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7 Reasons Why You’re Always Broke

By Posted on 4 4 m read

The best of us, one way or the other find ourselves going broke, and most of the time we can’t even explain it. Most times we want to save but our actions scream otherwise.

The most common mistake people make is they begin spending when they earn their salaries and say they will save later meanwhile it’s meant to be the other way around. When you decide on how much to save first, you are in control and now how much you are willing to spend is based on more responsible choices.

Here are seven reasons that will always make you broke:

  • Bad Planning

Some people never plan their purchases, when they see anything pretty they like, they must buy it (I’m recovering from this lol). It’s not bad to buy nice things, but there must be control. I think it’s necessary to plan the amount you intend to spend monthly and stick to it. Sometimes it gets very hard because you see a very nice thing when you have spent your allocated budget for spending; it’s never advisable to touch your savings on a want. The wealthiest people in the world (who stay wealthy) plan their savings and investments.

  • Putting Today’s Happiness First

People who have no business being broke are often always broke because they believe tomorrow will sort out its own troubles. So, they dwell on always being happy by spending all they earn. This is such a wrong way to live because tomorrow is uncertain, and you definitely have to plan by putting things in place for any eventualities and also by saving. I firmly believe no one is above saving; you need to save to accumulate wealth.

Ali express dress and Justfab shoes

  • Procrastinating on Saving

Most people think they cannot save because they earn very little. So, they spend all their earnings because they believe they cannot survive otherwise. For example, if you earn N50,000 a month, you can decide to save N3000 per month. Now, saving is not magic, however, it is just little consistent steps that pay in the long run.

Ali express dress and Justfab shoes

  • Excessive Phone Bills

A lot of people find themselves in this set, myself inclusive because as a blogger I should always have data, right? Well that is true but the key to combating this is to research about internet service providers and see which works for you depending on your lifestyle and internet needs. This way, you can ascertain exactly how much you need to put aside for internet needs monthly. When you identify these, you won’t need to spend more than necessary. P.S. I believe internet modems are a better substitute as opposed to paying for data every month.

 7 reasons why you are always broke post

  • People don’t Bother to Invest

This is so true with young Nigerians! Let’s be frank, most of us think investing is for the likes of Dangote and Otedola. Others who want to invest have no knowledge of investment plans so we always end up spending that money that could have been invested. Investing is a long-term endeavor because it will need to appreciate over a long period of time, the key is to research. Click here for some ideas on investment (Dami is a young lady that seems to have a grasp on the Nigerian investment sector, her finance tips are pinned to her Instagram page, which is the link I provided above) thank me later .

 7 reasons why you are always broke post

  • Spending More than you Earn

This is such a huge reason for why people are always broke. I believe it’s the biggest factor because if you spend more than you earn, you will find yourself sinking into debt. This is caused by not having preset plans and budgets in place on how to spend. Budgets cannot be overemphasized. It is something everyone should master.

 7 reasons why you are always broke post

  • Owning Just One Bank Account

This, my friends, is a no-no. No matter how you plan and decide to save, it will never work having just one bank account, at least have two. One is directly where your boss pays in your salary and the other should be for saving. You cannot just live with one bank account and believe you will be able to save, one way or another you will find yourself touching what you intended to set aside. It’s also not out of place to have an account to save for emergencies (that is a topic for another day).

 7 reasons why you are always broke post

This is a Thursday look inspiration with the amazing chioma of and Debs of check their blog out for this look. I am wearing a very pretty dress from Ali express and shoes from Justfab.

I hope you have learnt one or two tips on how to manage your finances. If you have any more, please share them below in the comment section.


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  • Debs
    June 12, 2018

    Amazing tips, Sandra. I like the angle you portrayed. And yes to having more than one bank account, otherwise, seeing all your money in one place will make you feel like a millionaire. But when it’s in separate accounts, you know which is for spending and which is not.

    • Sandra Onalo
      June 23, 2018

      exactly! having more than one bank account is just the best

  • Kida
    June 19, 2018

    Very true with what you’ve said, Ive tried working with a budget but I still find myself broke some times because of the nice Unbudget stuffs… By the way nice styling

    • Sandra Onalo
      June 23, 2018

      at least you try, its better than not planning a budget at all. i think the key is to research and implement more ways to save

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