Money has one rule:Save me today and I will save you tommorow.
If you keep saving money, that money will save you when you need it the most. So, avoid doing the following if you want money to work for you.
Shopping To Impress.
Shopping for status is not the way to find real friends.Instead, results to financial disaster.Be real with yourself.Impressing people with what you own will make you poor faster than you know it.
Making Impulse Purchases.
Spending more money on goodies you haven't budgeted for adds up the expenditure money so fast.It can make you poor within a short period of time.
Drop this habit of purchasing on beautifully displayed goodies.The marketers put them their to trick you into buying them.
Brand Royalty Junkie.
For this reason, you will develop an emotional attachment to their products.
Using Your Credit Cards Wrongly.
Many people spend their credit cards like free money when they should treat them like debit cards.
Buying with cash gives you enough to pay off your credit card in full monthly.
If you want to excel with your finances,set solid and realistic targets.Create a saving goal for a down payment and contribute to it monthly if you want to buy either a house,land or a vehicle of your dream.
Else you will be in the same position ten years to come as you are now.
Having A Consumer Mindset.
Some people only have a mindset of buying whenever they have money.You should avoid the thinking by looking for ways to how your money can be used to create more money.
No Debt Planning.
Create a plan by sending in all budget surpluses to your debts.Do this by starting with the smallest balance first.
With a plan you can attack your debts less overwhelmingly.You'll see your balances going down and closing at the same time.This gives you a motivation to keep going.
Minimum Payment Only.
Paying this way does not mean you are getting out of debt.As a matter of fact, you are accruing more interest.
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