How many times have you found yourself scrolling through your Facebook feed and seeing your high school batchmate's status update about her new car/designer bag/condo, while thinking how you can't even make it until the next payday? If it happens far too often, consider it a wake-up call. There are many reasons why you are not the one who's making all those status updates, and here are four of them:
1. You spend too much money. The truth: You live way beyond your means. Learn how to budget your money. Spend only for what you need, not what you want.
2. You don’t have a plan. There’s a saying that goes "those who fail to plan, plan to fail." If you don't have a specific financial goal, say, P300,000 by the end of the year, you'll keep coming up with excuses to spend. Seek the help of a financial advisor to help you set and meet your goals. Thinking ahead also changes the way you spend your salary. With money on your mind, you're less likely to spend frivolously.
3. You have bad habits. Most people have bad spending habits that get in the way of a healthy savings account. One major culprit: retail therapy. Although retail therapy is said to reduce lingering sadness, constant shopping can also lead to getting you into a mountain of debt.
4. You keep swiping your credit card. No cash, no worries? Not exactly. Having a credit card can come in handy at times, but it also makes you less aware about how much you're spending. If you have a credit card, remember to use it responsibly–make sure to pay on time.
For more reasons why you're still not rich, visit FemaleNetwork.com!