Money Tips 5 dangerous habits that could make you broke

If you are careful and budget, you can build real wealth.

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Avoid the company of broke people

Birds of the same features flock together. If you want to a successful people, avoid spending time with friends who are broke or financially unstable.

They can’t help you to make good financial decisions and stick to your budget.

Successful people will advise you to spend less, save more, invest wisely, etc.

READ ALSO: 8 tips on how to leave University with a fat bank account

  • Avoid spending money on things you can’t really afford

Always make a budget and buy your needs first because you consider buying your wants with the extra money you get from discounts.

Also just because your friends are using the latest gadget in town doesn’t mean you should get one and starve till your account is debited by your employer.

You really don’t want to know the source of people’s income? If you want to avoid being broke then you have got to live below your means

  • Avoid taking loans from banks or individuals

Broke people tend to pay interest rather than earn it. They may be near the limit on their credit cards and tend to carry a balance each month.

Others also take to start their own businesses but fail because they don’t have a good financial plan. You call freelancer for others, save and start your own small company from your home and market your products and services online.

READ ALSO: 9 compelling reasons why you may need a personal loan now

  • Avoid renting your whole life

Just to be clear, renting is not bad….like 6 years s. As a way of life, it will definitely stunt your ability to become wealthy. Renting is very expensive these days with so many strict and unreasonable rules and regulations to follow.

Sadly some couples monthly rent is half of their joint salary because they want comfortability, proximity to work and luxury.

  • Avoid spending too much on disposables

 If you can stop wasting money and set strict limits on what you can spend each month, you can find extra money to reach your financial goals. Small steps to stop the spending can make a difference. Just make a goal to stop eating out or set a limit on other spending and you will be able to change your situation.

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