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Nairaland Forum / Nairaland / General / Career / Bad Money Habits And How To Break Them (25197 Views)
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|Bad Money Habits And How To Break Them by helloAri: 12:52pm On Aug 06, 2021|
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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|Re: Bad Money Habits And How To Break Them by SuccessRecipes: 12:54pm On Aug 06, 2021|
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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|Re: Bad Money Habits And How To Break Them by Jamesbiodun(m): 12:59pm On Aug 06, 2021|
As I no get money, I no get budget, this is for person wey dey get steady income
|Re: Bad Money Habits And How To Break Them by Onyi22(f): 1:40pm On Aug 06, 2021|
|Re: Bad Money Habits And How To Break Them by GRACEGLORY: 1:40pm On Aug 06, 2021|
Money is the least of man’s problem, but many have been led to believe otherwise. Until you get the understanding that money is a byproduct of success, and that it isn't about the acquisition of things. That it’s simply learning to live even more less than you make, so you have what to give back and have money to invest. You won’t know financial peace.
23 Likes 3 Shares
|Re: Bad Money Habits And How To Break Them by EXLOVER(m): 1:40pm On Aug 06, 2021|
I have this personal bad money habit that i need deliverance from, i don't know if my village people are doing afternoon meeting on my matter sef,
When i have money in my hands, if i don't finish the money immediately my mind won't calm down, most times the things i use the money on her not very important, but immediately I'm broke, ideas will begin to come to my head, investment ideas will begin to come up....
May God help an enjoyment nigga like us, we pray for excess money and wealth...
57 Likes 2 Shares
|Re: Bad Money Habits And How To Break Them by eherbal(m): 1:40pm On Aug 06, 2021|
|Re: Bad Money Habits And How To Break Them by Oluwasaeon(m): 1:41pm On Aug 06, 2021|
No be you go tell me how I go take spend my money.
7 Likes 2 Shares
|Re: Bad Money Habits And How To Break Them by Kreamie(m): 1:41pm On Aug 06, 2021|
Anton with 2k they’re not using atm?
|Re: Bad Money Habits And How To Break Them by Nobody: 1:41pm On Aug 06, 2021|
|Re: Bad Money Habits And How To Break Them by onoms4luv(m): 1:41pm On Aug 06, 2021|
Money Rule: Never invest your money in Ponzi scheme.
19 Likes 2 Shares
|Re: Bad Money Habits And How To Break Them by NaijaSumi: 1:41pm On Aug 06, 2021|
Hmmm... LORD, your blessings I desire IN JESUS MIGHTY NAME. AMEN
4 Likes 2 Shares
|Re: Bad Money Habits And How To Break Them by chukwuibuipob: 1:42pm On Aug 06, 2021|
|Re: Bad Money Habits And How To Break Them by GeneralPula: 1:42pm On Aug 06, 2021|
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..
12 Likes 2 Shares
|Re: Bad Money Habits And How To Break Them by Mixedfruit: 1:43pm On Aug 06, 2021|
Nice write up
|Re: Bad Money Habits And How To Break Them by emmabest2000(m): 1:43pm On Aug 06, 2021|
When you jam really money your ringing tone will change
19 Likes 2 Shares
|Re: Bad Money Habits And How To Break Them by Coplop: 1:43pm On Aug 06, 2021|
|Re: Bad Money Habits And How To Break Them by HEAVEN4444: 1:43pm On Aug 06, 2021|
|Re: Bad Money Habits And How To Break Them by Guavo: 1:44pm On Aug 06, 2021|
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 !
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.
|Re: Bad Money Habits And How To Break Them by SEYILIGHT(m): 1:44pm On Aug 06, 2021|
|Re: Bad Money Habits And How To Break Them by Emu4u2c: 1:44pm On Aug 06, 2021|
Bannann:I can relate with this
3 Likes 1 Share
|Re: Bad Money Habits And How To Break Them by Bmaster(m): 1:44pm On Aug 06, 2021|
This is the best thread so far today.
Money..,easy to spend, hard to make
9 Likes 2 Shares
|Re: Bad Money Habits And How To Break Them by Davijunson: 1:45pm On Aug 06, 2021|
Na Person wey don Chop belleful dey get bad Money Habit. A hungry Man just want to be fed.
4 Likes 3 Shares
|Re: Bad Money Habits And How To Break Them by Turtleneck4Sale: 1:46pm On Aug 06, 2021|
When better Sapa hold you nobody go tell you to save
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|Re: Bad Money Habits And How To Break Them by dangoteinlaw: 1:46pm On Aug 06, 2021|
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.
3 Likes 2 Shares
|Re: Bad Money Habits And How To Break Them by Preferito(m): 1:48pm On Aug 06, 2021|
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.
8 Likes 1 Share
|Re: Bad Money Habits And How To Break Them by FatimaAbubakar(f): 1:49pm On Aug 06, 2021|
Wanting a high maintenance girl when your salary is 30k
7 Likes 1 Share
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