We all know that being stuck in poverty is a horrendous experience, and it’s common for those in poverty to remain stuck in the same rut. Most of the time, these problems are caused by being passed on through generations and watching your parents, relatives, or neighbors fall into these patterns.
If you don’t know how to break yourself out of the poverty circle, you might want to first look at your presenting habits, which may offer some insight. It can take a lot of work and determination to break a financial habit, but it’s easier once you’ve identified where you’re going wrong.
Adding Insult to Injury
It can be difficult if you have a chronic illness or disability to find work. It can sometimes mean that you cannot work due to these issues. This means that you could continue being stuck in a vicious poverty cycle, which could have a considerable knock-on effect on mental health, which could then cause further issues with home life and relationships. One person stated that if you have a disability, it can keep you impoverished due to help from the government not working as it should. Another person added, “Perhaps not on purpose, but the system is set up that those who want to work hard and make things better are unable to.”
Drinking your Money
We all like a good time with friends and family, and this could mean that your one friend earns a bit more money than you, and so they have more budget to spend on nights out. However, a common mistake that specific individuals make is thinking that because their friends can do it, so can they. Unfortunately, this leads to overspending money you can’t afford to spend. One person said, “I’ve been unemployed and poor before, and honestly, drinking and keeping my mind numb got me through those days. I have absolute empathy for people who do this.”
Credit Savvy
When you lack money, it can be easy to fall down the rabbit hole of getting yourself loan after loan, especially if the companies don’t do thorough checks. This can cause an increase in debt, and you might realize that once you’ve got the money, you can’t afford the repayments. Eventually, this could cause you to get into more debt, especially with the interest rates, so it’s essential to try and avoid any loans or credit cards. One person on the forum said, “Poor people really can’t afford to get into trouble that credit cards can cause. Credit cards are really useful, even necessary, but people must take the initiative and get educated on the proper use of credit cards.”
Playing the Lottery
It’s known to everyone that winning the lottery is slim. However, the fact that people across the country win that’s enough to get you hooked and keep paying out the amounts so you can try and win the big bucks. It’s tempting to become hooked on jackpots and gambling, especially if you’ve done it before and won something. Although, this is just one way you could be causing financial problems. One person said, “I remember working in a supermarket and seeing the lower-income people come in every payday and just throw away money on losing tickets. The lottery is definitely a way that some poor can escape poverty, but it is way too unlikely.”
Inconvenient Store
The only reason they’re called convenience stores is because there is one on every street corner. However, you could be spending unnecessary money by going into them daily to get your necessities. Compared to big-brand supermarkets, convenience stores are costly, and before you know it, something that would’ve cost very little at a supermarket has taken a big chunk out of your budget. One person commented, “It’s called a convenience store because it’s easy to buy stuff, but not cheap. You pay for the convenience ($6 for a two-pack of no-name brand batteries, etc.).”
Swallow your Pride
It can be challenging to admit you’re struggling, making accepting help even more difficult. There is no shame in saying that you need food or help with your bills. If people didn’t swallow their Pride and ask for help when needed, these places wouldn’t run, and no help would be offered to those in need. One person said, “Pride doesn’t feed you, clothe you, or keep the lights on. If services are available, utilize them.”
Education is Key
Ignorance in society causes us to believe that there is such a thing as being “too cool for school.” However, those who have grown up thinking this is true soon regret their decision to learn. Learning is needed every day. If we don’t learn, we won’t know the information about something important. One person said, “This whole posturing that it is cool to be ignorant, to not want to learn, is what keeps many of those in my home community down. Until that attitude changes, they’ll stay where they are.”
Cheaper isn’t Always Better
If you’re on a tight budget, you might think the correct answer when shopping is always looking for the cheaper option. However, doing this could cause you to spend more money in the long run. Most of the time, the cheaper items don’t last as long as other items requiring more money. One person clarified this by saying, “The cheaper option usually doesn’t last as long and ends up costing more in the long run.”
Go Against the Flow
If you spend time following in the footsteps of those you’ve witnessed in poverty, you won’t get anywhere. However, creating your own life and going against the grain will make you successful and ensure you don’t fall into the same financial patterns. One person commented, “When you are poor, you are surrounded by people who make poor life choices, have poor impulse control, and just do every conceivable thing wrong.”
Dangerous Loans
As mentioned previously, getting a loan is an easy fix, but in the same way that credit cards work, payday loans can have enormous interest rates, which could ultimately cause you to gain a mass amount of debt. It’s dangerous stuff, and one person agreed by saying, “the dumbest thing that someone with no money can do.”
Spending on the Wrong Things
It’s essential that every month, you ensure that you have a clear idea of your wants and needs. Suppose you need something at the top of your priority list. However, unnecessarily spending money on things you want can cause you to go around in the vicious circle of poverty. It can make all the difference, and one tip would be to make a list of your wants; if you get to the end of the month still wanting it, then purchase it as a well done for doing well with your money for the month. One person said, “I have regular contact with a poor family, and I can’t believe how often they buy new gadgets without considering if they can afford it.”
Single and Struggling
We all know that children are expensive. Whether they need new clothes suddenly because of a growth spurt, or they keep nagging about a new expensive toy they want, there always seems to be something. One person said that being single and a parent has left them in a financial struggle, and they can’t escape it. They said, “Don’t think I’m shaming anyone here; I’m speaking from experience. I had twins with an alcoholic idiot, which was the worst thing I’ve ever done financially.”
Pressing your Luck
If you feel you’ll win, there is no point in trying your luck at a casino. You’re better off putting the feeling to rest without engaging with it. Otherwise, you’ll end up in an even worse financial position. Casinos are there to make us lose; even if we win a couple of times, we ultimately end up worse off because once we’re hooked, it’s hard to stop. One person said, “I’m always amazed by the people in there who you know are spending the little money they have, trying to double it and failing. Sadly, they’ve fallen prey to it.”
Be your Chef
One of the worst mistakes you can make if you’re struggling financially is spending endless amounts of money on takeaways because you don’t know what to cook, how to cook, or you can’t be bothered. Eating out and having takeaways is one of the worst ways to spend money. Making a homecooked meal will save money and also taste better. You will also know what you’re putting into your meals, and you might even be able to make enough to freeze some for another day. One person said, “You can save much money (and be healthier) by making your own meals. And it isn’t very difficult. There are so many recipe resources online nowadays.”
Not so Fast Cash
It might sound like a great idea when you sit with it for a while, but pyramid schemes will leave you worse off in the end. They always praise that there are good opportunities for doing this, but you will never see a dime. One person said, “It takes a lot of commitment to even have a chance to earn a decent amount. She’ll never be better off if she keps doing this, which saddens me.” The person talked about their mother, who burns her cash on pyramid schemes.
Not Accepting
One of the first steps in creating a better financial position for yourself is accepting that there’s a problem. Without doing this, you will continue in your circle of denial, and the problem will never get solved. If you’ve grown up watching other people struggle with their finances, it might leave you thinking that that is how life works, and you will be in the same situation. Accepting that you’re struggling will help you find the proper support to put things right so you don’t struggle anymore.
Imposter Syndrome
Survivalism
If you’re struggling financially, you might be in a state of survivalism. This is when you realize that you must survive today, not in a few months. So you’re making irrational decisions such as paying half a bill instead of the total amount to treat yourself to something or financing a new car instead of paying for repair on your old car, which could lead to even more financial difficulty. Being in a state of survival can cost you potential gains in the future.
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