Top Signs You Are Living Beyond Your Means
As we all know, life is expensive. But often we contribute to the situation by spending what we don’t have or spending when we know can’t afford it. Recognizing the signs of living beyond what you can afford is the first step in fixing the problem.
Here are a few of the most common signs:
Living pay cheque to pay cheque
- If you are counting the hours before your pay is deposited, this is a problem. Being that reliant on a pay creates stress and anxiety.
Living in overdraft
- If your bank balance is only positive when you get paid and the rest of the month it sits in overdraft, this means that you have overspent an additional $500 or $1000 (whatever the bank grants as an overdraft on the bank account). It’s very difficult to get out of overdraft once this cycle begins.
Zero savings
- If you are unable to save, this means that everything you are earning is going out the door each month.
Making minimum payments on debts (or not at all)
- When you can only make the bare minimum on debt payments or you miss payments frequently, this means you are over-extended.
Financial scheming
- If you are considering a high interest loan, payday lenders or scheming how to pay one debt but not others, this is a signal all is not well.
Collection calls / notices
- If you are getting notices or collection calls from creditors, it’s an indication things are getting out of hand.
Losing sleep over money worries
- If you lie awake most nights worrying about money rather than getting your zzz’s, there is an issue.