Common Money Management Mistakes, The psychology of spending,How to control spending habits, Good money management skills.
Do you get money but do not see if you're doing something that's really important, or are you making something worthwhile but not worth it?
Some people are bad at money, do you know why?
Here are the main reasons you are bad at controlling spending money & and how to fix them.
#1 You have no goals;
Lack of goals can cause to spending your money on non-core things.That you have not planned at all.
How to Fix
You need to have goals/goal so If you get even little money you will know where to direct them.
#2 You Want to Do Everything At One Time;
Yes,this is a big problem, you really have money but you have no goals and you want to succeed then you look at the successful people and try to act like them. Example; Each day you see a new business you do, when you see someone has bought a car ,you want to buy a car too. My dear you will lose direction.
How to Fix
Choose something you can do for the time and for the budget you have prepared for something. For example, if you want to build a house, keep it up until the house is finished and then think about implementing the other goals.
#3 You carry a lot of cash with you;
Psychologically, If you carry more cash in your pocket, you feel that you have a lot of money,at the end of the day, you find yourself buying things that you do not even need them for that season.
How to Fix
To avoid overspending, decide exactly what you're going to buy, or how much you're going to spend on shopping, then carry exact amont of money also try to ask for discounts.
#4 You hold the People's Responsibilities;
You handle the problems of people as yours and you give yourself the burden and the responsibility to resolve them by yourself.
How to Fix
You need savings to support you during the times life doesn't go perfectly.
Give aid and donations to important people in your life, Choose people who should help, lend people whom you trust will pay you in time and lend them as much as you can afford.
#5 You Give/spend more than you earn;
Do you eat out a lot?,Do you spend a lot on fuel for your car?,you might see them as normal spending habit but they, can add up to big savings.
How to fix
Do it yourself – Stop paying others to do things you can do yourself. For example, wash your shirts yourself instead of taking them to the dry cleaner
Shop smarter – Shop with a list so you won’t buy something you don’t really need
Eat out less – Commit to cooking more at home.
Use your car less – Save money on gas by walking more. Use a bicycle or take public transit if it’s cheaper than driving your car.
Borrow smarter – To avoid paying a high rate of interest.
