Many people encounter the problem of not having enough money to pay for basic expenses, or being left with small change only half a month after payday. Perhaps it's because of the lack of budgeting, or you just don't know where to put that money. Today, we're gonna look at 5 bad habits that the majority of people have that are stopping them from accumulating money. If you have any of these habits, change them right this instant to keep your money with you!
1. No Concept of Saving
Most of the time, people that live from paycheck to paycheck have no concept of saving money. To them, money was meant to be spend, and only anything left at the end of the month should be saved. This attitude is very helpful if you want your savings to stay at close to zero! What you should do is set a savings goal or budget for every paycheck and save first before you spend!
2. Spending Without Looking At Price
Do you have the habit of buying anything you like regardless of the price? Yes, you should treat yourself every now and then, but making it a habit will just ruin you. This is especially true when it comes to your WANTS and not NEEDS. When buying things, make sure to look at the price, and consider if you REALLY need that thing before adding another burden to your expenses.
3. Attracted by "Sales"
Many shops hold a variety of "sales" and "promotions" to attract customers. As such, many people rush to buy things without considering if they'll use them or not just because they are at a "discount". This is the kind of mindset that will leave you broke every month! If it is not something you were already planning to get at first, then buying things at a discount will just mean spending more, not saving!
4. Reliant on Credit Cards
Some people have the mindset that with a credit card, you don't have to worry if you spend more than your monthly salary. Meanwhile, some people think that since you don't see the money leaving your wallet or bank account, then you can spend as much as you can with a credit card. This is exactly the opposite of what you should think. Credit cards make you spend more than usual because you most likely won't keep track of what you spend and you'll have to pay hefty interests which can actually snowball bigger and bigger!
5. Buying the Lottery Too Much
Everybody dreams about getting a windfall, such as winning a lottery or gambling. Although playing the lottery every now and then isn't wrong, getting addicted to it is. Some people have the mindset that buying more increases their chances of winning, or thinking that if they continue to gamble, I can win back all the money that they've lost and more! With that, you've already sunk into a bottomless hole and so will your money.
A majority of people have at least 1 of the habits listed above. That is why many people complain of not having enough money to spend towards the end of the month, or not having enough savings for rainy days. Only by identifying and changing these habits will we be able to start our journey towards financial freedom!
