So many of us are aimlessly going through this life without a care in the world. We are “just going with the flow” and wherever life decides to take us, that’s where we’ll be. Imagine floating in a river, with a strong current just taking control of you. You have no control, but that current has a strong hold on you. That’s how it is when you’re money is taking control of you. You have no idea where it’s going or where it’s leading you; but all you know is, it is in control, and not you! Let us tell you, that is not the way to live. There are some warning signs that it’s time to take control of your money.
Here are 10 warning signs that you should look out for:
1.) Using your credit card as means to get by
Using your credit card just to make ends meet is a sign that you need to re-evaluate your financial condition. If you have to use your credit card to buy groceries because you can’t afford it with your income, it’s time to change your financial situation. It’s time to live within your means, or increase your income. In addition, if you’re struggling to make the minimum payments on your credit card as you still use it, then you know it’s time to make a change for the better.
2.) Paying excessive overdraft fees and you’re fine with it
Overdraft fees are a true killer of getting ahead. The average overdraft fee is $29 and when you are excessively getting hit with overdraft fees, they can really add up. When you are spending money from an account that has NO MONEY, that is a problem. You’re thinking, “well, I need gas and I only have a $1.00 in the account, but I get paid in 2 days. I’ll just get hit with an overdraft fee.” A lot of people think this way. Quit ignoring your bank account and pay attention to your statements. Have a budget and stick to it.
3.) Paying high interest on your credit cards
When you are only making the minimum payments on your credit card with a ridiculously high interest rate and you’re fine with it, that can be a problem. The banks love people that make only minimum payments on the credit cards. Why? because they are collecting interest off you; they’re earning a profit and they’re winning. You on the other hand, are suffering because it’s taking you longer to pay off debt and it’s increasing the amount you owe (especially when you keep adding on to the credit card) to the issuer making you the loser. Be a winner and take control of your money. If you need to cut the credit card up, do it. You’re only hurting yourself when you’re making the minimum payment.
4.) You absolutely have no money saved for an emergency
Life can happen at any time. It can be a job loss, a serious illness, medical expense, etc and you have nothing saved when this does happen. It’s so important to have an emergency fund.
5.) You’re spending money just to fill a void
Sometimes you spend money because you had a bad day. You may feel the only way to make you happy is to spend, but that purchase may only give you a high for a few minutes. Unfortunately the cycle will continue. People have spending addictions and it’s a behavioral problem. It can be changed once you identify it, so let’s get this problem solved.
6.) You and your spouse are not on the same page about money
It’s so important that you and your spouse are on the same page when it comes to finances. When you two are on different pages, it makes it that much harder to stay in control of your money. Be on the same page always. That is the key to a high quality marriage and relationship.
7.) You have no retirement savings for your future self
You are working a 40 hour work week, possibly more, and you have nothing to show for your days put in at work. Don’t work 8 hours a day for someone else and not pay yourself a dime. It’s important to take care of your future self.
8.) You avoid phone calls
At all costs, you avoid answering phone calls because you expect it to be debt collector. When you have past due accounts, it can be a fear that you can no longer make payments to them.
9.) You are living in fear of an unexpected expense
A true tale tell sign that you need to take back the control of your finances is when you get the credit card bill and you are absolutely scared to look at the bill statement. You are so scared that you continue to ignore the bill because you are mortified wondering if you can even afford to make the payment.
10.) You lean on alcohol or other substances to escape reality
If you have to resort to drinking or using any other substance to escape your reality, it is time to get help. This is a huge warning sign that it is time to make a change in your behavior and in your finances.
The best way to take control of your finances is deciding to take control! You have to be able to change your behavior with money! It takes 21 days to form a new habit, so form a habit to stick to a budget and save. When you decide to take control of your money, you are taking back the control of your life!
Taking control of your money results to increased happiness, joy, peace, less stress, and more gratitude. Who doesn’t want all these things for themselves? When we think of taking control of our money, we think of all the possibilities for our life.
You are in the driver seat and you can choose what direction you want to go! No one else! You have to make the decision to change and it’s time to create a solution for the problem. It’s time to take back the control of our money!! Who’s ready?!