Ever looked at your bank account and thought, Wait, where did all my money go? We’ve all been there.
Sometimes, your finances can spin out of control before you even realize it but there are always warning signs.
Let’s break down some financial red flags you should never ignore.
- You’re always broke before payday – If payday feels like a rescue mission every single month, that’s a sign something’s off. If you’re constantly counting down to your next salary, it’s time to review your budget (or create one if you don’t have one).
- You don’t know where your money goes – If your answer to “What did you spend your money on?” is “I don’t know…” that’s a serious red flag. Track your expenses! Apps, bank statements, or even a simple notebook can help you see where your cash is going.
- You’re living off loans and credit – If borrowing money has become your lifestyle, pause and rethink. Loans are meant for emergencies or big investments, not daily expenses. If you’re constantly taking loans just to survive, you need to reevaluate your spending habits before debt takes over your life.
- You have zero savings – No emergency fund? No backup plan? One unexpected expense, hospital bill, car trouble, or job loss, can leave you stranded. Even if it’s small, start saving something regularly. Your future self will thank you.
- You ignore your debts – Debt doesn’t disappear because you pretend it’s not there. Ignoring it won’t make it go away! If you owe money, plan to start repaying, even if it’s bit by bit. The longer you wait, the bigger the problem becomes.
- You spend more than you earn – If your lifestyle is bigger than your salary, you’re setting yourself up for financial disaster. Trying to impress people with expensive things you can’t afford? That’s a red flag waving in your face. Live within your means, your peace of mind is more important than showing off.
- You don’t invest – Saving is good, but making your money work for you is even better. If you’re just stacking cash in a regular savings account with no plan to grow it, you’re missing out. Look into investment or side hustles that generate income.
If you’ve spotted any of these red flags in your life, don’t panic, just act. Visit the nearest Keystone Bank Branch and open a savings account.
Start saving today, adjust your spending, and you’ll be on your way to a healthier financial future!