Why Am I In Debt?

Let’s get started on the right foot. Let’s figure out with you’re in debt in the first place. Some of you are in debt because of a series of unfortunate events that were beyond your control. These are things like medical bills, natural disasters, losing your job, etc.

But what I’ll discuss here are debts caused by lifestyle choices. Most people who are in debt got that way because of a history of making bad decisions.

Here are the three most common reasons why you are in debt.

No Emergency Savings Account

Everybody has unexpected expenses. In fact, they are so common they should no longer be considered unexpected. Every single year a few things seem to pop up. It could be a car that’s in need of a new radiator. It could be a medical procedure you need to do. It could be damage to your home that wasn’t covered by insurance. No matter what it is, these types of surprises always seem to happen.

When regular people (you know, those who are responsible) have these events happen to them, they rely on their savings. That’s right, you’re supposed to have an emergency savings account. It should have anywhere from three to nine months worth of living expenses. The amount depends on how much you earn and how well you’re insured. Don’t have one? Then you’re going to be in debt at some point.

You’re Seeking Social Acceptance

Everyone wants to keep up with the Jones’ as they say, but some of you try and keep up with the Jetsens! Believe it or not, it does not matter if your car is the nicest one on the block. There is no prize if your lawnmower has more horsepower than your neighbors. You might think you’re playing in a contest, but you’re simply playing with yourself.

True happiness lies elsewhere, not from showing off. Realize that those who are showing off are the empty ones. They need to flaunt their physical possessions because that’s all they have to offer the world. George Carlin said it best: “We try to impress people we don’t like with money we don’t have”.

Plain Laziness

We all lead busy lives, so we tend to pay more to get what we want faster. We pay for convenience and pay a pretty penny for it. So instead of packing a quick lunch at home, you get something on the road and end up paying five times more for it. You’re too busy, so you hire someone to do the cleaning instead of doing it yourself. You could mow the lawn yourself, but you’re tired so you pay someone else do it for you.

You do all these things for the sake of saving time, but what about saving cash? Stop being lazy and do things yourself. Don’t pay someone for something you could do yourself for free.

About The Author

Edwin is a marketer, social media influencer and head writer here at Save The Bills. He manages a large network of high quality finance blogs and social media accounts. You can connect with him via email here.

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  1. Adrian Cantin

    It’s all about self control..

  2. Jonathan Kolanowski

    The two reasons you mentioned are good, but I think the problem results from two fundamental aspects of our consumer base. Most prominently, we fail to discern the difference between “wants” and “needs”, and to a lesser extent, the level of impulsiveness that has been bred into every person since they were old enough to understand a commercial. The two feed off of each other. Before it is able to sink in about whether we truly “need” something, it is off the shelf and in our homes. All is made possible thanks to a steady flow of easy to obtain credit.


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