Payday loans: Signs that you might be broke - Farah Atelier


Friday, September 7, 2018

Payday loans: Signs that you might be broke

Everyone has been broke some point of their lives. It’s hard to get to straighten out our financial lives. It can be a huge step to finally be okay with your finances and figure out how you will handle them. That’s why everyone has been broke. But there are some who still have no idea that they are bad with money. There’s nothing wrong with being broke but there are tons of things problematic with someone who is super oblivious to the fact that they are indeed broke. Here are some signs that you might need to reevaluate your finances.

You’re living paycheck to paycheck

If you’re spending every dollar you take home, you are, by definition, broke. If there’s no room for savings then you are obviously in a bad spot. More than 75% of Americans are living paycheck to paycheck (with little to no savings), which means that, right off the bat, at least three-quarters of us are impecunious.

You aren’t saving for the future

We know, we know: you’ll start saving “tomorrow.” But of course tomorrow never comes, because tomorrow will be today tomorrow, and tomorrow’s tomorrow will never be today. Ergo, begin today. Your life literally depends on it.

Check your bank account before making any large purchase

And by large purchase I mean anything over $100. You could be in line at Foot Locker buying $125 sneakers and you’re 100% opening up the Chase app on your phone to make sure you’ve got enough in there so the high school kid behind the counter doesn’t embarrass you in front of all the other high school kids in the store.

Your relationships are suffering

Too often we forsake the most important people in our lives in search of money or ephemeral pleasures. We believe that our loved ones will always be around or that “they’ll understand.” But when you’re careless with something for long enough, it breaks.

You treat expensive things as a personal investment

Your $200 shoes may be three years old, but you’d never know it by how well you take care of them. Also, why spend stupid amounts of money when you can show up everybody by rocking clothes from Goodwill or Saturday morning garage sales?

You don’t contribute as much as you’d like

Your worth isn’t determined by your net worth: real worth comes from contributing beyond yourself in a meaningful way. It was MLK who said, “Life’s most persistent and urgent question is: what are you doing for others?” Giving is living, and it’s much easier to give when you’re no longer worried about money.

You use credit card for every day expenses

You’re at risk of going broke if you’re propping up your lifestyle with credit cards. As of early 2016, the average interest rate on credit cards ranged from 12 percent to 16 percent APR, according to the National Foundation for Credit Counseling.

Credit score is declining

The two biggest factors for calculating your credit score are payment history, which accounts for 35 percent of your score, and the amount of credit you’re using, which accounts for 30 percent. If your score is falling, you’re probably missing payments, using too much credit or both. And those are signs you probably don’t have money when you need it.

Relying on others financially

If you’re constantly borrowing from your family and friends, your significant other is making financial sacrifices to support your spending habits and other people have applied for Payday loans and credit for you, you’re going broke — if you aren’t broke already. 

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