When you are in control of your money, you have more power and flexibility to craft the lifestyle you want. You have an excess of money coming in and a handle on the money going out, so you don’t feel stressed or pressured by your finances, even when a surprise emergency expenditure occurs. Being in control of your money is a critical element of being in control of your life — but for some reason, you just can’t manage to do it.

Believe it or not, it probably isn’t a mystery why you still aren’t in control of your finances. Consider the following list of reasons why many people fail to manage their money, and think about making some changes to the way you live to keep your earning, spending and saving in check.

You Are Neglecting Your Debt

You will never be in control of your money if you don’t first gain control of your debt. Debts can accrue slowly, over time through things like credit cards, and debt can appear suddenly and massively in the form of a car or home purchase or student loans. Equally easy to accrue is business debt, which will impact many more people than yourself if allowed to grow unchecked. If you are suffering from a serious amount of debt, either personally or in your business, ignoring it will only make your financial situation worse. A much better strategy is understanding what your debt is, where it is and how you can systematically gain control of it to benefit your finances overall.

There are all sorts of tips and tricks for dealing with debt in a constructive way. At the very least, you need to be making your minimum monthly payments, but you might consider the snowball method or the avalanche method to rid yourself of debt faster. Debt isn’t inherently a bad thing, but you need to have a handle on it if you want greater control over your money.

If you are suffering from a serious amount of debt, either personally or in your business, ignoring it will only make your financial situation worse.

You Are Spending Frivolously

One reason your debt might be out of control is that you can’t manage your spending properly. Even if you start with a great fortune, you can lose it rapidly with excessive spending on things that don’t add to your wealth or the betterment of your business. Typically, frivolous spending isn’t merely buying yourself a coffee every morning; it is buying a coffee, buying lunch out, buying dinner out, buying new clothes, buying home décor and buying other things you really don’t need. In short, improper spending is a habit that you need to work to break.

Again, there are several strategies for overcoming this bad habit. Perhaps the best is employing money management software, which helps you track your spending and apply it to a carefully created budget. It is much easier to control your money when can see exactly where it is going and when you can see that the changes to your spending are having a positive effect on your finances overall.

You Aren’t Increasing Your Income

There are two ways to build your wealth: stop sending money and increase your income. If you have your spending under control, but you are still struggling financially, it might be that you don’t have enough income to manage your current lifestyle. In general, having more money makes it easier to manage your money because you don’t need to worry as much about covering necessities like food, rent/mortgage and utilities. The absence of financial stress allows you more freedom to experiment with money management strategies, which can be fulfilling and fruitful.

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At present, increasing your income might be a difficult prospect — but that doesn’t mean you shouldn’t try. If you are currently employed, you might ask your employer for a raise; a 10 or 20 percent raise every year or so will help your salary remain competitive in the market and meet the demands of inflation. You might also consider obtaining a side hustle, either a second job during your typical off hours or else a way to turn a hobby into a money-making endeavor. However, it’s important to remember that your life shouldn’t only consist of work; you need time for yourself to avoid burning out and losing all income.

Everyone wants to have impeccable personal finance skills, but the truth is that not everyone has the discipline to build them. It takes time to develop the knowledge and habits necessary for excellent money management, and if you are intent on gaining control of your finances, you should start paying attention to your debt, reducing your spending and increasing your income today.