The (Ridiculous) Reasons You Are Broke, And What To Do About Them!

No one likes having an empty wallet, being in loads of debt, or continually going into their overdraft. However, despite the icky feeling we get when we are in debt, many of us find ourselves in this very position more often than we’d like. Happily, if we identify the reason we are struggling with our finances and address them, we can start to rectify this situation. Something you can find out more about how to do in the post below.

Spending gives you a thrill.

Now, many of us see shopping as a kind of leisure activity, and of course, there is nothing wrong with heading out for a day of retail therapy now and again and treating ourselves when we have the money to spare. However, some folks get such a high from making a purchase and spending money that the can develop what is known as a shopping addiction.

Now, a compulsive shopping habit is lousy news for both your mental health and your bank balance, and it can often be the reason why you find yourself broke so often. Luckily, it is a condition that is being recognised formally more now, and that means there is professional help available for those suffering from it.

Although, do remember that you can also take some actions to help yourself too by closing down you store cards, as well as examining your life to see what this addiction may be masking.

You haven’t claimed back the money you are owed.

It indeed is ridiculous to end up broke and in debt because you are missing out on money that you are owed by someone else. Unfortunately, this is often the case for many people, and it can be a significant contributing factor to being in debt.

In particular, people that have been injured and then have suffered a loss of earning, and had to pay for additional medical care can find themselves paying for things out of their pocket. Of course, if the injury was as a result of someone else’s negligence, then this seems hardly fair.

Luckily, there is a simple way of dealing with this and its by consulting professionals like The Specter Partnership for their advice on whether you have a legal case. Something that can lead to you being awarded compensation that can help you to write off your debt.

Budgeting is not your strong suit.

Lastly, something that may be keeping you in debt is that you aren’t too good at budgeting. After all, we can’t all be maths geniuses.

However, it is a bit silly to be in debt for this reason in 2018, because there are so many simple budgeting apps out there that can help you do this. In fact, some are even provided by banks themselves, and as they are in your pocket wherever you go, such apps can seriously help you to get a better grasp of your finances and not to end up broke as soon as you get paid.