1. You don’t monitor your expenses.
You buy yourself a cup of coffee and you think, “It’s just one cup.” But if you add all of your daily expenses including food, transportation, and other miscellaneous shell-outs, then you’ll see that you’ve actually spent a good amount of money. Get into the practice of writing or typing your expenses down. If you feel that it’s a hassle for you to bring a small notebook along, there are many apps to help monitor your cash flow which you can download.

2. You invest on “small” things.
You buy a new phone every year even if what you have is still working. You have the habit of purchasing things even when there’s no immediate need for them, and you pay for them for an ample amount of time. You think that a one-year zero interest scheme is good, but if you look at it at another angle, you’re putting out money every month that can just go to your savings.

Before you buy a new gadget or something that quickly depreciates, think first if it’s really a necessity. If it’s not, then maybe you can just defray the expense until you have extra cash.

3. You don’t follow your budget…
Or you don’t budget your money at all. You live from paycheck to paycheck, and almost everything goes to paying off your debts.

Make things easier for yourself. Before you indulge in an expensive dinner on a sweldo evening, list down your earnings and set aside the money you need to settle your bills. Doing so will help you monitor your finances better, and it will also give you an idea of how long you need to pay off everything you need to clear.

4. You forget to pay your credit card bills on time.
This is probably one of the hugest financial pitfalls there is. Late charges can be a pain, and sometimes, they’re even higher than your real expense. To avoid the frustration of paying these off (as they also compound to your existing installment), make sure to pay two to three days before your due date. Set an alarm on your phone so that you won’t forget.

5. You’re living beyond your means.
We all have to admit that shopping is nice. It’s the time when you can finally do and buy something for yourself, without worrying about anything else.

Sadly, there is something to worry about, especially if you’re spending more than you’re earning. While it’s good to get what you want for yourself, it’s also important to know that you can actually pay for it, and that you won’t be crawling in debt until the next payday.

Learn the art of delayed gratification. Splurging is sweeter when you know that you don’t have any financial sabit.

6. You’re afraid to put your money into legit investments.
It’s never too early to invest in bonds, stocks, or in lands, as the sooner you do so, the more time you have for it to grow and give you better returns. Don’t be afraid to approach trustworthy banks and financial consultants about making the right choices, as they are there to help you out.

7. You don’t have a solid financial goal.

You spend your hard-earned money, thinking that one day you’ll earn enough to be able to save, but you don’t really give yourself a deadline or a goal. You must be specific with what you want, because if you want to save P100,000 by the end of the year, you’ll need to plan it out. Plus, you’ll need to know how much you’ll set aside to achieve it. Have something to guide yourself with, and you’ll eventually get to where you want to be.

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