If you still wonder why you have to borrow money before payday, one of these five reasons might be responsible for the reason.
Have you ever asked yourself why your earnings never see you through the month end or why borrowing from colleagues every month has become a thing?
If you've always found yourself borrowing from friends and colleagues before payday, you've got to start paying attention to how you spend your money.
You might argue that your salary is not enough to take care of your financial responsibilities, but sometimes, your financial habits could be responsible for the reason why your income doesn't see you through the end of another month.
So, here are a few reasons why you get completely broke few days before payday.
1. Not having a monthly budget.
Having a budget every time you receive your salary does not make you a sucker, neither does it make you stingy. It only means you are spending your money wisely
2. Spending money before you have it
Spending your money before you have it is one of the major reasons people run out of cash before month end. Failure to plan your spending will prompt you to spend your money anyhow and before you know it, you are broke again.
3. Impulse buying
This has been identified as one the habits that lead people to a series of dangerous spending behaviours such as unplanned and poor purchasing decision.
If what you buy is dictated by impulse, your income may not take you through month end, let alone having something to save. You need to stop this to improve your spending and saving habits.
4. Living a fake life
The fear of what people think about you can make one make wrong financial decisions. In a bid to impress people, someone can go as far as buying things they do not need.
5. Becoming too generous
Being generous is good but you don't have to take it too far, especially when your income does not agree with your level of generosity.