Sometimes in life, You might be the reason why your bank account or savings account is always and still at zero and you don’t understand why you go broke as soon as you get money.
Here are 15 Money Habits and Reasons That keep you Broke.
1. Always Online Buying and Purchasing.
Yes, there are lots of goods and kinds of stuff around us, taking it from the internet where you can order everything you want and everything you ordered for is delivered right to your door.
But, though these areas or platforms are so cool, as time goes on, they will increase the price tag of specific products, as the price tag increases, the more the shipping fees also increase, so instead of spending a few bucks on a simple shirt or food, you pay more for shipping fees also.
2. You Love Buying in Impulse.
You always want to purchase products that are not or on sale. Impulse buying or unplanned buying can make you break completely, and you have to wait for more days again to recover what you have wasted. Most people buy on impulse because they think it might make them happy, not knowing this habit will surely make them broke.
3. You Are Unorganized, Unaware, and Easily Absent-minded.
If you are the type that is forgetful, unorganized, and easily absent in your mind, you will be broke frequently. With this attitude, you will lose your phone or credit cards to thieves which later end up with hackers. These hackers can get access to your phone or credit card and use whatever you are left with, making you completely broke.
4. Using Loans To Purchase Things You Can’t Afford.
In reference to Wikipedia Loan, a loan is the lending of money to an individual, with the aim of future repayment with interest.
Now here is the case you go to the Bank for a loan and instead of starting a job that can benefit you and help you pay the loan off, you decide to buy fancy stuff. Stuff that won’t recover the loan you have gone for, and later in the future, you will have to pay for the loan. So any time any amount of money gets to you, you have to use it to pay the loan, which will make you broke forever.
5. Not knowing How much You Have Spent.
The biggest problem that causes you to be broke is when you don’t have a budget and tracker to track your expenses so you don’t know how much you have spent. If you were just to sit down now and calculate how much you have spent in a month, the amount of food you have purchased, the type of clothes you have bought, the hours and amount you have spent streaming videos in a month, you will completely be shocked and surprised as to how much you have failed to save.
6. How You Spen When Hanging out With Friends and Loved Ones.
Basically, you have friends, friends are cool, so you decide to go out with them and because you think you have money in the bank and on the credit card, you decide to spend what is on your credit card with everyone. So you got drinks for each other, ordered food and a whole lot. Note that at the end of the day, you will go to the bank or withdraw funds to your credit card again, which means your bank account will drop, and as time goes on, you will be broke.
7. Eating Out Too Often.
Instead of cooking your own food at home, you decide to order for them or go to the restaurant to purchase food. The more you eat outside food, the more you spend money and surely you will be broke someday.
8. Throwing Away Coupons or Specials.
When you make lots of purchases sometimes, you are given a coupon or special which acts as a discount the next time you come to buy again from the same store. Now, if you don’t keep these coupons and misplace them, then you would have to always buy stuff at full price and you will wipe all the money you have from your wallet.
9. Useless Bulk Purchase.
We are optimistic people always hopeful and confident about the future. So we are easily convinced that we can eat all the food we purchase and wear every item of clothing we pick up forgetting that this optimistic behavior can fail at a certain point and cause us to be broke or waste money on kinds of stuff you never needed or didn’t last long.
10. Wasting Money on Alcohol and Beverages.
Alcohol and beverages cost a lot of money, especially when you go to restaurants or bars. So reduce how much time and money you always waste when you go meet someone at the bar or restaurant, just stick to one glass or avoid spending, or you will go broke.
11. Comparing Your Self to Other People.
Not all fingers are the same, you may need to struggle much to earn money, whilst someone might not struggle like how you do to earn money. If you compare and try to copy other people’s style, because they have bought new cloth, mobile phones, or computers so you also need one, trust me in the middle of the month, you will completely have an empty pocket.
12. Poor Savings Methods.
If you tell me you save money in your wallet, then you are going nuts. Where do you go for money after purchasing an item, your wallet. So if you still have all your money in a wallet and think that is saving, then you are making a complete mistake. Opening a savings account in the bank is the best idea. It prevents your life from being doomed to poverty.
13. Failure to Set Goals.
Most people get broke when they fail to set goals and the first step to being free from brokenness is to set goals. So if you fail to set goals then you are set to be broken.
14. Failure To Seek Advise From Financial Advisors.
Financial advisors can help you manage money and help you get out of debt. But since you don’t have an advisor, you just spend and purchase anyhow. At the end of the day, you come out with an empty pocket.
15. Learn How To Multiply Your Money.
Yes, learn how to multiply your income. We have covered this article and you can use our search bar to find How to Multiply Your Money.
Thanks for reading, we are happy to find a successful person like you here.