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1. Do not have a Budget or Budgeting that is always updated.
How do you know how much money to make, spend and save if you’re not budgeting? It’s quite difficult to reach your financial goals without it. Budgeting is all about understanding how much money you make, so you can set spending goals and maybe save some money.Just knowing how much you’re spending can help you spend less as you become more aware of it. You also have to always update your budget list every day so you know for sure where the money is going in and out. Making this budget is also the first step towards financial literacy
This habit can make you poor, usually it will be seen along with the lack of your remaining budget. This habit often comes back when you are in a place that attracts attention and can make your heart happy. Examples include buying clothes at the mall, hanging out at your favorite cafe, watching movies, karaoke with friends,etc. If you don’t know how much money you have spent, it will be much easier for you to spend more. But if you know and are sensitive about which places have a tendency to spend a lot of money, it will be easier to realize and control your shopping habits in the future.
Have you ever bought something, kept using it only a few times and then it became a display item in the future? everyone must have done this and it makes us wonder, why did I buy it in the first place? This can happen because when you want to shop, you don’t make a clear shopping list for what items and in what amount you actually want to buy. In the business world, companies are very skilled in this field, they just have to do great marketing tricks such as (discounts, promos, buy 2 get 1,etc.) to buyers who come to be interested in buying more.
Have you ever been to a friend’s house and his house was full of things? certainly have. When someone buys a lot of things and keeps them in the house, it will give the impression that they are rich. For example, having 2 cars, boat, bicycles, furniture, decorations that are very crowded, etc. If done often, then this bad habit can last for a long time. If you believe that buying a lot of things will make you look rich, then you are very wrong. Because rich will only be determined from the amount of cash that is currently owned, the return on investment and the number of assets owned.
Have you ever bought an item just for the quantity over the quality? definitely yes. This bad habit can make you buy it in large quantities in a short time span, even though it has the same use. For example, glasses, shoes, smartphones, clocks, etc. If you do this often in the future, you can subconsciously make you spend more money than you originally bought because of the quality.
Perhaps this is more common among individuals who are younger in their 20s, even though it is still common among older people. Either the reason is not having a target at all or not right on target etc. If you do not have strong and clear financial ambitions, you will tend to be careless with your own money in the future. For example, you don’t have a motive for why you have to spend as needed, save more, invest more, etc.
Try to learn to invest your money in investment instruments that exist today. do not be afraid to lose, because the risk of loss can be minimized by continuing to learn. After all, if you put money into good stocks, bonds, deposits, etc., it will definitely provide a good rate of return and it will have an impact on the growth of your assets in the future. If you only keep money in your bank account, every year you will be burdened by an inflation rate that is much higher than the bank interest income you receive. So don’t hesitate to use your extra money to invest.
One bad behavior that can keep you poor is using credit cards carelessly, such as buying things that are not very useful and are needed in the near future. Interest rates on credit cards can damage your finances in the future because they will get bigger every month. Some people don’t realize that they are wasting money because they believe that they only need to pay small at the beginning when in the future they will pay a lot of interest. Try to avoid this so that your assets can grow bigger every month.
Unfortunately, many of us worry too much about discussing money and finances on our own. This happens because of a negative mindset. Without realizing it, this behavior can keep you poor in the future. If you are not confident with the money you have now, how can you achieve good financial goals in the future? Try to understand the basics of material about the world of finance, how to manage money properly, how to deal with your finances, etc. so that you can increase your confidence and open your mindset for money in the future.
Most people, when they can earn more money, will definitely increase their spending or standard of living as well, such as buying a more expensive car, house, bicycle, smartphone, etc. If you want to be free from these problems, try to stay alive with the same expenses but increase the portion for investment. Because with this you will become someone who is more reliable in managing financial emotions in the future.
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