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Why Am I So Poor? 8 Reasons You’re Not Being Smart With Your Money

Why Am I So Poor? 8 Reasons You’re Not Being Smart With Your Money
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Why Am I So Poor? 8 Reasons You’re Not Being Smart With Your Money

Why am I so poor? I budget. I plan. I coupon. Yet, every month I have less and less in my bank account. Why???? If this sounds like you, keep reading to learn 8 reasons why you’re not being as smart with your money as you think. These will boggle your mind! Keep reading…

1.) You are paying retail

Ok, so what does this mean. Well, did you know you can get almost ANYTHING at discount or wholesale prices? Yes, it’s true. Does it mean it’s convenient? Maybe not always but that convenience will pay by padding your bank account at the end of the month. Here are some ways to stop paying retail.

  • Shop online: Amazon! Hint, hint. You can save TONS with Amazon’s online shopping deals. By the way, if you aren’t a Prime member, the benefits are too crazy amazing and long to explain here but the affordable annual fee makes it SO WORTH IT! I mean free one day and two day shipping, among other perks. Grab it!
  • Shop in bulk: If you aren’t doing this, you are MISSING OUT! So serious on this one. Do you know I pay the same price for a 30 roll of toilet paper at a bulk store as I do for a 12 roll at a typical grocery store. Crazy, right? Plus, 30 rolls! Come on! Those babies last us months and months. Other savings: bakery goods are way cheaper, paper towels, pet food, produce, anything frozen, etc. Examples of bulk stores: Costco.
  • Use cashback apps: One of the absolute best apps is Ibotta – The best thing about the app is you get your cashback right away and the savings tend to always be much more than just using coupons. (Plus you get $10 just for signing up!) Click here to sign up for Ibotta through my special link and claim your $10 welcome bonus!

2.) You are couponing the WRONG way

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Ok, so couponing is cool. You’re off to a good start. But, are you doing it the right way?

Have you ever seen those couponing shows? Where the stay at home mom takes 3 grocery carts full of food to the checkout and pays $2.47 for it all. You kinda have to have that mindset.

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You are shopping according to the coupons, not to your menu or meal plan. This takes some dedication because you are no longer having spaghetti Tuesdays if those meal ingredients are not on your coupons. That’s the first thing.

Next, you gotta have a LOT of coupons. You can get most for free. There are some paid subscriptions that get you more coupons. You can graduate to that level in the future once you have the hang of the basics. Paying for coupons? Yes, it can make sense moneywise and double or triple your savings in some cases.

Ok, so check out these blogs on couponing. Study them. Learn. Take all you can so you can start couponing the right way.

My Frugal Adventures

3.) You aren’t educated about personal finance

Don’t worry, a lot of people are in this boat. Heck, the only reason I know as much as I do is because I was a banker for a decade.  I had formal training to learn about debits and credits, what an interest rate is, how to budget, etc.

It’s really hard if you have no idea what you’re doing. So, educate yourself. There are a ton of free courses out there to help you. There are even more blogs to help out.

Some favorites:

4.) You don’t pay yourself first

What does this mean? Before you pay anything else with your paycheck. Pay YOURSELF! This means stash away some money in savings. This is a good way to build up a nest egg and really grow your savings account. It’s easy if you have direct deposit. A lot of employers allow you to split your direct deposit into multiple accounts. Allocate an amount (any amount you wish) to go to savings, and the rest to checking. This way you never see the money to be tempted to spend it. It completely takes things off your hands.

5.) Why am I so poor? You think in the NOW instead of in the future

It can be tempting. You have a big vacation you want to go on. You see an awesome TV you’d like to welcome as a new member of your family. You want to splurge. You want to treat your spouse or get your child an amazing gift. You want to throw a huge party or celebration. You want a new car.

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These are all NOW wants. You need to think of FUTURE needs. Examples:

  • Your car breaks down. Do you have money saved to pay for repairs?
  • Your A/C goes out. Can you pay a repairman?
  • You get a flat tire and need to replace it.
  • There’s a death in the family and you need to travel to attend a funeral.

These are all real world examples that are very possible. Almost all of them have happened to me. Did I stress? Heck no. Why? I had a savings account to handle those expenses. I mean, it’s stressful enough to deal with a home repair or death in the family. Imagine if you could not handle it financially. More stress!

Create an emergency savings fund. Put aside at least 6-12 months of monthly income. More is better.

6.) You’re spending too much on your car

How does this happen? Do you have a newer car? Do you have a truck or SUV? Are you car payments more than 10% of your monthly take home pay?

It’s called refinancing. And, you can usually do it at any point in time with no penalties (with most banks). Look at lowering your payment and interest rate or paying off your car loan early with an auto refinance.


Your car is financed on an auto loan at 8% and your monthly payments are $450

You can refinance with another bank on a new auto loan at 4% and a monthly payment of $250

That’s a savings of $200! Let me repeat. $200 saved PER MONTH! This is golden!

Take a look and shop local banks to see what offers are out there.

7.) You’re spending too much on housing

So you live in a fancy apartment complex with valet trash pickup, fancy amenities, a 2 bedroom apartment with granite and marble and all the bells and whistles. Your rent is $1800/month. Ouch!

It’s called living within your means. Can you afford it? Sure. But then you ask yourself: why am I so broke?

Because you are living in an apartment that is 50% (or more) of monthly take home pay and you feel house poor. Is your place nice? Sure. But, are you broke or do you feel broke? yes.

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If you look around, you’d be surprised at deals you can find for a more standard housing complex, maybe with less amenities but similar in size at a fraction of your current rent. Shop around!

8.) You invest in stuff instead of yourself

Go back to school! Get formalized training or certificates. This could mean a promotion in your future. Higher pay. More job opportunity. Make you better at your current job.

Is the saying true, it takes money to make money? Absolutely!

It doesn’t have to be formal education!

I have invested a lot of money in starting a blog. I have bought countless courses, some of which are priced in the $200’s (best ones Making Sense of Affiliate Marketing and Pinterest Traffic Avalanche), and although at the time I didn’t know whether or not those courses would be worth it, I assure you, they were a far better investment than a new dress or a pair of shoes.

These courses have allowed me to make more money. 

You want to adopt a different mentality about money. I like to think of my money like my little explorers. Where I send them off into the world and they return with more money.

A pair of brand new shoes will feel good in the moment, but you’ll continue down the spiral of living paycheck-to-paycheck, or worse debt.

So whether its a formal education or a blogging course, always find ways to invest in yourself and not in things.

There you have it

Whew! 8 reasons why you are so poor. Hopefully these reasons make sense and you can apply some of the tips and tricks in your life. Comment below to share your thoughts. Anxious to hear what you think!

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1 thought on “Why Am I So Poor? 8 Reasons You’re Not Being Smart With Your Money”

  • Thanks so much for sharing these things, I really wish there were more outlets of educating on finances because I know as a young adult I definitely suck at it and would love to do better. So I enjoyed reading this and have taken some tips I can put into play

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