We all do our monthly budgets on how we are going to spend our money but somehow there isn’t any headway. What could possibly be happening that’s not making this budgeting work?
It’s not your village people at all. You could just be living above your means without realizing it. We’d be looking at 5 signs that show you’re living above your budget.
Here’s how to know that you’re living above your means:
- You’re saving less than 10% of your salary
No matter how small your salary may be, it is only advisable you save at least 10% of your salary. It might seem unrealistic but believe me it is possible and very realistic. You can do it Sis!!
- You would be in hot pepper soup if you lost your job right away
Knowing at the back of your mind that you don’t have any money kept somewhere would cause a fright if you were to lose your job. It is recommended by experts that we save at least 6 months of our living expenses. Having an emergency fund kept somewhere makes you more confident about life. Start today!
- You don’t like to look at your bank account
This is one most of us can relate to, once you don’t want to look at your bank account because you know that financially you are wearing yourself out and the money left isn’t enough for your living expenses. Re-consider your decisions.
- You rationalize expenditure
When it comes to time to spend money, that’s where you begin to convince yourself to spend your money even though something deep down tells you not to. DON’T DO IT SIS!
- You live from paycheck to paycheck
Once a new month comes, the salary is gone and next thing is from one loan to another. You are living above your means sister and you need to re-strategize your spending habits.
If this sounds like your life right now, you need to go back to the drawing board and start budgeting ASAP and that would do good to your financial standing.