Seriously, you need to stop these habits right now!



If you would like to support my channel!: https://www.buymeacoffee.com/williamsauQ

Mint Mobile (save on your cell phone): https://mint-mobile.58dp.net/rn6rJQ

My Favorite Personal Finance Books

Your Money or Your Life: https://amzn.to/3VExSUV
The Simple Path to Wealth: https://amzn.to/3RODWJp
Die With Zero: https://amzn.to/4bjwQ6D

Chapters

00:00 Start Here
01:06 Waiting For Banks To Tell You When It’s Time To Stop Spending
02:17 Letting Banks Tell You How Much You Can Spend
03:33 Spending More Than You Make
04:34 Taking On Payments You Can’t Afford
05:26 Letting Your Life Revolve Around Your Stuff
06:32 Continuing To Make Bad Decisions When You're In A Bad Situation
07:27 Buying Wants When You’re Struggling To Pay For Needs
08:23 Going In Debt Over A Want
09:45 Waiting Until The Last Minute To Take Action
10:46 Making Decisions That Are Ruining Your Life


In this video, I explain 10 spending habits you need to stop right now because they are putting you in a bad financial situation.

1. Waiting For Banks To Tell You When It’s Time To Stop Spending

When people are spending too much money, they often wait until some higher authority steps in and tells them that it is time to stop spending. Maybe they reached their limit or are no longer approved for new loans. And it isn't until this moment that they make decisions to get in a better situation. If you are in the habit of waiting for banks to tell you to stop spending money, you need to stop it and determine for yourself when you should stop spending money.

2. Letting Banks Tell You How Much You Can Spend

Another toxic habit people have with money is letting banks tell them how much money they can spend. We often see this when it comes to buying a house where people are approved for a mortgage they can't afford, but choose to get a mortgage they can't afford because the bank approved them for a loan. If you are in the habit of letting banks tell you how much you can spend, you need to stop it and create your own budget of how much you can afford to spend.

3. Spending More Than You Make

In order to get ahead financially, you simply need to spend less than you're making. Many people, however, spend more than they are making, which puts them in a tough financial spot. Instead of spending more than you make, it is important to be in the habit of spending less and save or invest the difference.

4. Taking On Payments You Can’t Afford

Many people are in the habit of taking on payments they can't afford like getting a high car payment, which forces them in a bad financial situation of always being behind. Whenever you are deciding whether or not to take on a new expense, it is important to look at your budget to see if you can afford it.

5. Letting Your Life Revolve Around Your Stuff

Many people spend all their money on stuff and eventually their life revolves around their stuff where they have to focus a huge amount of time paying off debt and loans. It is important to be intentional when you spend your money and not go into debt for things because your life will eventually revolve around those things.

6. Continuing To Make Bad Decisions When You're In A Bad Situation

Many people who are in a bad situation continue to make bad financial decisions digging themselves in a deeper and deeper hole. If you are in a bad financial situation, then you should focus your energy on getting in a better situation instead of continuing to make bad decisions.

7. Buying Wants When You’re Struggling To Pay For Needs

Many people who are struggling to pay their bills and things they need, continue to make bad decisions prioritizing wants before needs. If you are in a bad financial situation, prioritize paying for all of your needs before spending money on wants.

8. Going In Debt Over A Want

Although I believe avoiding debt at all costs, there are some scenarios where it might be necessary like whether to go hungry or buy groceries with a credit card. Many people, however, choose to go in debt over a want like getting a new pair of shoes. Never go in debt for a want and instead save up for something until you can afford it.

9. Waiting Until The Last Minute To Take Action

Many expenses in life, we know far ahead of time that they are going to happen; however, many people choose to wait until the last minute to take action and end up behind on the expense. Give yourself time in advance to do something rather than waiting until the last minute.

10. Making Decisions That Are Ruining Your Life

The reason you should stop these spending habits is because the person that they end up harming the most is you. You shouldn't make bad financial decisions because they affect you more than anyone else and end up ruining your life. Instead, focus on making better decisions that allow you to do more things.

** Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. **