These Bad Money Habits Are Making You Broke – Here’s How To Fix It

These Bad Money Habits Are Making You Broke – Here’s How to Fix It

What if I told you that you’re not actually poor like you think but you only need to fix your habits? A big part of building wealth is evident in your habits and the quicker you change them, the faster you attain financial independence.

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The financial commitments we make today either make a deposit or withdrawal into our future. So, if being broke is not what you envision your future to be, then be wary of these habits and look to put an end to them.

Shiny Stuff Syndrome. Are you fond of buying stuff that you never end up using because you just wanted it and then along the line wonder “why did I buy this?”. Every day, we’re being fed thousands of ads, either by marketing or word of mouth from our friends and family and just because it seems like a nice-to-have, does not mean you should open your purse. Therefore, before you make that next purchase because it’ll “make you happy”, ask yourself if you really need it and if your future self will thank you for making that purchase.

Eating out/ordering food. With the myriad of food delivery services that have your meals delivered at bolt speed, it can be quite the challenge to cook your meals. Cooking at home is not just healthy, but also cost effective. Think about all the 3k meals you’ve ordered 5 times on a weekly basis and then multiply it over a year. That’s money that you would have spent on important stuff. Once again, there’s rice at home dear 😁

Subscriptions services you don’t need. Trust me, you don’t need all the streaming/gaming services. A little 1,500 here and 3,500 there on a monthly basis adds up to a large sum. Share logins and subscription costs with your friends to save cost.

Not having a savings account. Your spending account has to be separate from your savings account. This is money that you’re saving towards a goal/your future and should not be together with the funds you have set aside for daily expenditure. A good way to start is to open a Flexx savings account. Click here to open one.

Buying cheap/quantity instead of quality. Ever heard of the phrase “Buy cheap, Buy Twice”. When it comes to certain things, you do not want to skim on quality. For example, it is smarter to invest in quality shoes that won’t give way after a few wears and will outlast all the cheap ones.

Not valuing your time. They say “time is money” because your time is one of the most valuable commodities you have. It is the greatest asset you possess and should be spent doing things and learning things that will benefit you. Spend less time on social media, watching movies and invest your precious time into things that will pay off for you.

Trying to keep up with the Joneses. What you’re not going to do is go broke trying to look rich. Purchasing luxury items because you want to appear rich, and flex online is a waste of your resources. Half of the time, people are not what they portray themselves to be. So, if you end up being broke trying to copy others, that’s going to have you stuck in the broke cycle for a long time

What other habits do you think keep people broke? Do share in the comments