19 Money Habits That Keeps You Poor

Money Habit Mistake No 1 Following Traditional Pattern Of Saving

Well, it is a good practice of saving money but it is not the whole picture you can’t become rich just by saving money you have to understand this because many people are still there that they follow this pattern of only saving money and they think that saving a good amount of money will make them rich. This is false saving will not make you reach but investing will do. The reason is why I am telling is just because saving is like addition and investing is like multiplication now I hope you got it.

Money Habit Mistake No 2 Not Tracking Your Expenses

I highly believe in this point that if you can’t track it you can’t manage it. So from today onwards you will track every small expense too. I know it will be irritating initially but trust me guys once you get to that you will feel proud and grateful for doing this.

Money Habit Mistake No 3 Waiting For The Last Date To Pay Off Bills

Well, many people have a habit to pay off the bills at the last moment but you don’t know what will happen tomorrow there are many cases where many people forget their last date and they have to pay fine. So don’t do this mistake whether you pay on the first day or last day you have to pay the same amount so why take unnecessary risk with your money?

Money Habit Mistake No 4 Impulsive Buying

Stop this, my dear friends, why do you need to do this you have to understand this point that you have a limited amount of money and an uncountable amount of desire you can’t fulfill all your desires with that limited amount you have to be mature with the usage of your money. So from today onwards if you buy something be practical with the decision whether it is really needed for you or not okay.

Money Habit Mistake No 5 Show Off

So well I am sure 90% of you belong to this category if your neighbor purchases a car you also need that car. Stop it !! You can’t live your life while doing this instead I have some simple advice for you instead of doing show off to others be happy with yourself man. Trust me the day you will realize you will stop doing that show-off to anyone and you will be thankful for my advice I know.

Money Habit Mistake No 6 Doing Gambling To Make Money

I know it is good to make money and it is a very good practice because due to this rise in inflation, everyone has to make some more amount of money. But wait you can’t take the wrong step which will harm you instead of helping you. Gambling is the worst financial decision individual takes. Stop doing this you have lots of things to do and if you lose your money in gambling you will regret your whole life because you don’t know the money that you lost in gambling might be needed for you in an emergency think thousands of times before thinking of gambling.

Money Habit Mistake No 7 Living Life That There Is No Tomorrow

You might have heard some people talking about those who had saw tomorrow and live a life where there is no tomorrow stop this nonsense. Don’t talk like kids. I know one should enjoy their life but don’t live your life like a donkey man. Take calculated steps. Keep aside some money for enjoyment and some amount of money for the future too.

Money Habit Mistake No 8 Not Having An Emergency Fund

Make sure that you have an emergency fund with yourself for the future whether you do a job or business no matter but you need to make an emergency fund for your protection in your wrong time to maintain your lifestyle. If you have emergency funds, you don’t have to ask for help at the wrong time note that.

Money Habit Mistake No 9 Paying Lots Of Taxes

Well, many people don’t pay the tax which is wrong and many people pay the extra tax which is also wrong. Because they don’t know that there are lots of tax advantages that are legally provided by the government and one can get the advantage of tax legally and can save tons of money.

Money Habit Mistake No 10 Paying Yourself Last

I have a question for you tell me one thing many times you had thought of saving some amount of money in the last while doing all the expenses and tell me at least one time have you saved some money. I am sure that 95% of people won’t do that because you don’t have a single penny left after doing all the expenses right so why pay yourself last?

Money Habit Mistake No 11 Working In Low Paying Job

It is not bad working in a low-paying job but it is bad when you don’t upgrade your skills and you don’t look for a high-paying job hope you got the point.

Money Habit Mistake No 12 Not Having A Budget

if you don’t have a budget you will spend your money on anything, anytime and anywhere seriously. Making your budget will not only help to control your unwanted expense but also help you to save some money.

Money Habit Mistake No 13 Ignoring Inflation

Many people ignore inflation this is bad you can’t do this. My dear innocent friends, you need to understand the term inflation. Inflation is like which eats your money over a longer period of time in simple words.

Money Habit Mistake No 14 Living Life On EMIs

EMI is like a trap to make you financially broke seriously if you don’t believe me you can ask yourself if you will find the answer because from the day EMI came into your life your financial graph has gone down and down.

Money Habit Mistake No 15 Not Investing

Many people don’t invest money and the common reason why many people don’t invest money. Number one they don’t know investing here I will help you out with my website my channel is all about personal finance you can check out that or there are lots of good channels on YouTube and lots of good blogs on the internet you can read that, you can read books regarding personal finance the thing is that are you willing to do this or not that’s the question?

The second reason why many people don’t invest is just that they don’t have money to invest if you stop eating that one extra burger, and stop purchasing unwanted gadgets, unwanted clothes, and unwanted Netflix subscriptions I think you have that money to invest. Don’t fool yourself.

Money Habit Mistake No 16 Upgrading Gadgets Only For New Features

I will only say stop this otherwise be ready to be broke every time just because you don’t have control over your emotions.

Money Habit Mistake No 17 Not Doing Side Hustle

Lots of people are very busy in their life they don’t have a single second for upgrading skills. No problem I am here to help you out if you just stop scrolling on social media you will get some time, if you stop putting every time story and status or watching others story and status you will get some time, if you stop unnecessary watching Netflix series you will get some time, if stop thinking unwanted thing you will get some time and this is a sufficient time to do some side hustle. Now again the question is whether you invest time or waste your time.

Money Habit Mistake No 18 Not Reading Personal Finance Books

Trust me guys forget about thousands of personal finance books if you read only one personal finance book I am sure that it will help you to grow your financial graph up.

Money Habit Mistake No 19 Lack Of Financial Knowledge

If you lack financial knowledge I am sure one day you will broke. This is one of the main reasons why many people are financially broke seriously because our school college doesn’t teach us about that.

Well now you know some money habits now it’s time to know some personal finance rules.