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7 Reasons Why There Is Never Enough Money

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It’s no secret that many people struggle to save money. The fact is, there are people making 6-figure incomes and living paycheck-to-paycheck while other people are making $30,000 a year and have a healthy savings account. It has nothing to do with how much you make and everything to do with how you spend what you have. Here are 7 great reasons why you never have enough money and what you can do to change that.


1) You Have Too Many Bills

Monthly recurring expenses can quickly eat away at your budget. Of course, every household has a few basic bills, such as electric, rent, and other utilities. But once your lifestyle starts to inflate, you may find you have more and more monthly bills.

Even little bills, such as the monthly cost of a streaming service, it might not seem like much money at the time. But soon enough, you can find you have multiple $20 monthly bills for various services. All of the sudden, you may find yourself wondering where your money went.

Evaluate your monthly bills regularly, and decide whether or not you really need to keep that specific service. Here are a few examples of monthly bills:

  • Cable
  • Magazines
  • Debt from financed purchases
  • Car payments
  • Makeup or beauty subscription services
  • Gym memberships
  • Spa memberships
  • Food delivery services
  • Cleaning services

The best part of evaluating your bills? If you can even cut out one subscription, you don’t just save money each month. Say you decided to cancel a $20 per month streaming service you don’t use very much – that’s $240 per year!


2) You Shop Without Thinking

Do you find yourself frequently going to a store to buy just one or two things and come home with several bags? If so, you’re doing too much impulse buying.

A great deal is only a great deal if it’s something you really needed anyway and would have paid full price for. Next time you need to shop for something, take just enough cash to cover your purchase and commit to only spending the cash you have on-hand.


3) You Spend More Money Than You Make

Constantly find yourself cutting it close, or going over your budget? if you are spending more money than you make each month, you risk going into debt. Look for ways to reduce your spending, such as evaluating your grocery budget and your utility bills. And, if you still don’t have enough, it may be time to think about getting a part-time job or starting a side business to generate some additional income for savings.


4) You Are Buying Stuff You Don’t Need

We’re all guilty of impulse buying items periodically. And while a one-time impulse buy or treat won’t break the bank, the issue is it’s easy for these types of expenses to become more and more frequent. For instance do you really need to eat lunch out every day? Or, can you cut back to eating out one day a week and pack your lunch t he remainder of the days? It may only save you a few dollars, but overtime, it can greatly bolster your savings.


5) You Aren’t Paying Yourself First

There are always ways you can spend your money. One common mistake people make is they never pay themselves first. And if they do sock away money into savings, they only save the amount of money they have left over. In short, they pay everyone else first.

You need to pay yourself first, even if it’s only a few dollars out of each paycheck. Your savings account is the thing that will rescue you in a financial emergency or support you in retirement. These are the things that matter long-term, so don’t forget to prioritize your own future!


6) You Aren’t Tracking Where Your Money is Going

Do you feel like your money just simply disappears? Then it’s time to create a budget. Take a look at your expenses, everywhere you spent money, for the last three months to create a realistic budget of where your money goes. Once you have this written down, you’ll be able to identify areas where you can cut back or even eliminate.


7) You Aren’t Fully Committed

If you’re really determined to save, you have to learn to say no. There are plenty of ways to cut back if you just look for them.

If you feel like you never have enough money and no matter what you do you can’t seem to put anything into savings, then it’s time to get real about your money situation. There is always a way, you just have to be willing to give some things up and commit to a better financial future for yourself.

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