Bad money habits

If you are tired of being broke, here are 11 bad money habits you need to get rid of.

1. Impulsive spending. I have seen people eat all their money on silly impulsive spending. Don’t carry extra cash in your wallet if you don’t intend to use it.
2. Not spending on yourself. You need to modestly reward yourself for working so hard. Buy yourself something nice once in a while. Save and go on vacation with your family.
3. Not budgeting. This habit is akin to a builder who starts building without a plan. Don’t spend your money without a budget.
4. Not tracking expenses. Imagine a big company like Stanbic operating wihout knowing how much it is earning and spending. It will soon go bankrupt. So will you if you don’t track your expenses.
5. Expecting to earn without working. This habit will get you hooked on gambling and get rich schemes. There is no free lunch.
6. Living beyond your means. When you live above your means you end up in debt and the rat race begins. You work so hard to earn money to sustain your lifestyle and are forever trapped in debt. No need to impress people who really don’t care about you anyway.
7. Not having any money goals. This habit is akin to someone walking around town without any particular destination in mind. We usually call these people “mad.”
8. Having excessive debt. Too much debt will literally kill you. Diverting borrowed money for other purposes is very bad.
9. Being stingy. Generosity is good for the soul. Don’t be too stingy. God rewards generous people.
10. Being excessively generous. Too much giving and not taking care of your finances will make you broke. Don’t go broke solving other people’s problems. You are not the United Nations.
11. Not saving. Eating all your money like there is no tomorrow is a very bad habit. Even birds store some food for dry seasons. You are much better than a bird.

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