You’re Not Sacrificing Enough for Financial Freedom
4 reasons why you’re not reaching your financial goals
If you want to motivate yourself to be more responsible with money and/or save up, give your money a purpose that you genuinely care about. Doing this will help sober your mind when you go to make hasty financial decisions that you previously might’ve justified with “it can’t hurt”.
Financial goals can also help in making working itself more meaningful as opposed to feeling pointless, all while giving you a reason to be less reckless with your spending.
Your first step towards identifying your personal goals is to assess and figure out what you want so you know what you’re working towards (ex; car, apartment, house, etc), and identifying how much and how long it would take to reach this goal.
You haven’t cut down on excess
There is so much to want in this day in age, especially with all these flashy gadgets and vanity items on the market. If you get too caught up in purchasing everything on your wishlist, those charges can add up extremely quickly.
Because of this, it is important to be conscious about how much money is actually leaving your wallet, and where it is being put towards.
Once you are aware of where your money is going it will become way easier to identify where you can cut down costs. Whether it's buying fewer clothes or fewer nights out in a month, be realistic about the things you need vs the things you tell yourself you need because you really want it, and cut down when necessary.
You don’t operate on a budget
About how much are your fixed monthly living expenses? If you cannot answer this question, you might be in trouble.
Budgeting is something that can be beneficial to most, if not all people unless you have an unlimited stream of money (which is highly unlikely).
The easiest way to start budgeting is separating fixed expenses from variable expenses, and then using this information to spread your money accordingly giving priority to fixed expenses first.
You don't make enough
This reason is a hard but fixable one. With some hard work, you can plant seeds to create multiple streams of income for yourself. If possible, you could also switch to a higher-paying job.
Platforms such as Medium and Youtube are a few of the many platforms that provide an avenue for users to generate some extra cash if they’re dedicated.
You have low self-esteem
Low self-esteem can show up in many ways, including your wallet. It can affect things such as productivity, due to low motivation, and spending habits if you partake in buying things for short term gratification.
If you clicked on this article in order to be better with your money I want you to realize you just took your first step, and for that, I am proud of you. Now that you are aware of some of the things that may have been holding you back you can now start making necessary changes to work towards the wallet of your dreams. Thank you for reading, and happy spending!
