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Bad Money Habits That Will Keep You Broke For the Rest of Your Life

       We may not realize that the manner in which we spend our money might be the reason we always end up broke. Though some consciously know that their habits affect their finances, others just don't want to believe that their habits may in anyway affect their finances. Checking our money habits becomes very necessary to save us from penury. So as the year begins, taking serious decisions to consciously check your money habits can save you and set you into a realm of financial freedom. Let's examine these bad money habits that will keep you broke for the rest of your life.

1) No Budget

    Most people fail to budget. They rapidly spend the money as they get it. Of course, no plans, so anything that comes to them seem right to purchase. This kind of money habit will seriously affect your finances. Also failing to budget, may make you spend beyond your means. Therefore it's important that you plan by making a budget, so that you actually channel your money to the right source and perhaps have what to save.

2) Failure to track your money


    "I don't understand where my money keeps going?". How would you know where your money goes when you don't care to keep records of how your money is spent. Tracking your money is as important as budgeting. Budgeting gives a blue print of how your money is going to be spend but tracking gives you insight details of expenses and income. With this, you will definitely understand your money patterns and modify it to enable you save more. 

3) No Provision for Emergencies 

       Emergencies can actually throw you off balance. No one plans to fall sick, get involved in an accident or even lose a job. If you don't plan for such emergencies, you might find that the current sudden situation will definitely drain your account and render you broke. Plan ahead, keep a separate account for that. It doesn't mean something bad is going to happen to you but you just need to do it. It enables you stand strong whenever something sudden comes up.

4) Turning blind eyes

       Some of us get to scared to check our debit alerts after we make a bank transaction. It's understandable. You don't just want to live with the reality that your account is going red. No matter what, it's still important you check your account balance to enable you know what exactly is going on with your account. Errors and unnecessary deductions can be traced and rectified earlier when you keep track of your account balance. Always check the debit alerts.

5) Unnecessarily hoarding money. 

        Unnecessarily hoarding money is a bad money habit. Some people are just too stingy to themselves. They prepare for extremely cheap things that won't last and would not mind buying those things over and over again. At the end of the day, they spend more than they think they economize. Why don't you just go for something not expensive and durable? Buy it once and enjoy it as long as it last. Hoarding money at the expense of your well being especially your health is too dangerous. You will end up spending more than you are hoarding. A stitch in time saves nine.

6) Personal Vices

   Personal vices include drinking, smoking and betting. Spending so much on personal vices ruins you financially. It gets worst when you get addicted to them. At this point, you may feel something is missing in your lives until you satisfy this inner urge. This renders you broke faster than you think. Make sure you take control over your personal vices and save yourself from getting ruined.
   
    If you're guilty of any of these bad money habits, take adequate actions and be financially stable. Otherwise you risk being broke for as long as you live. Decide, strategize and get into action. #MakeEverydayCount



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