It’s still just the beginning of the month, but are you already speeding down the road to Broke town? If so, there are a number of habits that you’re indulging in that could be the reason you find yourself a tad short of cash. Every. Single. Time. The truth is, because these habits have become a part of your life, you probably don’t even realize they’re doing you no good. But, you can always point out the faults in your stars to then make better choices.
Keeping up with Joneses
If you find yourself envying what other people have and wanting it for yourself, you will also find that you’re willing to shell out to match up to their standards. For example, you might have a smartphone that works just fine and is useful for what you do. But, if your colleague or a friend gets a better model and you buy one yourself just to match up, that’s a problem right there. You will constantly find that you don’t have something that someone else does, but you know what? That’s ok!
It’s so much easier after a hard day at work to order in. It’s convenient, you’re left with fewer dishes to wash and restaurant food is yummy! But they also come at a hefty price. When you cook at home, you will find that you’re really saving up a ton of money, instead of ordering Chinese. Many millennials admit that they actually spend most of their income on food and blame their diet for being broke.
Many, many people are in jobs just because it pays the bills. But you are actually depriving yourself of better opportunities. When you’re working in one particular job, your salary will increase by a few percentile over the course of a number of years. But if you go out there and actually do what you love with a passion, it pays. In real money! Say bye to being broke!
Another reason why you may not be doing so well financially, is because you don’t really know how to invest. You just wait for your pay, and then spend it on utilities, bills, rent and use the rest to do things that make you feel good. If there happens to be anything left over, you might put that in savings. Every financial guru will tell you that it should be the other way round – you first invest, and use the leftovers to spend.