Okay so you’re broke, maybe in debt, and really wanting to have a good career you love and can be proud of. One that will make you good money. Then this is for you.

We all want to make a lot of money, but for most people who have this goal they do struggle to get near where they want to be, and all it raises within themselves is doubt. Doubt of why others are saving and making more money but for them it’s being broke most of the time and in debt. Here are 11 Reasons Why You’re Still Broke Today

1. Believing you ‘deserve’ the items you buy

Reasons why you are broke

Yes, you are awesome and might think you deserve to buy something but to ask, should you really be buying it? Just because someone you know bought a 55″ 4K UHD TV (or a high-end smartphone, nice car, catered for a crazy-expensive wedding, etc.) that doesn’t necessarily mean you should as well.

You might tell yourself “they have a comparable job to mine, so that means, if they can afford it, I can too.”

But to come and think of it, you have no idea how this person is paying for the expensive purchase. Maybe they saved for many years, or maybe they are just buying on loan.

To think that you deserve everything, you are draining your pocket and have no money left to save. Instead, be realistic with your financial situation and only purchase what you can truly afford.

2. You’re not motivated

11 Reasons Why You're Still Broke Today

If life has been going very smoothly, you probably haven’t thought much about saving money. However, life is unpredictable. God forbid, a major emergency could knock you right off your feet. The likes of an unexpected illness can change your financial situation overnight. If you are still not motivated, think about what your life would be like without extra cash.

3. You have no money because you don’t have a budget

Reasons Why You're Still Broke Today

If you don’t have a budget or if your budget is not good, then this is one of the big reason why you have no money.

A good and achievable budget can help immensely a person and/or a family manage their money better. You can start budgeting on a short and achievable goal. This will bring motivation for more goals and help you to save more.

A budget can easily help you realize where you might be going wrong with your finances and a solution on how to fix a financial issue that you might be having.

A big number of people are afraid to create a budget because it means that they will have to come face to face with their spending. If this is the reason why you don’t have a budget, then I advice, just face your fears and start creating one today.

4. You are making excuses about why you have no money

Reasons Why You're Still Broke Today

Everyone is guilty of making excuses. It is an ongoing process that people will continue to make them until they come to realize that excuses are the nails used to build a house of failure.

To make sense out of this just think about the last time you said: “That will not work for me because (insert your excuse here).”

As a business person and a good friend to many, I hear a lot of the reasons why a person cannot save money, pay off their debt, live the life they dream of having, and so on.

There are legitimate reasons why some people have financial difficulties, but there are so many people trying to make excuses for why they can’t achieve their goals.

A huge problem with making excuses is that this bad money habit can make you lazy and hold you back, which sadly means you may never reach your financial/life goals.

To summarize this, excuses will always prevent you from living the life you want. It is making you give up before you have even begun.

5. You are confusing your “wants” with “needs”

want versus needs

Some of the items are needs, but a lot and I mean a lot of the things people tend to buy are most likely wants. You may have no money because you guessed it, you confuse your wants with needs.

Keep in mind, the only things you actually need include the following:

  • a place to live
  • a certain amount of clothing
  • food and water.

Some people think smartphones, big homes, DStv, going to restaurants, and so on are all necessary, but they are actually not. Let it be your standpoint that if you cannot afford something, then you need to start cutting these items out of your budget and your life.

6. You don’t have goals


You may have no money because of a simple reason, you don’t have any goals.

A person who budgets and set achievable goals is 10 times more likely to reach his/her goals than a person who does not. This is why I personally believe that setting goals and planning to reach them is crucial to success.

If you are not setting any goal, then sadly you may not be working towards any form of success at all.

7. Thinking smaller amounts don’t add up

Small savings

You may have no money because you don’t think that saving smaller amounts of money will help you in the long run.

Some people say they don’t/can’t save money because they don’t think it matters. So, even if they have an extra Ks. 4000 in their budget every month, they will definitely find a way to spend it all because they don’t see the point of saving Ks. 4000.

Seriously, put that extra Ks. 4000 in the bank and save it. After one year you will have Ks. 48,000.

Ks. 48,000 is much better than zero shilling.

8. You’re not making enough money, so you don’t save money

Not making enough money

How do you know you’re not making enough money? Well if your expenses are higher than your income, then you are not making enough money.

It’s as simple as that.

You can either make more money or cut back on your expenses. You will never be able to save money if your expenses are higher than your income. Yeah I know, this is easier said than done, but something will have to change if you want to improve your financial situation.

You can start an easy side hustle sharing home WiFi with neighbors

Time is money, many people are blind to see that if you use all your working hours on your day job, your income will not increase with or over time. You need to start earning a passive income that will increase in the future and bring more cash flow.

This is the 21 century, there are many opportunities to earn passive income, for example with selling services at online services like Fiverr and Upwork. I tried Fiverr for some time back and received over Ks. 40,000 (will share screenshots below) I earned this money working during my free time selling the services that I already knew, how cool is that.

My Fiverr earnings

An average person watches over 30 hours of TV a week and spends over 10 hours on social media each week? By cutting out time-wasting activities like these, it will be possible to find time to make extra money so that you can start saving money.

9. You have bad habits

Bad habits

Do you know that habits determine the quality of your life? This does not necessarily apply to your professional life only but to your personal as well. Saving money is a step by step process, it doesn’t happen overnight. Start small and grow with time, it’s a habit that is developed over time. Do so and you will learn how to consistently save money. One great idea to get started is to automate your savings.

10. You don’t have good support

Bad friends

If you are the type of person that spends time with people who aren’t good with money management, their bad habits could with time rub off on you. And if you are a money saver and you happen to marry a spender, you’re in for a lot of marital issues down the road. Try as much as possible to keep company with friends and family members who offer support and respect money. Also, consider appointing someone close to be your accountability partner. This way, at that point when you’re tempted to overspend, you can give him/her a quick call.

11. You don’t have an emergency fund

Emergency fund

An emergency fund is a readily available source of asset to help one navigate financial dilemmas such as the loss of a job, a debilitating illness, or a major repair to your home or car. The purpose of an emergency fund is to improve financial security by creating a safety net of cash or other assets that can be used to meet emergency expenses. It is something everyone should have. Having an emergency fund can with no doubt help a person get through tough parts in life.

Helpful situations where emergency funds come in handy:

  • Job loss: An emergency fund can be of great help you if you lose your job. No matter how stable your job is, something could happen and you will need money fast. What option would you have if you lost your job and did not have an emergency fund?
  • Ideal if you own a car or home: An emergency fund is a great idea if you own a car. You just never know when it will need repair. One of the things that homeowners have to deal with is an unexpected home repair. An emergency fund comes in handy during such times.
  • Multi-purpose use: An emergency fund can protect you in other areas as well. It may carter for your medical costs, needing to take some time off of work, visiting a sick loved one or friend, and so on. The list of reasons for why you might need an emergency fund can be long and varies between people.
Do you know any other reason why you’re still broke and have no money? What are you doing so that you can change that?

7 Responses

  1. These are very practical points. Saving is a culture that one should teach themselves in order to achieve their goals.

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