Learning how to go broke is an odd topic, isn't it? Well, we felt it was a smart one too. It's important what NOT TO DO if you don't want to go broke. Too many people today keep making the same financial mistakes over and over again. The same excuses are used. Canadians claim to have no time to budget, and no time or money to purchase software programs to help them manage their money better. While there are improvements across Canada, there is still a huge problem. Still, today, there are more than enough families learning how to go broke. They are one paycheck away from eternal loss. It's sad, but as we've always said--choices lead to consequences.
You can certainly buy nice things and not go broke, it's all in how you approach your finances. The main goal should be to not live above and beyond your current means--this is where the problem comes in at. Now, if you think living above a standard you can afford is going to make you happy, you're wrong. This is only going to give you a great load of anxiety and stress. So, if you don't want to go broke when you spend money you should be aiming to improve your life, not live above your means.
Below is some wise advice on how not to go broke. You can break all those habits that have led you down that path of destitution in the past. Live better--take care of your money and it will take care of you!
Never Go Broke Again
Let the following tips be your friendly guide to improving your happiness and always having some money in the bank! You can save and still live a fulfilling, satisfying life!
Stay out of debt--
You should only pay for big purchases you can afford, and that means pay with cash! If you do use a credit card, pay it off in full each month.
Use one credit card--
If you can manage a credit card stick to one, and take advantage of the points you can earn! Pay it off every month and never exceed what you can afford. Too many dig themselves a hole they can't get out of. One can be good, but more can be evil!
Don't pay bank fees--
If you manage your money properly you won't have bank fees. Don't go into overdraft, and if you have bounce protection, try not to use it. You'll pay excessive fees for minor transactions
Stop being an impulse buyer--
Pay attention to your purchases and don't over indulge on shopping in anyway.
This advice really might start helping you make some changes in your spending and your financial habits in general! It never hurts to try!