djfly
Managing money can be challenging, and making the wrong decisions can keep you from achieving financial stability.
Here are some top money mistakes that keep you poor, along with tips on how to avoid them.
- Living Beyond Your Means
Spending more than you earn is one of the biggest money mistakes that keep you poor.
It’s easy to fall into the trap of buying things on credit or taking out loans for luxury items. To avoid this, create a budget that aligns with your income and stick to it.
- Not Saving for Emergencies
Many people fail to save for unexpected expenses, leading to financial stress when emergencies arise.
Set aside a portion of your income each month in an emergency fund. Aim to save at least three to six months of living expenses.
- Ignoring Debt
Ignoring your debt won’t make it go away; it often makes it worse. High-interest debt, like credit card debt, can accumulate quickly.
