6 Habits that will keep you broke financially
1. Not talking about money
When you talk about your money problems with trusted and experienced people, you tend to find the proper and most suitable solution. The solution can be to either avoid losing money or how to grow financially.
But when you choose to hide your money problems you tend to spend irrationally just to show how you are not broke. This makes your financial situation worst.
2. Failing to build an emergency fund
Most people affected by the current COVID-19’s pandemic situation because they did not have the emergency funds. When their employer laid them off out of the organization, their only fear was money!!!
Even if they try to save money for emergency funds, they couldn’t because of their unmanaged habits of spending on unnecessary items which they buy just to show how they are not broke, Irrational right?
3. Making impulse purchases
If you go to the shopping mall and see something attractive, what you do? You immediately purchase it because you desire it to be yours.
The correct path to buy things you desire is to create goals to make extra money so you can buy things you want. This way you don’t only buy them buy deserve them and win them with your hard work.
4. Buying items you don’t need
Most times you buy items either because of your desire, temporary attraction, or to prove other that you can buy things you want and not broke. This way you broke your self financially furthermore.
Having a feeling to buy random things you like is not wrong, but you can afford to make such a move only if you are financially free and not broke.
5. Paying bills late
Paying bills late because you want to buy random desired things is the stupid move you make financially.
For example, you are not paying your rent bills because you want to buy the latest model of phone.
6. Improper use of credit card
A credit card can become a benefit only if you use it wisely to buy things on offer or to get some kind of concession on your bills is a great idea, if you can save money - do it.
But using a credit card to buy random things just so you can buy them when you have spent your salary money on similar desired things is what makes you broke.