We all know the struggle well – even though we may have a steady job with a good salary, we still find ourselves living paycheck to paycheck. Why are we so broke?! If checking your bank account status sends you into a hysterical fit, you may need to make a few changes in your spending habits. Luckily it’s not impossible – it’s just going to take some tough love and the ability to put down the credit cards.
First and foremost, as the video above states, it’s time to stop comparing yourself to everyone. Oh cool, Jack got a new iPhone so I too must get a new iPhone or else I’m behind with the times! Yeah no, is it really worth going into more debt just to be able to take a selfie with a high definition phone camera?
Buy what you can afford and if that new iPhone is really something that you want, budget for it. Start by putting just a few dollars back with each paycheck you get. Those few dollars will begin to build up and overtime that iPhone dream becomes a reality.
Also it may be time to stop paying the minimum payments on your credit cards. Interest builds up fast! What starts out as a manageable debt to the company can quickly turn into something that gets out of hand. If you can afford to pay more than the minimum – do it!
Instead of spending 5 bucks on a Starbucks coffee every morning, why not invest that money in a ROTH fund? Start off slow and that money will increase overtime.
Everyone goes through these money issues so don’t feel ashamed if you can’t make ends meet all the time. What’s important is to make smart financial decisions to get you out of the hole and back on your feet! One day when you’re rich and famous you can laugh off your old financial problems in your new jet while flying off to Paris with Kim Kardashian.