In this video I’m going to break down 7 money habits that keep you poor. The 7 money habits to quit and get better at money management, and start building wealth. Watch all the way through and I’ll tell a bonus one as well. Let’s do it!
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A lot of people face financial hardships in their lifetime, and some never escape the torture of struggling to pay their bills. This particular life difficulty has escalated greatly during the pandemic.
Some of us struggle every day with money. Even would go to bed thinking about whether they had enough money to buy groceries this month or not.
Here’s 8 habits that can help you grow your wealth and avoid the money mistakes most people make.
1. Not paying yourself first.
The idea is that you have to set aside the money you want to put into your savings from your paycheck first thing. Then you can look at your bills, pay the necessities, and cut down on non-essentials. This will ensure that you’re saving every month while helping you to cut back on unnecessary spending.
Treat saving money like a bill. Non-negotiable.
2. Don’t Try To Keep Up With Friends Who Have Expensive Taste.
If you have friends that are always wanting to go eat, stay at expensive hotels, spend a lot of money on bar tabs, etc… then it’s time to set some firm boundaries.
Explain to your friends that you can’t go out and do the expensive things they want to do because you are working towards some financial goals.
3. Don’t Put Everything On Your Credit Card Simply For The Rewards
A lot of the time you will wind up spending way more on your credit card than you would have spent otherwise. If you can’t afford it, then don’t buy it, no matter how much your credit line is. You will wind up wasting money that you would not have wasted if you had paid with a debit card.
4. Don’t Let Your Finances Get Disorganized
It is essential to track your finances and track your spending for the month. When your finances have a system you can visually see the progress you’re making and that will keep you motivated to keep making progress.
5. is Don’t Become Numb To Debt
Make choices that will positively impact you. Don’t do what you can’t afford, and don’t get over your head in loans. Don’t settle for being surrounded by debt.
6. Don’t Pay Extra Because You Didn’t Plan
Being unprepared always winds up costing you money. If you’re always having to buy things that you have at home or paying fees you could’ve avoided because you didn’t check your account then make a plan to stay on top of the situations you know you frequently let get out of hand. Just a little bit of time dedicated to staying on top of these things can save you a ton of money.
7. Paying Too Much In Taxes
Taxes are going to be the single biggest expense you pay in your lifetime, so why not do what you can to cut down your payment.
Most people have a 401K through their employer that is an example of a tax loophole that can help lower your tax costs. You also have access to a Roth IRA as well as other investment accounts that will reduce your tax expenses in the long run.
8. Don’t Put Off Investing Because You Don’t Think You Have Enough Money
Putting off investing until you have more money will result in you never investing. You’re always going to be able to find a reason to not set aside money. So no matter what you have in your bank account right now it is essential to dedicate part of it (even if it’s small) to investments and savings.
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