Common Habits that are Draining you Financially
For a person, Managing finances is more important than earning money. There are a few common habits that significantly drain a person’s finances if not managed properly. A few very common are:
1. Impulse Buying
It is a very common situation that most of the person face, Making unnecessary or unplanned purchases without the actual need or which checking their affordability.
2. Subscription Services
Having too many subscriptions is also very common today. Spending money for multiple subscription services (e.g., OTTs, gym memberships, magazines) that are utilized very little.
3. Credit Card Dues
This is one of the very common reasons today that drains most of persons financially. Today credit card is frequently used for everyday expenses without paying complete dues each month. It is a very common trap in which people get trapped today. Interest rates on Credit cards are very high, So One should carry credit card only if he/she can pay the complete dues before the payment date otherwise credit cards should be avoided.
4. Neglecting a Budget
Spending money without a planned monthly budget also leads a person to a financial trap and this way a person never reaches his/her financial goal. For managing a monthly budget one can use MoneyTrek which makes it very easy to track finances and make plans accordingly, With this app one can track EMIs. Premiums, and other recurring payments with minimal effort.
5. Buying Premium Brands
In the age of social media everyone tries to use the latest products of premium brands/designer clothing in spite of having reasonable alternatives at much lower prices also drains a person financially.
6. Buying the latest Gadgets
Technology is upgrading very rapidly with time and always buying the latest gadgets like mobile phones, laptops, etc., without actual need is also one of the main reasons that drains a person financially. So it is very important to make decisions wisely in such cases.
7. Unplanned tours or unnecessary spending on marriage
In today's life when everyone is influenced by social media, One should always look at his/her budget before making any domestic or international trip. For the sake of showing off people don’t hesitate to take a high interest rate personal loan for such tours or his/her marraige. So it is very important to make smart decisions to avoid such unnecessary financial burdens and drains financially.
8. Not having Financial Planning
With time many instances come in life that require huge money like child education, buying a home, or retirement plans. All these require long financial planning, and when anyone deals with it then lot of trouble suddenly arises. Most people fail in it, So from day one financial planning is required to make the financial journey healthy and avoid financial stress in life.
9. Always buying New Instead of Refurbished
In the world of the internet, Everyone has access to the market with a variety of products. And with new products, the market is also filled with used/refurbished products like cars, electronic items, etc., So buying refurbished products is also a good idea today which is functional like new but also very reasonable.
10. High-Interest Loans
Always try to avoid taking loans for unnecessary work like vacation tours, marriage, and similar work. Because these unnecessary expenses lead a person to a cycle of debt.
By following these habits a person can enjoy the financial journey to improve their financial health and avoid unnecessary financial stress in life.
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