Honeysuckle.
8 Habits That Keep
You Poor Even With A Reasonable Income
Lianne Martha Maiquez Laroya
Have you ever wondered where all your money went to?
Do you often ponder why there is no money in your bank
account at the end of each month?
Have you found yourself frequently thinking about the
invisible holes through which
your funds vanish? If yes, then you have landed at the right
place. We can tell you exactly
the reasons why you are unable to amass money despite
earning a decent income.
Here are the top 8 habits that can sneak into your
hard-earned income and eat up your funds.
Spending more as
your income increases
There’s no harm in raising your standard of life when you
can.
However, if you are a person who is constantly looking
for ways to spend your money,
you will probably find yourself in a difficult
situation soon enough.
If you continuously raise your expenditure along with any
increase in your income
(or even without it), it would be hard to have any real
savings.
Try to keep your expenditures at a constant level
along with exploring ways to increase your income. That’s
the route to success!
Focusing on the present
without caring about the future
Usually, when people find it hard to tackle a problem,
they choose to ignore it.
That’s a sure recipe for disaster. The same is the case
with your finances.
Generally, people focus on their present needs,
wishfully thinking that future needs will somehow be met
in some way.
You need to take the future into perspective whenever you
are making any financial decision. Although it is good to take care of
everything in the present, do your best to save for your future.
You think it is
too early to start saving
When you are young, it is easy to get carried away by the
various pleasures money can buy.
People often think that right now is too early to start saving or
investing.
Wrong! It is never too early to save a portion of your
income,
no matter how low or high your income is!
Start saving today! In fact, experts say that you should
save before you
spend.
Keep aside a portion of whatever money or income you get,
and then spend the rest!
Not keeping a
record of your money
We all think that we know where our money comes from and
where it ends up.
Sadly, that’s not true for most of us. We might be aware
of our major expenditures,
but the small things usually eat up our finances more
than the big ones.
It is an excellent idea to start keeping a journal for
all your income and expenses,
whether they are huge or small.
This way you will have a much better idea for controlling
your finances.
Lack of budgeting
and/or poor budgeting
You might be documenting everything. Then again, you
might be missing the starting point
— a budget! Having a realistic and well-documented budget
is the foundation of all your financial planning and
success.
Make a budget and stick to it! I can say this from my own
experience:
it makes a huge difference in how you look at your money.
In the absence of a budget,
it is very easy to get carried away and commit
unnecessary expenditures.
Being unclear of your needs, wants, and finances!
In order to save money and build wealth, it is of the
utmost important that you absolutely care about the must-haves, good-to-haves,
and not-to-haves!
You need to prioritize your financial targets. If getting
rich is a top priority for you,
then you need to sacrifice some of your present
pleasures, whether you like it or not.
Be clear about your goals and write them down.
Review them at regular intervals to keep yourself on
track.
Ignoring your debt
For a lot of people in today’s world, interest eats up a
huge portion of their finances.
It’s a painful fact.
Still, they don’t know how to get out of this vicious
cycle, leaving them with little to no savings.
First of all, make paying your debt a top-of-the-list
item on your agenda. Work out a plan for this
and stick to it, no matter what. You don’t want to believe
that you’re poor, do you?
Constantly upgrading your electronic gadgets
There is no limit to it. While there is no harm in buying
gadgets that you actually need,
buying only because there is this next version of mobile
available in the market
will definitely cause you more harm than good.
Take charge of
your life today.
Do what needs to be done right now. You can do it.
Do yourself a favour and start your journey of becoming
wealthy today.
As William Shatner said, “If saving money is wrong, I
don’t want to be right.”
http://www.lifehack.org/293764/8-habits-that-keep-you-poor-even-with-reasonable-income
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