10 Habits of People Who Are Never Broke

What if you could have enough money to buy anything, anywhere, and anytime?

Well, some people are living this reality. These people always seem to have money. But it's not because they earn more than you but because they are good at managing their finances. 

Be honest.

You want to take back control of your finances. 

Good news:

You can. By practicing these ten and effective good money habits for life, you'll never be broke. Ask yourself who am I?

And then learn these ten habits of people who are never broke. 

1. They Know how to Keep money    

A good money habit is learning how to spend money healthily. If you don't know how to keep money, you will always be broke. We all have wants and needs. But remember that human needs are insatiable.  If you always spend everything you earn, you'll always end up at your dreaded zero.

2. They Are Not Emotional Spenders 

Emotional spending is buying things because you feel like it. Also known as impulse buying, people who indulge in emotional spending do it in the guise of therapy or feeling good. 

Fact is;

People who are never broke know how to control their impulses. It's all about delaying gratification for more significant gains. 

3. They Save Money

People who are never broke don't just know how to save; they know how to do it well.  Instead of always finding yourself broke before the end of the month, saving allows you to have leftover money so you'll never be struggling to make ends meet. 

It's healthy to save 10% of your income in a fixed deposit account. Such funds will help you grab investment opportunities or help you enjoy a vacation and anything concerning self-development. Something you would not do if you did not have saved funds.

4. They Set Financial Goals 

People with good financial habits set financial goals and work towards them. It's good to create goals that target key areas such as reducing debt, investing, having an emergency fund, and increasing savings. 

5. They Have a Weekly and Monthly Budget

This habit applies to everyone, and it's one of the most effective money habits for students. Whenever you receive money, get into the habit of creating a budget and sticking to it no matter what. 

Why do I say this?

One, it gives you a good idea of where your money goes. Second, it ensures you take into account your weekly and monthly expenditures. Lastly, and most important, it ensures you don't spend what you don't have because you will not go into debt trying to finance everyday essentials.

6. They Believe They are Not Invincible

Bad things happen to good people every day. People who are never broke prepare for something that may never happen by setting aside money for a rainy day.

You may have a high-paying job. But what if you were laid off without notice? Could you make a few months' rent, feed, and clothe yourself, while you search for a new job?

These are the things I'm talking about.

Always learn to prepare for unpredictable stuff. Nobody is invincible. 

7. They Make Wise Investment Decisions 

One of the good money habits for life is investing wisely. If you want to never go broke, make money work for you. I'm talking about asset creation, guys. This way, you can make money in your sleep. 

At the same time, invest in yourself so that you'll be around long enough to enjoy gains from your investments.

8. They Have Paid Most of Their Debt

Debt will keep you broke. 

Getting into debt is easy but getting out is very tricky. The interests that keep accumulating will always take out of you what you should be saving. It is vital to pay off debt if you always want to have money. 

9. Learn About Money

Expand your financial knowledge. 

If you learn about money, you will know which investments are worth making. You will learn about tax-saving hacks,  government schemes, and many other things that will help you stay on top of your finances. 

10. Don't Chase Brands 

The reason designer products are very expensive is because you are buying into a lifestyle, not the product. If you always want to have a handle on your money, stop throwing away money on designer brands. 

It's best to buy a product based on its quality and the value it adds to your life.

This is the part where I say the ball is in your court. 

If you never want to be broke, I challenge you to start practicing the above good money habits. In due time, you will be financially free, and in love of the progress, you'll have made.