20 Bad Habits that are Keeping You Poor
Have you ever wondered where all your money went to? Do you often ponder why there is no money in your bank account at the end of each month? The bad habits keeping you poor are all around you and you need to?be able to recognize them ?for what they are. Learn 20 Bad money Habits that are Keeping You Poor.
Have you found yourself frequently thinking about the invisible holes through which your funds vanish? If yes, then you have landed at the right place.
I can tell you exactly the reasons why you are unable to amass money despite earning a decent income.
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Have been broke, but never been poor. “There’s a difference between being poor and?being broke ,”?“Poor is a State of Mind; broke is I’m passing through.”
Personally I sees three basic?reasons people are poor :
You don’t have much control over Nos. 1 and 2, but we have a lot of control when it comes to No. 3, the decisions we make.
A big part of building wealth is simply your mindset. And, there may be habits keeping you broke if you have the wrong mindset.
There can be the limitations of having a low salary or being up to your eye balls in debt. But, there are certain habits that can lead you to wealth or?keep you broke .
Related Post:?Reasons Why People Are Poor: “I Have No Money!”
We have plenty of people out there who make enough money but just don’t?practice good financial habits.?
We may think consciously about saving enough for retirement and building out wealth but it’s usually the unconscious habits that carry us through each day.
Here are the top habits that can sneak into your hard-earned income and eat up your funds. What are some bad habits to avoid?
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20 Bad Habits Keeping You Poor
1. You?Spend Money Blindly : bad habits keep you poor
If you don’t have a budget, it’s like planning a trip across the country to a destination you’ve never visited and expecting to arrive without a hitch.
If you have no clue how much you pay out in bills every month or how much you earn, then kiss getting ahead good-bye. It’s not going to happen.
Make a list of all your expenses and when they are due. Mark down when you get paid, and how much you will take home. (Salary)
Then, work to make sure you have enough money to pay your bills on time. Set aside money each pay period to pay the rent (or mortgage) and car payment. Be sure to budget money for savings.
There’s no harm in raising your standard of life when you can.
However, if you are a person who is constantly looking for ways to spend your money. You will probably find yourself in a difficult situation soon enough.
If you continuously raise your expenditure along with any increase in your income (or even without it). It would be hard to have any real savings.
Try to keep your expenditures at a constant level. Along with exploring ways to increase your income. That’s the route to success!
3.?Debt ?Happens When You Spend More than You Earn
I get it, sometimes there just ain’t enough money. So, what do you do? Charge your purchases to a credit card. Avoid things that keep you broke every month end.
Imagine, you buy a home you really cannot afford. You buy a car that’s out of your price range, but you just can’t live without it.
You will remain broke and poor if you don’t change your ways. Get that budget done.
4. Focusing on the present without caring about the future
Usually, when people find it hard to tackle a problem, they choose to ignore it. That’s a sure recipe for disaster.
The same is the case with your finances. Generally, people focus on their present needs, wishfully thinking that future needs will somehow be met in some way.
You need to take the future into perspective whenever you are making any financial decision. Although it is good to take care of everything in the present, do your best to save for your future.
5. Stop?Making Impulse Purchases ?: bad habits keep you poor
This is a tough one. Sometimes the impulse is to go out for dinner because you are too tired to cook. At times its something cheap on Amazon. Learn Money habits that keep you poor.
Sometimes it’s buying one extra cup of coffee for the day. None of these are expensive by themselves. But impulse buys, if left unchecked, will keep you in the poor house.
A good way to keep yourself from making impulse purchases is to put more steps between picking out an item and buying it.
When shopping online, that could mean leaving it in your cart for 24 hours before purchasing. It could also mean price checking and looking for promo codes.