If your expenses keep increasing along with your income, it will be difficult for you to save any money.

Always having money to spend makes you not save anything - Photo: hdwyn

Have you ever wondered where your money goes? Do you often wonder why you are always broke before payday? Lifehack has listed the basic bad habits that are keeping you from being rich:

1. Buy more when income increases

There is no harm in improving your quality of life when you can. However, if you are constantly looking for ways to spend money, you will soon find yourself in a difficult situation. If your expenses keep increasing along with your income, you will have a hard time saving any money.

Try to keep your expenses at a fixed level while finding ways to increase your income, that is the way to get rich and successful.

2. Focus only on the present without thinking about future consequences

Often, when people find it difficult to solve a problem, they tend to ignore it. This is a recipe for disaster. Similarly, in finance, people often focus on their current needs, assuming that their future needs will be met somehow in the future.

You need to consider the future consequences when you make any financial decision. Although it is good to take care of things in the present, you should still save the best for the future.

3. Thinking it's too early to start saving

When you are young, you have a lot of fun spending money. Young people often think that now is too early to save or invest. You are wrong, it is never too early to save a part of your income, no matter how much or how little you earn.

Start saving today. Experts advise that you should save before you spend. With any money you earn, save a portion first, then spend the rest.

4. Not recording your expenses

We all think we know where our money comes from and where it goes. Unfortunately, we often overestimate it. We may have a good idea of ​​our major expenses, but we often have a foggy idea of ​​the little things. A bunch of little things can add up to a bigger budget deficit than one big one.

It is a great idea to keep a record of all your income and expenses, no matter how big or small. This way you will have a better idea of ​​how to control your finances.

5. Not budgeting or poor budgeting

You can write everything down. However, you may have forgotten the first step: creating a budget. Having a realistic and well-written budget is the foundation of your financial planning and success.

Make a budget and stick to it. A budget will give you a whole new perspective on your spending. Without a budget, you’ll easily overspend and buy things you don’t need.

6. Not understanding your financial situation and your needs and wants

To save money and be rich, it is very important that you pay attention to what you need to buy, what you need to have, and what you do not need to buy. You need to arrange your financial goals in order of priority. If getting rich is the top priority, you need to sacrifice some of your current pleasures, whether you like it or not.

Be clear about your goals and write them down. Review them regularly so you don't get off track.

7. Not paying attention to your debts

For many people today, interest rates have eaten away a large portion of their finances. It is a painful reality. However, they do not know how to break out of this vicious cycle, leaving them with little or no savings.

Before you can, make a plan to pay off your debts as quickly as possible, and try to stick to it.

8. Continuously upgrade electronic devices

There is no limit to the growth of electronic technology. Buying devices with features you really need is necessary, but buying just because you want to have the latest version will definitely hurt you a lot.

Take charge of your life today. Do what needs to be done now. You can do it. Start your journey to wealth today, just like William Shatner said: "If saving money is wrong, I never want to be right."

According to VnExpress