Everyone loves ending each financial conversation about how to invest or what to purchase with, “In this economy?” Sadly, though, these economic woes can lead to being broke. So if your hand hurts from squeezing every last drop of toothpaste from the tube, having a meeting with a financial advisor may be a good idea sooner rather than later.
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Here are the top five signs your pockets are running on empty and you may be broke but just haven’t realized it yet.
No. 5: Your Paycheck Only Gives You Enough To Pay Half Cash, Half Credit at Checkout
If you have to figure out how many payment options you can use to cover the groceries in your cart, you may be broke. Living paycheck to paycheck is brutal and seems to spark a chain reaction of spending versus earning.
Yes, you get your paycheck and your bank account fills up with money, but the only problem is that you spend all that money without saving or investing. Even worse, you may hit dire straits and have to rely on credit to cover some bills — just as your next paycheck comes in and the cycle begins all over again.
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No. 4: You Lose Your Bank Card and Aren’t Worried
If the amount in your bank account comforts you by making you feel safe from identity theft, you may be a bit less flush in cash than you think. Usually, when funds are this low, your debt is also high. Between outstanding loan payments, credit card balances and car payments, you can find yourself owing more than you bring in regularly.
If you lose your card in the woods, and it doesn’t have any money on it, does it make a sound? The answer is most likely yes, in the form of an exasperated sigh. Maybe whoever finds it will put money into your account, as that would appear to be the only option.
No. 3: You Wonder If Rich People Went to a Different School
When you doom scroll through social media or take a look at all the side hustles your neighbors are doing, it can start to feel like everyone has a better handle on how to get rich. If you’ve been wondering if you missed a class or two when it comes to financial literacy and what it takes to move from the lower to upper class, it may be time to address your brokeness and assess your financial situation.
Sure, education is often considered a key factor in social and upward economic mobility, but pulling an Uno reverse on your investment strategy can also help shake things up. Sometimes, just assessing where you are can help you put the right foot forward and achieve more of your financial goals.
No. 2: Your Fridge Lacks Snacks, Even Government Cheese
In an ideal world, the government helps its citizens and makes sure they have food and shelter. Though this not-so-crazy notion can be put to the test by some current politics, taxpayers should be able to count on some help from time to time as there is no predicting where the economy will be next year, month or even week.
If you are finding your pantry or fridge severely lacking lately, it may be time to seek assistance. Programs such as SNAP (aka food stamps) that exist on local, state and federal levels are designed for you to get financial assistance from the government. This could be in the form of subsidized income with a benefits check or to cover your basic needs via an EBT card.
No. 1: You Have To Save Up in Order To Open a Savings Account
And now, the number one sign you’re broke but just don’t know it yet is … if you’re thinking about opening a high-yield savings account but then have the thought, “Uh, what do I put in it?”
Unfortunately, not being able to save is more than just a metaphor or sad commentary on today’s economic status. If your financial plan includes a GoFundMe to kickstart a savings account, you may be a little more broke than you hoped.
When you are earning a limited income, all your money goes to the basics: food, shelter, clothing and transportation. This means that you have nothing left over to put in a savings account to accrue interest or invest in an opportunity to grow your money. Even worse, if there is an emergency, you have no financial safety net.
If any of this speaks to you, it’s time to accept it and turn things around. Start with a small step today.
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This article originally appeared on GOBankingRates.com: Top 5 Signs You’re Broke but Just Don’t Know It Yet
