“It’s not that we don’t have enough to make a
successful management of life, it’s only we don’t manage well what we have,
because the ideas that run through the mind of billionaire (which was
transformed in to cash) is also the one that run through the mind of the poor” -A.K.Peter
All things has a prescribed principle
so also is financial things, however dealing with income and how to save on
every money earned there are some things that might make it difficult to live a
life of successful financial life, example of this is bad financial habit. It
is easy to get into bad habits with financial matters. Few people have enough money to simply buy
what they want without a thought. Most
people have to plan their purchases and stay vigilant to keep themselves
solvent.
· Many people have bad habits of
getting too far in debt with credit cards.
The cards are easy to get. You
can get a handful of Visas and Master Cards, an American Express Card, a
Discovery Card, and several cards from retail stores without much effort. You do not have to have much income to get
this many cards, either.
· None of the card companies seem to
consider that you might have to pay payments to the other cards. You may think you have all these cards just
for emergencies. However, if you get
into bad habits with them, you can end up spending them to their limits. You may reach a point where you cannot even
make the minimum monthly payments.
· You might be tempted to borrow money
from relatives at a time like this, but that would be just another of type of
bad habits. Relatives may want to help
you for a time. They may allow you to
get into the bad habit of going to them each time you need money. Yet, there will come a day when the money
will run out, or the situation will get old.
The relative will not only discontinue the loans. They might stop speaking to you as well.
· When it comes to friends, both
borrowing and lending money are bad habits.
It puts a strain on the relationship that many friends cannot
handle. One friend might forget how much
was borrowed. Yet, there may be
animosity if a written contract is suggested.
You can rarely win when you get into this bad habit.
· Many people get into trouble
financially because the have the bad habit of not sitting down to make a
budget. They have a general idea of
where the money should go. They may think
they have it all in their brains. It
never quite comes together, though, unless you put it on paper (or on a
spreadsheet on a computer). Only then
will you know you have everything included.
· Most utility companies have a certain
grace period before they will cut off service.
Some people count on this grace period and get into bad habits when it
comes to paying their utility bills. If
you do this you put yourself in jeopardy of losing your lights or water. You also destroy your credit rating.
· Some financial bad habits have to do
with the way people manage their checking accounts. One thing people often do is to throw away
paperwork they get when making transactions.
Of course, there is a time to throw it away. Yet, until it is recorded into your account,
you need to keep deposit, ATM, and debit slips to verify that the correct
amount was taken out.
· Some people even have the bad habits
of not reconciling their checking accounts.
If they want to do internet banking with a software program like
Microsoft Money or Quicken, they can make it very easy on themselves. It is important to be sure that your account
has in it what you think it should. For
one thing, there is no better way to catch fraud. Taking charge of your money habits can make
your life less stressful and more productive.
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