What are the destructive money habits people have that should be gotten rid of and avoided?
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What are the destructive money habits people have that should be gotten rid of and avoided?
It’s vital to stop bad money habits as soon as possible. Bad money habits can prevent you from reaching your financial goals and set you up for failure. Not budgeting your money, having bad spending habits, and not saving money can leave you vulnerable for unexpected emergencies and leave you living paycheck to paycheck—not to mention no money for retirement. As you can see, bad financial habits can wreck your financial future.
Do you buy things because you are trying to impress other people? Sometimes it’s easy to get caught up in celebrity fashion and desire to impress people with the things you have. However, shopping for status is not the way to find real friends and leads to financial disaster. Remember, you should always be authentically you, and you don’t need to impress anyone with what you own.
Shopping when you’re bored. Back in the day, it was known as the home shopping network syndrome, aka shopping late at night when you’re half-awake and bored. You’d call and order these pretty trinkets or whatever your weakness was. Thanks to online shopping, it’s much too easy to shop when you’re bored. Shopping due to boredom is a terrible financial habit that racks up debt if you’re not careful.