Five Signs You’re Not Managing Your Money Well

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The following is a guest post. Enjoy! 

Five Signs You’re Not Managing Your Money Well
Denial is a funny thing. It makes us deceive ourselves so that we are protected from a difficult truth. In a way, it’s self-preservation – but when it comes to money problems, denial is a dangerous.
Not being honest with yourself about your money can perpetuate the problems you have, so sometimes it takes an outsider to point out the problems you are trying to ignore.
With that in mind, here are five signs that you aren’t managing your money as carefully as you could be, and what you can do to turn the situation around.
1) You’re paying off your credit card debts, but the balance isn’t going down.
If you’re battling to pay off a credit card, but the balance seems to stay roughly the same no matter how much you pay, then you need to look at some options to clear the debt quicker.
Chances are; the rate of interest carried by the card is not very competitive. You might want to look transferring the balance to a card with a more competitive rate so you can pay it off quicker.
It might seem counter-intuitive to take on another credit card, but in the long run it’ll see you better off. You can compare credit cards, their rates and benefits online to make sure you get the best deal for your circumstances.
2) You panic when met with an unexpected expense.
If an expense you hadn’t accounted for sends you into full-tilt panic mode because you don’t know how you are going to afford to it, then you aren’t managing your money wisely.
Imagine your car suffers a major fault and you have to take it off the road for repairs. Do you have money in savings for just such an occasion? You should have!
Some experts advise having the equivalent of three-six months’ salary in an emergency savings account to help you pay for things like this. What’s worse: being a little out of pocket each month to pay into savings, or massively out of pocket when you have to pay for something big out of monthly pay check?
3) You worry about special occasions. 
Birthdays, weddings and holidays should be a source of joy and something we want to spend our money on. If you feel like a special occasion could tip you off the financial tight-rope you are walking, then you’re not managing your money well.
Of course a savings account could help pay for these kinds of things, but planning ahead is also helpful. If you need to buy a birthday present in June, start thinking about it in March or April, so you can spread the cost.
4) You can’t have the things you want.
You can’t always have everything you want, and sometimes the things you think you want, you don’t actually need, but if you work hard for your money you deserve to treat yourself once in a while.
Not being able to get the things you want takes one of the little joys out of life, and if you manage your money a bit more carefully, you’ll be able to afford them.
5) You feel guilty when you do spend.
Some of us beat ourselves up more than others when we indulge ourselves, and if you know that you can’t really afford to buy something then the burden of guilt can feel even greater.
Managing your money more carefully with proper budgeting, savings and savvy spending can help to put you in a less guilt-ridden position.

How about you all? Are you managing your money as well as you want to be? If not, have you ever felt any of these signs? 

Share your experiences by commenting below!

Jacob’s Thoughts – Listed below are my random thoughts as I was reading this article.

  • @ Taking on another credit card for a low interest rate balance transfer – Another good idea to try to reduce your credit card interest rate is to simply call your credit card company and ask for a reduced interest rate.
  • @ Planning for spending involved with special occasions – If I know that certain expenses will be incurred throughout the year, I set up automatic transfers from my checking account to savings account so that I make sure to have the required amounts when needed.

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