Being broke can bring about lots of negative feelings; from disappointment to self-doubt, even to anxiety wondering where the money for bills or food will come from. And when using these habits, you won’t run the risk of being broke again.
1. Avoid Impulse Purchases
Never buy an item that isn’t on your shopping list. If you see something you like, then leave it for at least a week or two. If you still want that item and it’s within your monthly budget, then go for it. If not, then simply leave it as is. Chances are, the purchase would have been a basic impulse, not something you actually wanted or needed, and therefore a waste of money.
2. Set Realistic Goals
Most of us want to be millionaires but setting a target of $1,000,000 right away, might discourage you. So instead, set goals that are achievable. Even something like setting aside $10 a week for the next month is better than nothing.
3. Track Your Spending
Rather than using your card until it gets declined, keep track of what you have spent, and where. This can help you identify frivolous purchases that should be avoided or places you may need to stop going to since it’s a temptation to spend a lot of money.
4. Use Cash
It can be easy to keep paying by card and not notice how much you are truly spending over the course of the day. So instead, take out some cash in the morning and use that as your daily allowance. When it’s gone, it’s gone. This will help you to be more mindful.
Rather than spending your money here and there without regard, instead, put your spending in order. First, ensure that debt payments and bills are paid. Then look to your groceries. Save some money. Finally, put money aside for treats.
6. Be More Focused
Focused people tend to be more careful with money. If you find yourself easily distracted, then the same thing can occur when managing your money. For a more successful career and intelligence with money, it may be beneficial to work on your levels of focus and concentration.
7. Take Opportunities
Rather than staying content with their current income, people who are never broke look for any opportunity to maximize their income. Whether this involves a part-time job, selling off old items, or even pushing for a pay rise, these can all aid you in keeping your money.
You don’t have to be, or stay, broke. If you learn some smart money habits then you will be able to change your thought and spending patterns for the better. So give some of these a try; they’ll really help you!