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05/03/2016
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Check 7 extremely toxic habits with money you must leave now
Most of these habits is extremely common and committed by many people
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Source: InfoMoney
SAO PAULO - Bad habits with money can be especially difficult to break for several reasons. Even with the best intentions and a strong financial plan, these rituals can then ending your money successfully. Thus, the site Business Insider columnist Nancy Mann Jackson list 7 vices with money you should leave now.
1 - Spending by emotion
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Use shopping to handle the ups and downs of life is common, says financial planner Grecthen Cliburn. But spending impulsively does not solve anything, actually tends to make things worse. The joy of buying will end quickly and with it will come a pile of debt. One of advice is not to buy anything on credit.
2 - Borrow Money
Even if it's something really cool to reach out to help others, lending money to friends and family can hurt both your budget as their relations. It may be difficult for the person to return the money, which can lead to resentment and conflict. Over time, you will be without money and without friendship.
Instead of lending, there are many ways to help your friends, points Cliburn. Rather than just throw money, try to help in other ways, such as providing rides to his friend to spend less on trips or with suggestions for the person cut costs.
3 - Always pay the bill at the restaurant
For some, being able to pay the bill for friends is a form of pride, but if you're hurting for always paying the bill, you went too far. People who always pay the bill end up generating the expectation that they will continue doing it and eventually is hard to know if people actually are having dinner with you by the company or by the free meal, points Mela Garber, tax director of Anchin company, Block & Anchin LLP .
4 - Compare your financial situation with other people
Many people measure success by the size of the house or the car you are driving, but this is a false premise. Large expensive homes or things just indicate how people choose to spend money and not as they have points Cliburn. Determine goals for what is important to you and how you want your life to be in the future instead of relying on cars and travel from your neighbor.
5 - Spending all your salary
Everyone has to pay bills and buy things every month, but it is you who decides how much money will be left. Choose to spend it instead to prioritize the habits of saving and investing, you can easily become a norm. This means in many cases you do not have money for emergencies or a good retirement plan.
6 - Relying on credit cards
At the end of 2015, the debt of the US reached U$ 900 billion, according to analysis of CardHub company of Federal Reserve data. If you pay only the minimum on your card, it will take years to pay off your debt, adding the interest you will be paying much more than initially planned. To end this cycle quickly, it is best to immediately stop using cards and make a very lean budget.
7 - Ignoring the obvious
If you avoid checking your credit card or your bank account, or fail to know your other accounts is living in a comatose money. You may think that if you do not know how deep is the well, your problems will just disappear. But they will not. So if you think you're in financial trouble, you better open your eyes and seek help.
Source: InfoMoney
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This article was translated by an automatic translation system, and was therefore not reviewed by people.