Top 4 Bad Money Habits Examples To Avoid
There are certain bad money habits people have that keep them in constant poverty. The worst thing about this is that these people may not even be aware of how these habits are hindering them to grow financially.
People generally want to increase their finances to be able to have certain aspects of life easier for them.
But this is not always possible if people are not aware of their habits that are hindering their financial growth.
Below are the four main bad money habits that hinder peoples financial growth.
bad money habits – Time
There is a famous saying that goes like “time is money”. A lot of people in one way or the other have heard or used this phrase a couple of times in your life but have not really been able to apply this to their everyday lives.
Time must be considered an asset just as money is. When people are able to consider time as an asset they would value every little bit of time we have.
There are even some people who can say that time as being more valuable than money is. This is mainly because if a person you should lose all the money today they could be able to game if not all that some of that money do you hard work and either means but if you lose time you cannot get it back in anyway.
This means people who want to succeed in life must be able to value time ahead of money. People must be able to spend more time doing productive stuff then spend more time doing unproductive stuff.
For instance, the majority of people wake up and spend hours on their phones. The same time could have been used to do something productive such as studying.
In this scenario the person might wake up, turn their phones on and log on to their favourite social media.
They first check out what’s happening and what their friends are up to, then they may stumble upon an interesting video and spend more time watching it. They might even stumble upon social media accounts they consider to be interesting.
By the time they realise they would have spent more than an hour doing this.
Another instance is when people end up spending about five hours or more binge watching movies and other programs.
The same time that was spent doing what most people consider as unproductive would have been spent on either productive stuff such as your business, work, family or education
There is absolutely nothing wrong with spending time on social media or entertaining yourself but people must be able to draw the fine line between being times spent on being productive and the times spent on being unproductive.
People who are able to distinguish between these two would choose the path of knowing what your time is worth since they would spend most of their time on productive activities over the unproductive ones.
bad money habits
bad money habits – Plan
A lot of people set goals for themselves but did you not really plan to be a daily activity in such a way that would cause these goals and plans would be achieved.
For instance if a person’s goal or plan is to be able to buy a brand-new car by the end of the year.
That person must be able to break this down into what he is going to do daily and monthly for him to be able to achieve the target he has set for himself.
This can easily be done if that person writes out what each daily goal, target or plan is.
That person can also go to the next step where he is going to set up a monthly goal target or plan for himself and put it in writing.
If anyone breaks their goals or targets down into daily goals and targets it would be easier to manage their time and plan properly towards how that goal, target or plan can be achieved.
Once this is put into practice, That person would be able to identify if he was able to meet the daily or monthly goals, target or plan.
A person would be able to know what happened that his progress or what made him successful.
This means planning is very important in a person’s life and to be able to grow financially people must said do you have plans and followed them by further breaking it down into daily weekly, monthly, or even year only targets
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bad money habits – Associates
People must know that the type of people they associate themselves with can also determine how they grow financially.
There is a popular singing that goes like, “birds of the same feathers flock together.”
This popular seeing can also be applied to our lives.
For instance if you keep a company of friends who always think off on productive activities you have a higher chance of not being able to grow financially.
But if you keep the company of people who think and plan towards financial growth as well as personal growth and development your life would be different from someone who does otherwise.
One meeting choosing the right company as friends may be difficult but people can easily overcome this difficulty these days.
For instance if you identify a successful person whom you wish to associate yourself with you can easily follow them on their social media, read about them and their publications to get inspired to work harder and grow financially at the end.
bad money habits -Budget
People who want to grow financially must be able to set a budget for themselves. By doing this people would be able to know how much money is coming as income and exactly how much they are spending on the app daily activities.
For example if somebody earns £1000 a month he or she might be able to put in writing what that amount is going to be used for.
In this way such a person would consider him or herself as a business and all businesses have accounts books and balance sheets.
If a person is able to treat himself as a business he would be able to tell what is hindering him from growing financially and exactly what he is doing to grow financially.
These bad money habits could continue to hinder peoples financial growth unless they acknowledge it and apply it to their lives and daily activities.
To be able to solve every problem a person must first of all identify the problem. Secondly, the person must acknowledge that he or she has that problem and that problem is hindering their financial growth and development.
Once a person has been able to acknowledge these bad money habits as bad and seek to find better ways of dealing with such bad money habits they would be able to successfully overcome such bad money habits
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