Habits That Keep You Broke- And How To Break Free

Many people work every day, but complain of not having enough because their income disappears instantly.

I have come to realize that sometimes, being broke is not a money problem - It is a bad spending habit!

These daily habits could be the reason your wallet feels empty.

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EXCESSIVE SCREEN TIME:

Some people spend hours daily glued to the screen
scrolling on uneducational contents on social media, celebrity gossip, episodes upon episodes of series etc. There is nothing wrong in watching these for some minutes but when one's life revolves around it for most part of the day, then it becomes a problem.

Every hour spent binge watching or scrolling could be used to learn one or more skills to bring additional income.

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LIVING ABOVE YOUR MEANS:

We need to avoid the pressure of keeping up with the jonesse . Spending outrageous amount of money on what you don't need or can afford is disastrous.

Spending more than you earn is the biggest financial mistake one can ever make. You will be tied up with debt without saving.

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SPENDING WTHOUT BUDGET:

Creating and sticking to a budget ensures that what you spend aligns with your financial goals. It allows for clarity and accountability.
A good budget helps to provide a clear picture of your income and expenses. It shows where you are overspending and then you can make adjustments as needed.. you can easily set financial goals which will reduce the chances of falling into debt.

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NOT INVESTING:
Setting aside money for emergency, vacation and future wishes and goals is good but investing to bring returns by compounding is better.
Saving alone will not make you wealthy .
Saving is a great way to create wealth but we all know that money loses value overtime ,hence it is important to invest to beat inflation.

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In a nutshell, being broke is not always due to low income. If you don't manage what you earn well, more money will not make any difference..your expenses will keep on increasing .

Understanding and taking action on how to save,invest and grow your income is the way out of being broke.

Friends, if you found this helpful, please comment or follow me for more. Do have a wonderful day.

Thank you for reading.