Are you always feeling like you’re running low on funds, no matter how much money you make?
Do you struggle to save money, even though you know you should?
You might be skint all the time because you don’t have clarity on your goals, you’re spending more money than you earn, not budgeting properly, not earning enough money, or you’re not managing your finances that well.
However, you’re not alone. Millions of people find themselves in the same boat every month, wondering where all their money went.
But there is hope. In this post, we’ll explore some of the reasons why people are chronically skint, and we’ll also offer some solutions on how to break the cycle.
So read on for tips that can help you get your finances in order and start building a savings account that will give you peace of mind.
You may not have clarity on your goals
When it comes to managing your finances, it’s important to have clarity on your goals.
If you don’t know where you are trying to get to, who knows where you will end up.
Just wanting to be richer is not a clear goal; if you find 1$£ on the floor, you are now richer!
Without clear goals, it can be difficult to make progress financially. When you’re not sure what you want to achieve, it’s easy to get side-tracked and spend money unnecessarily.
Tips for setting clear financial goals:
– Figure out what you want to achieve in the core areas of your life, health, wealth and happiness
– Make a plan for what you want your life to look like
– Set a timeframe
– Track your progress review and adjust as necessary.
Having clear goals is important because it gives you direction and helps you stay on track.
You’re less likely to overspend or make other financial mistakes when you know what you want to achieve. So, take some time to figure out your goals and then put a plan in place to help you achieve them!
What financial goals should you set?
This will be specific to you and your circumstances, but some good options include saving for:
- An emergency fund of at least 3-6 months living costs
- investing to make work optional one day
- Getting out of debt.
- A house deposit.
- Improving your skills and qualifications
- Start-up capital for a business
- That round the world trip
Choosing goals that are important to you and that you’re motivated to achieve in the short, medium and long term is important.
You may be spending too much money on unnecessary things
If you are skint all the time, it probably means you live beyond your means.
If you always spend more than you earn, you will have to work for money FOREVER.
Creating that gap between income and outgoings is vital to stop being skint all the time.
There are a few things you can do to help you live within your means:
Track your spending to know where all your money is going.
– Make a budget – so you are setting where you want your money to go
– Prioritize your expenses – be clear on the difference between your wants and needs
– Cut down on unnecessary expenses – get rid of all expenses that are providing poor value to you or are actually a waste of your money right now.
You may not be earning enough money
Another factor is that you might not be earning enough for what life is currently costing you
If you’re not earning enough money, it can be difficult to keep up with your expenses and save for your future.
Increasing your earning power is going to be one of the most powerful ways to move you away from always being broke.
You could
-Ask for more money – but you will need to prove why you are worth it.
-look for a better-paid job
Improve your skills, experience, and qualifications to improve your earning power.
Here are a few more things you can do to earn extra money:
– Get a part-time job
– Sell items you no longer need online or at a garage sale.
– Do odd jobs for people in your community
– Invest in a side hustle, something you are good at, like doing, the world needs and people will pay you for.
All of these and many more can help you to increase your earnings.
You may not be managing your finances well
When it comes to having or not having much money, it comes down to the way you manage your money.
This means making sure you’re not spending more than you earn, going into debt, or wasting money on unnecessary things. If you want to get ahead financially, you need to be good with your money.
Here are a few ideas for managing your money better:
– Make a budget and stick to it. This will help you track your spending and ensure you’re not overspending.
– Invest in yourself. Take some time to learn about personal finance and investing. The more you know, the better equipped you’ll be to make smart financial decisions.
– Live below your means. Don’t try to keep up with the Joneses. Spend only what you can afford and save the rest.
– Make a plan. Set financial goals and work towards them. Having a plan will help you stay on track and reach your goals.
– Be disciplined. Discipline is key when it comes to managing your finances. Stay focused, and don’t let yourself get off track.
The way you manage your money will be the key to building wealth over the long term or staying broke forever. It’s your choice.
You may have some bad financial habits
Your money habits are going to be one of the biggest reasons you are skint all the time.
Behaviour is a far greater part of becoming wealthy or staying skint than technical knowledge.
You can be very clever but spend all your money all the time = skint
You can have average intelligence but have good money habits = wealthy in the long run
Here are a few bad financial habits to avoid :
– Spending more than you earn
– Not budgeting properly
– Going into debt for things that will lose money over time
– Wasting money on unnecessary things to impress people you don’t really like
– Not saving enough money
– comparing yourself to others and trying to live their lifestyle
– shopping for fun, whether online or in real life
– chasing the latest shiny thing or investment
If you can break these bad financial habits and start following some good ones, you’ll be on your way to financial stability in no time!
FAQ Why am I always skint
Q: How can I stop being so skint all the time?
A: Start by budgeting your spending, finding ways to earn more money, and thinking long term with your finances. Consider what bad financial habits you may have that are keeping you down and that need to change to help you start living the life you want!
Q: What is the best way to start getting my finances on track?
A: Start by making a goal, budgeting properly, and earning more money. Manage your finances better and break the bad habits that keep you down.
Q: Why is it important to have clarity on my goals?
A: Clarity on your goals is important when it comes to finances because it will help you stay focused and motivated. Knowing what you want will make it easier to make a plan and stick to it.
Q: What are some bad financial habits that I should avoid?
A: Some bad financial habits to avoid are spending too much money on unnecessary things, not budgeting properly, not earning enough money, not managing your finances well, and borrowing money excessively.
Q: Where can I get help with my finances?
A: You can contact us and join our mailing list to help with your finances. We can help you manage your money better and design a plan for financial freedom asap.
Conclusion: Why I am I ways skint?
So, you want to stop being so skint?
The most important thing is to start with a goal in mind – without clarity on what you want, it will be difficult to achieve it.
Once you know where you’re going, budgeting becomes much easier; figure out what expenses are necessary and which ones can be trimmed down or eliminated altogether.
Earning more money is always a plus, so make sure to check out our tips for doing just that. And once you have extra cash flow coming in each month, put it towards savings or investments that will secure your financial future.
Lastly, manage your money better and send it to where you want it to go before any bad financial habits steal it away from you.
Sign up to our mailing list below if you would like more information and guidance on designing your favourite financial future.
Photo by Jp Valery on Unsplash
