5 Financial Habits That Can Keep You In Debt

If you’re a chronic debtor, you just have to start paying attention to your financial habits to avoid being perpetually in debt. So, here are five bad financial habits you need to break to get out of debt.

 Impulse buying

Impulse buying has been identified as one of the habits that lead people to a series of dangerous spending behaviours such as unplanned and poor purchasing decisions.

If what you buy is dictated by impulse, you need to stop this to improve your spending and saving habits.

Shopping to be happy

Shopping can be very sweet and addictive. If you don’t have control over your spending, you’ll keep deriving happiness in borrowing and get yourself sinking into deepening debt.

Expecting a miracle to happen

Some people spend their money recklessly thinking some sort of financial miracle like lottery or money gift from a relative would hit their bank account. Others deliberately borrow thinking their stake in a lottery would someday earn them a jackpot.

Excessive lifestyle

The habit of buying more than you can afford is the chief reason you owe all your neighbours some amounts of money. Cut down the excesses and enjoy your life as much as your earnings can afford.

Not having a budget

As a matter of fact, having a budget plan and sticking to it like a religion can prevent you from borrowing from friends and colleagues because it will guide your spending and personal savings.

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