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Feeling consistently broke can stem from several factors, including:
- Lack of Budgeting: Without a budget, it’s easy to lose track of spending and not allocate funds effectively.
- High Expenses: Regularly spending more than you earn can lead to financial strain. This could be due to lifestyle choices or necessary expenses.
- Insufficient Income: If your income does not cover your basic living expenses, it may lead to continual financial stress.
- Impulse Spending: Making unplanned purchases can quickly deplete your funds, especially if it becomes a habit.
- Debt: High levels of debt, especially with significant interest rates, can take a large portion of your income, leaving you with little to save.
- Lack of Financial Education: Not understanding how to manage money, save effectively, or invest can hinder your financial growth.
Identifying the specific reasons for your financial situation can help you develop a plan to improve it. Would you like advice on how to get started?