8 Ways to Change Your Financial Luck

Would you rather have financial luck or be good with money? Most financial challenges aren't just because of unfortunate events. They 're usually founded on poor financial habits. Some may call it financial luck, but most money challenges can be dealt with with using effective habits. Even a minor unforeseen cost can be crippling, with unsuitable financial practices.  

 

While there are many negative financial habits that one might be guilty of committing, there are a couple that are particularly damaging.

 

Be careful not to acquire those poor financial habits:  

  1. A failure to keep saving money. Consistently free from financial challenges, people have a consistent saving habit. There's always money to handle the inevitable financial emergencies if you save a portion of your paycheck every time you get paid. 
  • Make yourself a guarantee that you'll save a certain amount of each paycheck. 
  1. Over-spending. The more you invest, the less you need to save. That is so plain. Over-spending leaves you vulnerable and more likely to face financial difficulties. Very excessive spending results in debt accumulation which is the ultimate financial curse. 
  • Look for other opportunities to have fun other than wasting money that you just don't need to spend. 
  • Set a tough cap on how much you can spend per month. 

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  1.  Credit card overuse and other forms of debt. Debt poses a huge challenge to financial safety and stability. Debt can be cumbersome to eliminate and most debt comes with costly terms that make debt a particularly expensive way to spend money. 
  • Guard against debt. If you have to use debt to buy something, particularly something that is not necessary, then it's a safe bet you can't afford. 
  1. Ignore the bills. No-one enjoys paying bills. Period. Bills, though, have a tendency to pile up, and have to be paid eventually. You 're also wasting money during the time that should go toward your bills. That is an incredible error. 
  • Every week, spend a few minutes paying your bills. Make it a ritual that you execute one day a week. 
  1. Charge fines, fees and over-interest daily. Knew that credit card companies earn more revenue from late fees than they earn from interest? The penalties for ATM's are high. Those interest-free loans have enormous interest penalties unless you pay them off on time. 
  • Pay the bills in due time. Using ATMs which do not claim a fee.

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  1. Raiding your savings, retirement and investment accounts. There may be times when you might be justified to dip into your savings or other accounts, just be sure it's for a good reason. 
  • Cashing out part of your 401(k) for a trip to Disney World is not a good reason for that. Wiping out your savings for a vintage car is probably not even a smart idea. 
  • Retirement accounts are used to invest. Investment and retirement plans are built to invest and create wealth. When you take money out of them they don't work well.  
  1. No budget. And no budget. We just need a budget. Just one billionaire will have to have a budget. Financial limits are set in budgets, and financial limits help avoid financial problems. 
  2. Too much dining out. Is difficult to eat out. Even fast food is more costly than a home-made meal. Homemade meals often prove to be safer. 

Were you guilty of any of those attitudes?  

Think of someone you know who does have a good career but who appears to be struggling financially. Count how many of the negative habits that person commits is guilty of. Then imagine someone you know, who never seems to be financially struggling. So many of these horrible habits have they?  

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The findings will come as no surprise!  

Positive habits result in positive outcomes. Make sure your financial activities take you to a position you want to be in.