In 2017 some people did not meet their financial saving goals, others could not account for the monies they received.
These can only be a result of one or more bad financial habits that you have picked up that is secretly draining your bank account.
• Not having a budget.
You just spend without planning on how to do that.
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This is wrong you need to start tracking what you’re actually taking in and spending every month. You cannot keep living from paycheck to paycheck.
READ ALSO: 6 entrepreneurial habits to develop in 2018
If you think the manual budgeting will be stressful use an online spreadsheet or apps that make budgeting easy.
• Impulse shopping
We are all guilty. But this must end in 2017.
Make a deliberate effort to decide on your purchases before you go out. It is not going to be easy to away from that nice fabric or sneakers you haven’t budgeted for. But make a conscious effort to walk away because impulse buying ended in 2017.
• Using emergency fund for non-emergencies
The word is emergency and not extravagance.
Some of us use our emergency funds for non-emergencies. You want to go for a vacation because all your friends are going even if you have not budgeted for it. Emergency funds should only be used when you’re facing unexpected medical bills, car repairs, funeral expenses, etc.
• Not planning out your meals
Yes! You need to plan your meals too. It is very important.
This has a lot more to do with finance than you might think. When you plan out your meals every week (and which things you may need to buy in bulk every month), you can make better financial decisions at the grocery store and prepare meals ahead of time that will keep you from eating out on a whim.
• Stop spending more than you earn
No matter what you earn learn to live within your means.
It is going to be difficult if you have always borrowed in addition to your monthly salary. But start and make a conscious effort to stop living above your means.
READ ALSO: 7 money habits that probably made you broke in 2017
If you don’t stop now, you will be found wanting in 2018.
• Stop competing with others
You have your own set targets, with time you will meet them. There is no need trying to keep up with the Joneses.
‘The Joneses’ in this case will still have their money and you will always be broke because you want to be just like them if not better.