Habits are tricky because its easy to slide into bad habits, but it takes deliberate effort to form good habits. When it comes to your finances, you need to pay attention to your habits before you slide into bad habits, that’s why I am sharing five habits that can keep people poor.
- Living without a budget
Budgeting might seem tedious for you, especially if you already feel that you don’t earn enough. However, when you budget, it gives you so control over your finances and you can decide ahead of time what you want to spend your income on. Budgeting also forces you to think about your finances and make decisions like what portion to put aside as savings.
- Spending on impulse
Emotional spending is real and most times, people buy things when life is stressful or pressure kicks in to help them relax. The immediate dopamine release you get from impulse spending comes back to bite you when you buy items you don’t need and other things suffer. It is wise to have a budget because you can actually plan some of your money to accommodate purchases you did not plan, so you can have your freedom without sabotaging yourself.
- Ignoring your financial challenges
There are a few quotes that make people feel they have the permission to ignore their challenges. Quotes like “Ignorance is bliss” or “what you don’t know can’t hurt you”. These quotes have been debunked and we know ignorance is not bliss in medical or financial challenges. It is better to look your financial challenges in the face and come up with a plan. You can even ask for help from people who are financially savvy to come up with a plan. That’s one of the reasons I offer financial blueprint session. You can learn more about the sessions HERE.
- Letting bills pile up
They say procrastination is the thief of time and this especially holds true for your bills. If you let your bills pile up, they might start accumulating interest or penalty payments. In some cases, you might be cut off from enjoying the service. Even if you don’t like dealing with bills, you can automate some of your bills, and set an alarm for the others that can’t be automated, so you will be prompted to pay them. If you have bills pilling up, they will rob you of your future income, so make time to sort them out immediately.
- Letting fear stop them from saving or investing
You might have heard of people who lost money from investing and this put some fear in your heart. You probably say; let me eat my money. Have you also heard about the other people who invested wisely and made a lot of money? Saving and investing is important if you want to build wealth. If you eat all your money today, it is like eating the seed that would have created the fruit for your future. It is best to become informed and educated about money and this will increase your confidence to save and invest. Don’t let fear stop you from investing in your future.
Which of these five habits resonates with you?
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