7 habits that will keep you poor | Learn Best ways to save money

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If you have these seven habits, it does not matter what kind of job or business you do you will remain poor your entire life.

In this article we will discuss about those seven habits

1. Do not have budgeting system that is always updated

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If you do not have a monthly budgeting plan, you will not be able to keep track of how much money you make, And how much you spend, and how much money you deposit. Without budgeting you cannot achieve your financial goals.

If you make a budget, you can keep track of how much money you make . and how much you should spend or deposit. This will help you save any extra money you have. Also, you should update your budget list every day. so, that you do not have to work hard to figure out where and how your money is going.

2. Increase Expenses when your income increase

Most of the time when our income increase, we also increase our expense like we want brand new expensive phone, car, clothes etc.

If you want to get rid of from this habit, then you should invest more money and keep your expenses the same as they were before. Do not make your expenses higher In this way you can save your extra money.

3. Not aware of impulsive shopping habits

Have you ever bought expensive clothes just to show off and then put them in the back of your closet? Most of us have done this, and now you are not sure why you bought these clothes. And this happens because you do not plan or write down exactly what you want to buy on a shopping list.

4. Buying things that can make you think you are rich when you are not

Have you ever been to the house of a friend who has a lot of expensive things, like two motorcycles, an Apple phone, a MacBook, etc.? If you think that buying expensive things will make you look rich, you are wrong. Whether you are rich or not depends on how much cash you have, how much money you make, and how much wealth you have.

4. Does not have a clear long-term goal

This habit is most common in 20-year-old men but sometimes it is seen in people older than that. This happens when they do not have any goals or a right purpose in their life.

If you do not have any ambitious or serious goal with your money. then you will be careless about your money.

For example:

  • Why should I invest my money?
  • Why do I have to spend only when I need to?

So, you have no reason or motive for doing that. That is why, you should make motive

For example: You want to retire between the ages of 40 and 50, buy a big house, or travel around the world. So, you need to think this way to stay focused on your financial goals.

6. Not investing

Try investing, and do not be afraid of losing your money. If you know about good bonds and the stock market, you can easily grow your money.

7. Not using credit card properly

One bad habit that many of us have is using credit cards carelessly. buying something with a credit card that you do not need right now but will need in the future. So, beware of your credit card interest rate, it can make you poor. Because the interest rate on a credit card is calculated every month.

So, try not to use your credit card for things you do not really need.

[Photos used in this post are taken from Freepik]

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