Money, even though very important is not extremely constant. And it is sad to acknowledge that sometimes it can just go away. Yes-yes. We all know that with poor management money can be very fleeting and can leave us very swiftly. But, it is very reassuring that we can take measures and stop doing things that can leave us broke quickly.
So, what are the money habits that can leave us broke in no time?
7. You spend without asking your partner.
8. You fall for ‘bait-and-switch’ expenses.
9. You do not plan a budget.
10. You make impulse purchases.
11. You leave your savings for last.
12. You have no emergency fund.
7. You spend without asking your partner.
If you have a co-joined bank account with your partner, that means that your money is common. And that means that all the payments are to be discussed and all the expenses are to be agreed upon. This means that you have to talk about every expense. Spending without consulting or at least informing your partner is going to result in a lot of unnecessary spending and a lot of scandals in your household.
8. You fall for ‘bait-and-switch’ expenses.
Has this ever happened to you – you bring a sale item to the cash register only to discover that it was not on sale? Ever rode a cab and got a fare higher than expected? Avoid the bait-and-switch by saying “no” to items that don’t turn out to be on sale and by asking cab drivers for a fare estimate upfront.
9. You do not plan a budget.
Budget planning is going to help you immensely when it comes to speeding and saving. You can even set up a column for all the entertainment. Include even to-go cups of coffee in there, but still rationalize and mind your spending.
Plus, seeing it all in front of your eyes is going to help you understand which expenses are needed and which you can do without.
10. You make impulse purchases.
We have all been there. We have shopped while we were emotional. We have bought stuff we do not need just to cheer us up only to understand that it was very unnecessary. After that we are either stuck with having to return it or worse – we now have to deal with owning a thing we do not really need. In this case the fault is all yours. You have made a decision you have not entirely thought through.
But hopefully, the next time you are going to be more mindful.
11. You leave your savings for last.
Your savings, pensions funds and all of the personal accounts are to be topped up first. You need to understand that you and your future have to come first. The rest of the bills will be payed surely, but forgetting about your future is the last thing you want to do.
Always put personal funds in front of all of the other needs. This will ensure that you are going to be looked after in the future… by yourself,
12. You have no emergency fund.
Life for sure is a beautiful thing. And it is beautiful in its unpredictability. You may never know when the next awesome thing is going to happen to you. But, the thing here is that not only good things can happen to you. bad things as well, unfortunately.
That is why it is better to have an emergency fund in case your roof starts to leak, your car breaks down and so on. Thing like that always come out of nowhere and can really make a dent on your personal budget.
