3 Signs you’re In Over Your Head Financially

Cutting a credit card
Signs of financial trouble

You’d be surprised at how many of us are continuing to save poorly and spend too much at the same time. This can accumulate a massive amount of debt, which often leaves people in dire financial situations.

It’s true that we live in a society addicted to consumption. What this means is that while we buy what we think we need, emergencies can and do spring up, making it very difficult to find money in times of need. Knowing when you’re in this cycle is the first step to stopping. That’s why this article is going to discuss 3 signs that you are in over your head financially.

Sign 1: You Don’t Know How Much You Owe

When was the last time you checked how much money you currently owe on your car, credit card or mortgage? The first step to getting your finances in order is to find out exactly how much you owe before planning a strategy that maps out how you intend to pay for it.

Instead of sweeping those letters and emails under the rug, you should instead deal with it head on to avoid getting yourself into more debt. Like Benjamin Franklin once said “if you fail to plan, you’re planning to fail”.

Sign 2: Your Savings Are Limited (or Non-Existent!)

If you don’t have a savings account for emergencies (or at least a piggy bank on the bedside table), this could be a sign that you are going to face financial hardship if you lose your job, run into car troubles, or worse.

Some of us just can’t help finding the nearest hammer and smashing open the little piggy bank to have some extra spending money for the weekend. But the fact remains, that if you start living smarter – even if it means sacrificing on those weekend pleasures – you’re going to have more money left over for saving in the case of emergencies.

Start by putting your coins and small notes in a moneybox that you cannot open and let it accumulate over time. Then, take it to your bank and open a savings account and deposit a small amount each week or month. This will teach you to become more disciplined when it comes to managing your money.

Sign 3: You’re Always Taking out Payday Loans

Whether it’s a payday loan or a fast cash loan, if you’re continuing to do it each and every month it could mean that you need to better manage your finances

These types of loans can be fantastic for getting back on your feet or for specific financial circumstances; but if you continue relying on them all the time, you’re simply avoiding ways to better deal with your finances.

To contact SpotMeNow about accessing payday loans, email us on or simply message us on the online chat. Just remember to use your loan to kick-start your savings or contribute to a one-off holiday. We always recommend considering your financial situation first in order to ensure you don’t get further in over your head.

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