We all like to party with friends or go out shopping but some financial habits leave smart savers with empty wallets. People having bad financial habits faces several issues. Like if one spends more than he earns then it may lead him to cash crunch during financial emergencies.
Spending too much money on shopping and partying can lead individuals constantly in debt. These bad financials habits are mainly seen in youngsters.
Here are 7 bad money habits that can leave you broke:
Credit Card Bill:
One should keep eye on credit card limits and plan utilisation of its use. Swiping card every now may lead you to pay off unnecessary debt.
Impulse Shopping: Impulse shopping is unplanned and you may not actually have the funds to cover costs that may cause you to lose sight of your budget and your financial goals.
Not Having a Budget Plan:
Not having a proper budget plane may become a hurdle for you to achieve goals. One needs to have a proper plan of how much will you need to set aside each month to reach that amount in 30 years.
No Saving or Investment of Money:
Saving and investing money is something one should always opt for. No saving or investing may lead you to cash crunch. Saving is a great tool for investment.
Not Keeping Track of Your Cash Flow:
One needs to keep a watch on expenses and track of cash flow on a monthly basis to avoid a cash crunch.
Not Paying Credit Card Bill on Time:
On should not forget to pay previous expenditure bill of the credit card on or before the due date to avoid huge interest rates that can become a burden in future.