why you are broke

Every choice we make in life directly affects our life; maybe not always immediately but overtime. There are expenses that are inevitable while there are some that are just indulgent. The things you see as harmless activities might be costing you without you even realizing it. Before things get out of hand and you find yourself in the broke alley, here are some habits you should consider quitting.

  1. Impulsive spending; people who don’t have a budget easily fall into this trap. Buying anything you see, when you see it could be boring a hole in your pocket and before you realize it, the damage could already be done. Try to avoid spending on impulse; plan your money out by budgeting.
  2. Online shopping; while online shopping can be convenient, making a habit of it (especially for items you don’t really need) cold be detrimental for your finances. The charges are going straight to your account and you might not exactly feel the impact until your money is long gone.
  3. A lot of fast food; eating out has always been known to be more expensive than eating at home. Meals made at home are more economical since you can eat the same meal more than once. Making a habit of eating out all the time could leave you broke soon.
  4. Hanging with the guys; there is nothing particularly wrong with this if it’s done every once in a while but making a habit of going out for drinks each and every day has a silent way of affecting your bank balance. Silent because you don’t notice that you’re spending more on drinks than necessary. Try saving up money for drinks for a week and you’ll be amazed at how much you’ve been spending.
  5. Gambling and betting; with the recent craze for gambling and betting in Nigeria, a lot of people have taken to gambling and betting. Gambling and betting are quite addictive and could ultimately lead you to being broke. After a winning stroke, you might get a losing hand but you keep staking and staking until you eventually lose everything.

Indulging once in a while in these things are not harmful but when you make a habit of them, you are definitely heading straight for the ‘broke corner’.



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