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No one likes to be in financial turmoil, but some of us put ourselves there without even realizing it. So here are a few habits you need to break so you won’t be broke.
Important Side Note:
If you’re in debt, then I would definitely read Dave Ramsey’s book The Total Money Makeover which you can check out here. He’s helped MILLIONS of people climb their way out of debt and have financial peace and security. So DEFINITELY check him out!
Also! He has another great book called the Legacy Journey which is a great read. Check it out here!
Name Brand Addiction
For some, name brands are a status symbol, and for others, they simply might have liked previous things they bought from a brand. However, there’s no shame in looking for cheaper alternatives to keep your bank balance happy. Plus, you could find something you truly love by broadening your purchase horizons.
Takeout can be great. It’s quick and saves you the hassle of cooking and cleaning up. What it doesn’t save you is money! If you cook at home more, your wallet will be fuller for longer. You can also cook meals in bulk and freeze portions for future convenience. And chances are you’ll be eating healthier too.
We are all guilty of it. Some of us spend when we are happy, and others buy things for a little pick-me-up. We find ways of telling ourselves and others that it’s valid, but is it? If you can cut out the impulse purchases, you could find yourself in a better financial position.
If you want to save money but keep putting it off until the next day, week, month or even year then you will end up staying broke. Put your savings plan into action right NOW to get yourself back on track.
Taking Out Credit Cards
The interest rates can be obnoxiously high, meaning the repayments cost you more in the long run. Cut up those cards and get out of the cycle or you could end up worse than broke.
Ignoring your spending can be one of the worst habits that keep you broke. Look at your income and spending. What parts are essential? What can you cut back on? By looking at it this way you will be able to find the means to get financial freedom.
This may sound bizarre, but your loyalty to your bank may not be doing you any favors. A lot of the time introductory offers are just that – introductory! A lot of banks, and companies, prefer to extend the good deals to new customers, so current ones don’t get the best deals. Look around and see which banks, both brick and online, are able to give you the best return on your money.
Break these habits and you may find life easier on your wallet, and those dreams that you thought couldn’t come true maybe a lot closer than you think.