Most people wonder why they are always buried in debts, some go to great lengths to try to manage their finances and keep track of their monthly income, yet most are almost always in debt.
Most people inadvertently get into debts by sticking to a particular habit that is not favorable to their Income.
The ability to manage finances and staying out of debt is one of the few basic personal finance management hacks that everyone should master.
To be able to live in some manner of comfort and stay financially independent, one has to learn a few basic financial skills.
Are you always in dept, or are you one of those always wondering why their income is never enough and they are always broke?
Then here are 5 habits that are getting you buried in debt!
1. Brand addiction
Having a particular brand addiction could leave you permanently in debt, because most brands are out to drain your pocket while offering, in most cases, the same level of quality you could get from non-branded products.
These days, thrift shops are offering second hand products that are portable and unbelievably standardized, which you can almost mistake for real brands
If you are trying to save money or living on a low income, it is unwise to shop only brands.
2. Trends loyalty (5 Habits That are Getting You Buried In Debts!)
It’s not a good idea to be an ardent follower of trends if you’re not a millionaire.
You will always be in debt if you can’t seem to stop obsessing over trends.
Trying so hard to get the latest phone, bag, shoe, clothes, jewelry or makeup will not only drain your finances but will keep your house a cluttered mess.
3. Taking dept lightly
Dept should not be taken lightly no matter the amount!
When you constantly get into $5 debts, you can easily push it to $100 and in no distant time, $1000 dept starts to feel comfortable too!
As time goes on, almost everything you own is half paid or not paid at all!
When you live on a bi-weekly/monthly income or possibly on one income, then taking dept lightly will most likely leave you just a little above poverty level.
4. Investing Without Knowledge (5 Habits That are Getting You Buried In Debts!)
Although investing your money is the best way to build up your personal finance and obtain financial freedom- knowing exactly what to invest on remains the primary key.
A lot of people get into serious debt by venturing into the rewarding act of investing.
Investing is mostly tricky, that is why financial experts advise that we at least understand 60% of any investment venture that we embark on.
It is also a smart move to invest in at least three different businesses to properly monitor and stay top of the Investment game.
5. Trying to impress people
Most people get into debt while trying to impress their neighbors, friends, colleagues, haters, and of which, none of this group of people are worth getting into debt for.
That is why it is a great idea to roll with smart millennial if you are trying to stay out of debt and grow your finances.
The truth is, only gullible people will be impressed with dept acquired properties.
These could be the five things burying you in debt and digging holes in your budget.
Stop doing them and regain control of your finances.