Finance, Save Money, Self-Development

6 Reasons Why You’re Still Broke


There are so many excuses people make for reasons why they don’t have enough money. They don’t make enough, they can’t get a promotion, blah, blah, blah. Oftentimes, these people fail to look at their own behaviours as a reason why they don’t have enough money! There are so many reasons why you’re still broke that you don’t even think about.

I’m not saying that you being broke is 100% your fault. We’re often a victim of our circumstances and we can’t get out of our current situations for whatever reason. However, there are a few mindset changes you can make to change your financial future and get out of that paycheck to paycheck cycle! Let’s dive into 6 reasons why you’re still broke and how you can change your situation! 

6 Reasons Why You’re Still Broke

You Don’t Have Financial Goals 

Not having financial goals is the #1 reason why you’re bank account is empty. I know that sounds crazy, but it’s true. If you don’t have serious financial goals, you aren’t going to stick to anything, especially not a budget.

Budgeting is hard work and if you aren’t working towards something that you have a personal connection to, you’re going to cheat on your budget. It’s just like if you don’t have fitness goals you’re going to skip the gym more often than if you had specific goals!

What kinds of financial goals should you be making? 

  • Retirement Planning 
  • Paying Off Student Loans 
  • Saving For a Home Purchase 
  • Saving For Your Kid’s College Tuition 
  • Etc.

Learning how to use an effective budget is a great way to get a step closer to your financial goals once you’ve clearly defined them. If you start the beginning of each month with a budget outlining where you’re money is going you’re going to reach these financial goals much more quickly. When you budget there’s less of a change that you’ll make silly decisions. 

At the beginning of each year, you should take a look at where you stand currently. How? Using a net worth calculation you can see how your assets are doing compared to your liabilities and each year you can easily see how much progress you’ve made! 

You Focus Too Much on Everyone Else 

With the popularity of social media, we are focused so much on the lives of everyone around us and not on creating a life that we are proud of. If you spend your time focused on what your “friend” from high school is doing you’re never going to have money in the bank. 

Why is that? You’ll see on Instagram that this person got a pretty new watch and yours is a year old. Or you’ll see somebody else that went on a trip to Spain. This is going to increase your FOMO (fear of missing out) and you’ll never be able to save cash. 

It’s so important to live your life and ignore what everyone else is doing. Chances are that person in the cubicle next to you who just came back from Taiwan paid for it using credit and doesn’t actually have any money in the bank!

What can you do when you’re feeling like everybody is having more fun than you? Just remember, a social media feed is someone’s highlight reel not their behind the scenes. No one is ever going to show their credit card bill or their student loan payment amount on Instagram, but they will show that $2,000 trip they just went on.

Always remember that you’re playing a long game, life doesn’t end tomorrow so don’t act like it does! 


You Don’t Work Enough 

I can’t begin to explain how many times someone complains about money to me and then I realize that they’re only working 20 hours a week. If you aren’t even working 40-hours, what are you doing with all that extra time?

There are some people who right out of college are only able to get a part-time position in their field, this is a-okay! If you’re in this situation, you need to side hustle. Find a way to make a side income in addition to your 9-5 income is the best way to meet your financial goals and to not get buried in debt.

What’s my favourite side hustle? Well, blogging of course! Starting a blog is one of the best ways to build a long-term side hustle for yourself that could turn into a full-time income if you put in the time. It’s not going to be easy money, but it can be amazinif you let it be. Not convinced? I recently wrote a blog post titled 13 reasons why you should start a blog that may do a great job to convince you. 


You Party Too Much 

You’re young. I totally get that. Partying and drinking with your friends at the end of the week is a great way to blow off steam. It’s just when partying becomes a crutch that it’s dangerous. Are you relying on partying to fill some kind of void in your life? 

Partying is so expensive. Unless you’re a super hot single girl you’ll probably spend $50+ a night on just alcohol, not to mention the new outfit you needed just to go out (probably around $50 too), and the food after dancing (another $10-$20). Is one night of drinking and dancing really worth over $100? That money could be better served to pay off debt or building wealth.

If you’re not a party person, you could have another vice that is just throwing money away. Are you a smoker? Do you have a shopping addiction? There are so many bad habits that you could have that could be just as bad as partying. 


You Only Make Minimum Payments

The standard minimum payment on a credit card is calculated in a really ridiculous way. It’s the total cost of your interest & fees + $10. So if you’re paying just the minimum payment each month you’re only paying $10 toward the actual principle. 

If you’re only paying the minimum payment on your credit cards you’re going to take years and years to pay it off because you’re only putting $10 a month towards the principal! This means you’re paying them off for years and years and never making any real progress toward your real goals. Try as hard as you can to pay more than the minimums every month if you aren’t able to pay off your credit cards completely.

Need some help with credit cards? Check out this article on a bunch of credit cards rules you must be following to teach you how to properly use credit cards! 


Lots of Talk. NO ACTION!

Everybody knows a person that spends a lot of their life complaining about their financial problems but literally never makes a step toward changing anything. Are you this person? Chances are if you’re reading this post you may be. 

If you took the energy that it takes to talk about your problems and turned that into coming up with solutions you could be out of debt and making extra money in no time!

Taking action towards a goal isn’t hard, it just takes a little extra motivation and I’m here to help you every step of the way. 

If you want to stay connected to this blog in order to start taking action, please join the family by signing up for my newsletter! It’ll notify you of upcoming posts and help make sure you stay motivated. 



6 Reasons Why You're Still Broke and How to fix them


Final Thoughts 

As always, thank you so much for reading and taking some time out of your day to hang out here with me! 

If you know of any other reasons that someone may still be broke, please feel free to leave them in the comment section below! If you have any questions or want to work with me, please email me at! 

Thanks for reading,

xo Taylor 

Hey! My name is Taylor O’Halloran and I’m a huge fan of saving money any way I can.I’m obsessed with dogs and I love all kinds of cheese even though my stomach hates it.  I’m a recent university graduate who just wanted to do her own thing and see what happens! Follow me on the journey!

Taylor O'Halloran

Hey! My name is Taylor O'Halloran and I'm a huge fan of saving money any way I can.I'm obsessed with dogs and I love all kinds of cheese even though my stomach hates it.  I'm a recent university graduate who just wanted to do her own thing and see what happens! Follow me on the journey!

1 Comment

  1. Shelly says:

    Great post 🙂 Many of us need motivation like this to get our butts in gear!

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