You have a job, perhaps even a good one, but you’re living paycheck to paycheck and you have nothing saved up. How did that happen?
You don’t set goals
You won’t get anywhere unless you set goals. This goes for your career, your life and, for sure, your money.
Set a goal to have x saved up in 12 months, y saved up in 5 years, and z in 10 years. Sure, life throws a curve ball at us from time to time, but you need to know what you should have saved up at each stage of your life, even if you have to play catch-up from time to time.
If you’re 25, you should aim to be worth $1 million by 50 including your house. If you’re 40 and still have nothing, aim to start by saving $500 a month (increasing by $100 a month every year) to be worth $1 million by 65.
You don’t have a budget, or you have a budget but don’t stick to it
Budgets might sound boring, but believe me it’s much more boring not to have any money. Set a budget and stick to it. Your savings come first, then manage on the rest, whatever it takes.