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Bad money habits that can break your bank

May 3, 2013 by · Leave a Comment 

Some bad money habits without even you recognize them can lead you to more debt and eventual bankruptcy. When it comes to money matters there are few restraints that you need to practice.

Plan, Plan and Plan: When it comes to spending money, planning is the key. Having a plan can help you in many ways. Do not spend more than you earn. Have a plan in place to pay for your monthly expenses, save for retirement, creating an emergency fund that includes at least three to six months of expenses and medical emergencies.

Avoid impulse buying: Do not allow manipulative sales people to talk you into buying things you don’t need or you can’t afford. There are many spending habits that you need to recognize and avoid all time. If you are stressed, don’t go shopping to release your stress or to treat yourself.

Pay attention to your debt: If you are living from pay check to pay check and charging your monthly expenses to your credit cards, this is a sign of financial trouble. You need serious financial planning and may be even cut out your credit cards. Recognizing the problem and sticking to a budget could help you to stay out of trouble.