If you’re making money but for some reason, you’re always broke, it could be common adulting behaviors making you broke. There are certain adulting behaviors that can make us broke despite the efforts we make to get rich. Adulting behaviors can hold you back and prevent you from reaching your full potential.
Here are some of the common adulting behaviors making you broke and keeping it that way:
Drinking and going out is one of the most common adulting behaviors making you broke. If you ever want to be rich you have to change your drinking habits if you have any. Instead of going out to a club buy drinks from a wines and spirit and have a little soirée with your close friends. If you drink alcohol, we’ve all been in a situation where your workmates go for happy hour after work. So after a long boring day at work it’s only fair if you have a few drinks to unwind.
One drink becomes two and before you know it you’ve spent more than you originally bargained. Not to mention you will still need to buy food for dinner. Happy hour can be a great way of reducing the stress but it does not come without its disadvantages. Also consider you’ll be hangover the next day, so you’ll be unproductive and still spend some more on takeout food.
If you want to stop being broke and build your wealth, you have to change your habits. Don’t pour 10K down your throat every month. Set a budget for yourself every month.
We’ve all been there, feeling the pressure to keep up with social media and our friends. This is one of the common adulting behaviors keeping you broke. Stop comparing yourself to other people and focus on what you want and your long term goals. Don’t derail your financial independence by trying to keep up with social media or your well off friends. Determine your financial goals then work and spend your money with your goals in mind. Remember that life is not a sprint, it’s a marathon. Your spending and expenses should align with your goals. If you let others influence your spending habits you’ll be left with a load of debt.
As you grow older and you start making more money it’s easy to spend more and adjust your lifestyle. You want to live better and it’s okay. The more money you make the more money you’ll be tempted to spend. This is why most middle class people stay middle class and don’t get rich. Don’t feel pressured to start fine dining or wear designer clothes and shoes.
You’ll want to live below your means. Adopt a frugal lifestyle up until you have attained your financial goals. Don’t go into debt trying to impress people you barely like. The more money you make, the more you should save and invest.
Bank account balance
If you find the thought of checking your bank account balance dreadful, you’re not doing yourself any favors. Make sure you can account for every cent that leaves your bank account. Make sure you study your financial statements to know your spending habits. This way you’ll know your weaknesses when it comes to your finances. You’ll grow once you put yourself on the spot for all your spending. Ignoring your bank account balance will only keep you broke.
When you start earning more money it’s only natural to want to look and dress the part. Don’t get carried away by buying expensive designer clothes, handbags, and shoes. Smart is smart you don’t have to spend a lot of money to look good. You can buy second-hand or look for bargains. Don’t overdo the wardrobe. You don’t need a hundred pairs of shoes. Just go for essentials.
If you can, avoid the small loans, they’re much more expensive and by borrowing this money you’re robbing your future self. If you already have a loan make sure you make your payments on time. This will make sure you don’t accrue any interests. If you want to avoid being broke avoid debt if you can. Having this monthly cheap loans is choosing to remain broke. Make a debt repayment plan and refuse to remain broke.
There’s good debt and bad debt. Good debt is where you’re investing the money and you’re bound to get more that the interest and money you borrowed. Bad debt is using your credit card to buy clothes and shoes. If you’re taking a loan let it be for business or investment purposes.
Replacing Things Too Often
It’s much easier to dispose of items rather than buy reusable products. This is a habit that will keep you broke. You don’t need paper towels to wipe your kitchen, invest in microfiber towels for your kitchen. They may not cost a lot but calculate how much you use on paper towels and you might change your mind. If you can fix something then fix it as opposed to buying a new one. This goes a long way when it comes to saving money.
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