Tuesday 22 September 2015

Why Am I So Bad With Money? - 5 Habits That Make You Poor

Why Am I So Bad With Money

Here at The Millionaires Giving Money Blog we like to help people to make money, find money as well as offering managing money tips. In this post we look at some of the 5 habits that may be holding you back and the strategies that you can use to remove these bad habits and implement good habits to make more money. By embracing these habits you will find easy ways to save money and you'll always be inspired with money saving ideas.

At some point in your life you’ll reflect your exploits with money, some people will be proud of their achievements while others will begin to ask fundamental questions like why am I so bad with my money. If you’re asking the latter it’s time to reflect and put some permanent changes into place so you can improve your financial position. 

You don’t have to be lucky to get rich, you don’t have to win the lottery to get rich, and you don’t have to inherit money to get wealthy. All you have to do is remove all the dirty habits that are making you poor and replace them with habits that make you rich. Once you’ve made the adjustment all you have to do is practice the habits and watch the money roll in. 

The purpose of writing this article other than to help you make money is to share some of the habits that I’ve ditched which has helped me increase my net worth by over 200% in 12 months. These tips on money management can really make a difference and are definitely worth embracing.

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Tips on Money Management

Habit 1 – Not Knowing How Your Money Flows

One of the worst habits that that prevents you from getting rich is not knowing how your money moves. Do you really know how much money is coming in and how much is going out? If you don’t have a firm grasp of your income and expenditure then how can you possibly save money! 

One way to break this habit is by budgeting. Know exactly how much money you receive after tax and how much money you spend. If you’re spending more than you’re earning your heading for trouble and it’s time to reshuffle your expenses to try and lower it significantly compared to your income. Just remember that income must be greater than expenses and the wider the gap the richer you’ll become.

Habit 2 – Instant Gratification by Spending Money

The second money management tip is avoiding instant gratification. Most people who crave instant gratification have no purpose or plan in life. They are just plodding through acting the scripts other people have written for them. If you want to break the habit of spending money you need to focus on a long term goal, this might be to save some money for retirement or to buy a house. 

When you’ve got a firm grasp of what you want in the future then you’ll happily avoid the instant gratification you crave on a daily basis. You could have a number of long term goals, medium term goals and short term goals and you could allocate a small amount of money towards instant gratification once you’ve achieved your targets.

Habit 3 – Not Making Your Money Work Hard

If you’ve saved some money it’s important to invest it or to make it work as hard as possible. I know so many people who have significant savings yet they leave their money in a current account which earns peanuts. If you’ve got $100k in your account earning 1% you’re actually losing money because the effects of inflation are eroding its value. 

One of the most effective actions you can take is to find a notice deposit account which offers a good return taking inflation into effect. The deposit account ties your money in which means you won’t be able to access it. If you’re an impulse spender then this will really help you break the habit.

Once you start earning money on your money you should always add to the savings account so you can earn more. Once the interest from your savings equals your expenses you can retire if you wish so.

Habit 4 – Closing Your Eyes to Opportunity

There are so many opportunities in the world today; opportunities can only be seen by positive people who embrace change. If you’re lazy, negative and feel depressed all the time then these opportunities will go right over your head. 

You need to snap out of it, you need to open your eyes especially to the financial opportunities that exist all around you. The more opportunities you start to see the more money you can make. If you keep your eyes closed to opportunities then you’ll only want to spend money which will make you net worth fall continually.

Habit 5 – Failure to Take Action

People who are really bad with money always fail to take action. They make commitments and never keep them; they only seek instant gratification and think someone will mysteriously solve the problems which will inevitably rise in the future. If you can’t take action to save for retirement or for an emergency then you’re heading for a very miserable future. 

To break this habit you need to start by making small commitments and keeping them, if you’ve promised yourself you’re going to clean the house then clean it. After you fulfill your smaller commitments you can work on bigger and bolder commitments like making $100k a year! If you can go from being an action avoider to an action taker your financial position will only rise.

Habit 6 – Always Making Excuses

If you make a lot of excuses you’ll never progress in life, this is true for money as it is true for any relationship. If you keep putting important things off for instant gratification the only way is down. People who make excuses are afraid of commitment and want to remove as much responsibility from their life while burdening others. 

One way to break this habit is to replaces excuses with” what ifs”. Continually ask yourself questions which begin with What If, What if I sorted my finances, what if I opened a savings account, What if I started running every day? Once you train your mind to explore the positive possibilities in the world you’ll stop making excuses and start turning your life around.

Asking questions such as why am I so bad with my money serves as a wake-up call to improve your life financially. Stop practicing the bad habits above and replace them with positive habits that encourage progress and development. A year from now you should be in a much better place and wonder why you asked such a question!

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