Getting into debt is easy. It can even be quite fun indulging the latest tech gadget, or a stylish new wardrobe. However, a person in the average income range may get into trouble trying to keep up with the Kardashians. After working hard all week long, it’s easy for some people to justify straying from their budget (if they even have one!). That’s a simple way to easily go broke. One of the most common reasons average income people go broke is they simply don’t make enough money to cover their expenses, whether it’s necessities or otherwise. Here are nine reasons an average person can quickly go broke!
1) You Can’t Afford Your Lifestyle
Over spending is one of the fastest ways to go broke. Especially today, when we are bombarded by advertising from all angles. Advertising placed on television, the internet, and social media, is specifically designed to get you to spend money. All your friends have the latest iPhone, so why shouldn’t you?! Even those on a strict diet of feeding their paycheck to monthly bills can often justify one more credit card charge. Or, putting off paying a bill until next month. These are easy habits to fall into, hard to break, and even harder to recover from when you just don’t have the income to back it up. Keeping up with the Kardashians is expensive. So, when you come across that one item you just need to have, save up for it and pay in cash. It can be much more satisfying knowing it’s paid for.
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