PHBS

4 Bad Habits That Are Costing You Money.

-Buying things that you don’t need.
One way to change this habit is to write down a diary with all your expenses for a week, once you have done that, identify all the costs that could have been avoided and find out how much is that costing you. For example, If you go to work and usually buy something to eat at lunchtime from fast food restaurants, you might be allocating at least 60 dollars per week for just one meal per day, that’s equal to almost four hours of work with a minimum wage salary, and this is only from ONE bad habit, if you prepare your lunch, you can get it down to half of your budget and put the remaining money towards your savings.

-Impulsive Shopping.
Shopping Malls, Sales, Retail and Marketing are everywhere around us at all times trying to convince us that we need their products or services. It’s their job is to sell. Take a step back and don’t let anyone tell you what you need, instead, assess the situation and make a Smart Decision.

-Using your Credit Card for Online Shopping Stores.
Studies have shown that when people use their credit cards, they spend more money than when they pay with cash. A crucial step towards financial freedom is to manage your money responsibly, therefore, avoid loading your credit card in online shopping apps or websites. Don’t spend money that you don’t have.

-Not Having Spending Priorities. 
It’s key to set your priorities, otherwise managing your personal finances can be overwhelming. Every time before you buy something think about this, is this taking me a step forward to where I want to be? Is this going to help me to reach my goals faster?

The way to Financial Freedom is to take Smart Decisions.

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