Money Habits that will make you Poor

Can we live without money? Think about it and then answer the question. We can’t. Money has taken a very important place in our lives. 

Money is valuable and we should respect it. We do spend money but are we managing our money? Do you have an emergency fund in case you lose your job? Do you have saved money for medical expenses for which you might have to pay in the future? Are you only spending money and not saving a penny for yourself and your family?

There are some habits that will make you poor? Well, if you don’t want to be then please stop these habits.

1. Not having a budget and still spending.

Yes, there are some things we really wish to buy but we don’t have a budget. So, we take a loan, we pay the price of that item using EMI. Many people do it but you need to do it smartly. This will avoid the possibility of you being bankrupt.  Sometimes, you also buy things you don’t want but you buy just to show off. You should make a budget for everything smartly instead of blindly buying things. You need to stop wasting money on things that you are not in need of. 

2. You don’t invest your money.

You earn money and you can earn money from your money. Indeed, many people are doing it. If you do a bit of research, you will find ways you can use in order to invest money. You will regret if you don’t invest your money. You can find your best suitable way for investing.

3. Buying cheap quality things.

We should buy things considering their quality and not quantity. Yes, there are things which are cheap and expensive but you will observe differences in them too. It is not always like this that you buy cheap item and it is not good in quality. There are things which are cheap but they are good in quality. 

While most of the time, financial responsibility or earning income for the family is passed out to men but you, whether men or women or LGBTQ, should take responsibility for your expenses. 

Written By-

Pranali Mahindrakar, Student of BSc. CS, Pune.