We are all guilty of some bad money habits at certain points in our lives.
Here are some bad money habits that you need to leave in 2017, so you do not get broke in 2018.
• Spending as much as you earn or more
Anytime your salary drops in your account, you withdraw all the money and spend all on things you cannot remember.
When you do this, the money you are expected to spend for the entire month gets finished by the second week.
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In 2018, make it a point to spend less than you earn.
• Impulse buying
Most of us are guilty. You buy everything we see on the market, at the restaurant etc. even if we have not planned for it.
If you continue this way, you will continually be broke irrespective of the resolutions you make in 2018.
• Paying for subscriptions you don’t use
Some of you have subscribed to so many services we do not use.
The service providers are only making money from you even though you do not benefit from their services.
Go through your subscription list and ask yourself which of them you have not used in a while. Cancel those you are not using. It will help you save some money.
• Buying food every day
Eating out daily can add up quickly.
The money you use for lunch can prepare a full bowl of stew. Cook more often it will reduce your food budget.
This is not to say that you cannot give yourself a treat. Do that once a while.
• You do not budget
Your budget is your financial plan. You need to know what you use your money for. If you fail to budget you will buy anything you find and you will be broke even before you are paid your next salary.
• Always borrowing money
Why won’t you borrow money if you do not budget and also buy even if you haven’t planned?
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It means immediately your monthly salary is paid you need to pay debts, the money will finish in the first week and you will go and borrow again.
Then the cycle continues.
• Caring about your status
You care so much about your status, you don’t care to spend all your money on some needless things.
Continue this in 2018, and you will still be broke.