Feeling like you’re so bad with money?
If your household was very tight-fisted when you were growing up, or if you live with a partner who never talks about money or plans for the future, you may be seeing the effects of that now.
You may feel a deep sense of shame and anxiety when it comes to handling finances that you simply can’t seem to shake.
Let’s explore how and why you may struggle so much and explore how to overcome the struggle. Read on to answer “Why am I so bad with money”.
1. You’re an Impulse Spender
Impulse spending can be difficult to contain when something looks appealing or even just because it appears on sale. You might also have a hard time saying no when a friend or family asks you to buy something for them.
Learning how to manage your spending and create a budget is fundamental in helping you break the cycle of impulse spending.
2. You’re Unprepared or Lazy
If you are bad with money, it is possible that you are either unprepared or lazy. When you are unprepared, it is easy to make mistakes that can cost you a lot of money. It can also cause you to miss out on opportunities that could save you money in the long run.
On the other hand, if you are lazy with your finances, you are likely avoiding tasks that can help you have better control of your finances. These tasks can include budgeting, researching investment options, and tracking spending.
3. Fear of Repeating the Past
Fear of repeating the past can be a major blocker when it comes to being successful with money. We all have financial issues in our past that can cause us to worry and give us a profound sense of insecurity when it comes to our financial future.
We might fear taking a risk or engaging in new opportunities due to fear of making the same mistakes or suffering the same consequences that we experienced in the past. It is important to stay focused on the end goal, to remain positive, and to take control of our financial future, one day at a time.
4. You Had No Money Role Models
It is possible that having no money role models in your life growing up might be one of the reasons why you are so bad with money today. Money is abstract and complicated, and without someone experienced to show you how to navigate financial responsibilities, it can be difficult to understand properly.
You may not have been taught how to budget, invest, and save effectively or to use credit and debt responsibly. Without someone showing you the ropes, you may not have the necessary knowledge or strategies to handle money well. See these financial tools to help you with money management.
Why Am I So Bad With Money Explained
So, why am I so bad with money? Money management can be challenging for many people. To become better with money, one must focus on gaining knowledge about saving and investing, creating a budget, and spending wisely.