DoctorMoney

A few years ago, I was what you would consider normal. I had a decent job, a nice little one-bedroom apartment, a car payment, a couple credit cards, and some student loan debt. I had a beautiful girlfriend (that is now my wife), with whom I was dining out almost every night. On the surface, I appeared to have it all together. But like most people, I was broke. I was living paycheck to paycheck, unprepared for any kind of financial emergency, and living beyond my means (or at least, right up to the very edge of my means). So, if you’re wondering why most people are broke, you’ve come to the right place. I lived that life, so I know exactly what causes it. More importantly, I turned my financial life around by doing the exact opposite. And you can too. What follows are 10 reasons why most people are broke. And if you don’t want to be like most people, all you have to do is avoid these financial mistakes. Let’s dive in. 10 Reasons Why Most People Are Broke (Avoid These Financial Mistakes...

General Savings Tips 1. An emergency fund is a must. Chances are you’ve already been told that you need an emergency fund somewhere in the ballpark of three to six months of your income. Yikes! Overwhelming, right? At America Saves, our motto is ‘Start Small. Think Big.’ In keeping with that, we recommend starting with an emergency fund savings goal of just $500. Learn more about emergency funds here. 2. Establish your budget. The best way to jumpstart establishing a budget is to realize your spending habits. On the first day of a new month, get a receipt for everything you purchase throughout the month. Stack the receipts into categories like restaurants, groceries, and personal care. At the end of the month you will be able to clearly see where your money is going. Additionally, your bank or credit union may have this as an online-banking feature. Seeing what you spend in total on food, shopping, etc. can be humbling! 3. Budget with cash and envelopes. If you have trouble with oversp...