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Lots of people have trouble when it comes to managing their money…whether they’re using it to try to keep up with others, or simply don’t have the knowledge they need. While a strong financial sense doesn’t come easy to everyone, can be improved with a few small steps over time. Take a look at some of the pitfalls below many people fall into.
Emotions. Do you spend more money when you feel any emotion? It may be stress, it may be happiness, it may be depression or you name it. If you are an emotional shopper, we have a bad news for you. That is not how you should spend your money. Andrea Woroch, a financial expert claims how people who come to her with their financial problems mostly spend too much money because they are driven by their emotion, and not by their true needs. Think about this next time you go shopping.
It is suddenly all about money. If you found yourself not being able to enjoy anything that doesn’t include spending money, then you should be aware how that is not a good sign. While we all need money to live, if you cannot do anything that makes you happy without spending some cash, you won’t end up in a good financial spot. You may end up in some credit card debt, for example.
You are hiding what you buy. Oh, that is a complicated situation. We have all been there. Have you ever hidden something that you bought from your partner or from your family? Many people who don’t have a healthy relationship with money do that. You won’t trick them, you just want to trick yourself how you are not spending that much, right? And as I have said, there is nothing to be ashamed of here, we have all been in that situation for at least once. You can change that habit, trust me.
Living beyond your means. If you are living beyond your means and not thinking about your future, then you really have an unhealthy relationship with money. Ask yourself honestly why are you spending more than you have? Do you want the other people to think how you earn more than you do? Does it make you feel powerful? As I have already mentioned, this behavior may only lead you to debt and I am completely sure how you don’t want to experience such an unpleasant situation.