Each time you think about habits, what comes to mind? A routine you've created and adopted, or a regular repetition of an action that significantly influences you? Well, according to research, habit is an activity that is mostly triggered by a goal. For a habit to become automatic notice, it means the initial goal already became less necessary over time.

A habit can either be positive or negative; for instance, pressing mobile phones during midnight while exposing your eyes to too much is a habit that negatively affects your health? How about a routine that encourages you to spend more than you earn? Compared to a pattern that makes you financially independent such as investing every month and taking notes of your expenses.

Habits are developed in different ways, and they have the power to either make or mar your financial life. If you're keen and passionate about achieving the financial goals you desire, there's a need for you to be aware of your bad money habits, be conscious of breaking them and adopting new ones. This article will help you to be mindful of your bad money habits and how you can break them.

Bad Money Habits You Need to Break
Living without a budget: By living without a budget, you spend much more than you earn. But you are unaware of this. Spare an hour to remember and pen down your expenses and savings for July to see the big difference between how much you earned and how much you spent. You'll be shocked to realise how negative this bad habit could affect your financial growth.

Impulsive Shopping: [/b]You have no idea of how much you are spending each time you shop without a second thought, and doing this is detrimental to your financial health. When you don't plan your shopping, you waste money by taking anything you feel you want from the counter, and reaching your goals will be difficult.

[b]Borrowing money: These days, your mailboxes are filled with different exciting and tempting loan offers from various institutions, and you do not see anything bad in taking loans for the things your income can't cover in a month or two. The truth is, borrowing money for the things you can't currently afford only puts you into debt, however, making you more unable to afford even basic necessities.

Trying to keep up with social standards: It's okay if everyone is flaunting their expensive gadgets, clothes and other possessions, but it's not okay if you are trying to keep up with them by living outside your capacity. Trying to keep up with celebrities and even friends is a bad habit that can cause you financial problems.

Having no emergency fund: Emergencies are not the moments you need an urgent 2k. Emergencies are those life and death situations that mostly catch you unawares. Having no emergency fund is how people who suddenly and unexpectedly lose their jobs subsequently lose their homes. It's how people who get stricken with a sudden health condition progress far worse, perhaps even permanently or mortally, because they didn't have the funds to care for it correctly and in time.

Hoarding money: Doing this without any plan to save or invest is a bad habit you need to break right now. Do you consider the risk involved in hoarding money? What if you lose access to your accounts, or your debit card that's directly linked to your account gets lost? Away from this, do you ever consider the changes in the money market and the incessant inflation and devaluation of currencies? Stop hoarding money. Preserve the value of your funds by saving or investing.

Break your bad habits and take charge of your finances with the following tips:
[center]Always work with a budget. Learn about the 50% - 30% - 20% budgeting rule.
Keep records of your daily, weekly, and monthly expenses to know what you are spending on.
Never sign up for loans you cannot afford to pay back.
Start an emergency fund.
Pay off all your debts.
Do research about diversification of investment portfolios.
Understand the saving and investment plans that work best for you.
Plan for the future by creating a savings plan.[/center]


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A lot of tines people don't see hoarding money as detrimental to their lives. What they should spend on their development they hoard till the Monet loses value and they still lack that that they need. And the void/absence of that need still causes big problems


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As I no get money, I no get budget, this is for person wey dey get steady income

No be you go tell me how I go take spend my money.

Anton with 2k they’re not using atm?

Hoarding

Money Rule: Never invest your money in Ponzi scheme.

Hmmm... LORD, your blessings I desire IN JESUS MIGHTY NAME. AMEN

How to spend money is one of the hardest things in life... way harder than making money despite how hard is it to make the money..

Nice write up

Poor mentality

When you jam really money your ringing tone will change

Okay

I need therapy !

I'm a compulsive gambler !
I don't want to maintain

Yea, it's tough admitting your dark sides, especially in a world where everyone wants to be seen as perfect.

Check out my dairy ,I genuinely need therapy !

https://www.nairaland.com/6688784/world-falling-apart

I NEED YOUR HELP,NAIRALANDERS !

I want to break free from this habit, it's ruining my future!

My self will is too weak,I genuinely need any mental and emotional support.

Ok

Bannann:
I was just checking through my alerts yesterday out of boredom and I realized I use to have up to a million but now .....

I can relate with this

This is the best thread so far today.





Money..,easy to spend, hard to make

Na Person wey don Chop belleful dey get bad Money Habit. A hungry Man just want to be fed.

When better Sapa hold you nobody go tell you to save

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If one doesn't hoard money how can one save money? This is lagos, u can't live within a budget in this city and that's the sad truth.

I have mastered all these discipline but my only challenge is that whenever I save up I usually invest it on things that makes me lose them such as forex trading.

Wanting a high maintenance girl when your salary is 30k