Bad Money Habits to Drop in 2022

Bad habits are easy to form but rather difficult to break. If you’ve ever sworn that you wouldn’t exhibit a particular habit and yet the next second you were back to square one, then you know that the struggle is real.
Habits are shaped by different things like upbringing, environment, and experiences. Bad money habits are one of the most serious habits because of how much of your life it can affect. In 2022, we have all agreed to become wealthy, which means bad money habits will need to be addressed.
If you have been wondering why no matter how much you earn, you never seem to be buoyant enough, it may be because you have one of the following bad money habits to contend with:

Borrowing money all the time is a bad habit that you need to leave in 2021. If you’re constantly borrowing to foot bills, it means that you have not learned to live within your means; this habit will hamper your financial growth in 2022 if you do nothing about it.
To fix this problem, cut down your expenses drastically until you can afford them without having to borrow extra money. To effectively cut down expenses, look out for things you can do without – like subscriptions whether Cable TV or Netflix, transportation, internet, those extra pair of shoes. Borrowing money begins a cycle that you might never see the end of, break the cycle now.

There’s a popular saying “Success does not come by accident.” This means that intentionality is required if you’re going to make any headway, even in your finances. This year, winging it will not cut it, we’re dropping that attitude in 2021. Start by getting a steady job or source of income, and then work your way up, searching for other opportunities for earning, like side hustles or investments.
For example, you can get at least one steady source of income like a job, and then save a part of your income to start up a side hustle or to invest in a valid opportunity. Do not leave your income and earnings to chance, put a structure to it.

It is unlikely that you will get a million naira in five seconds, yet sometimes, we’re so blinded by our greed that we end up losing so much more. If you have fallen for Ponzi schemes, chances are, it was greed and desperation that led to your loss.
Time is money; this is a consistent principle that cannot be defied. You will have to patiently work your way up, while upskilling and learning. Don’t fall for get-rich-quick schemes, you will lose money.

If you’re always waiting until you have enough before you can put some money away for savings, investments, or emergencies, you are doing it all wrong. There will most likely never be a time when you feel that you have enough to finally set aside for other important purposes.
People who set money aside are not necessarily people who earn more, they are just people with more discipline, a discipline you will need to cultivate in 2022.
Emergency funds are particularly important because all it takes is just one emergency to run you down. What if you encounter a health emergency that needs half a million naira or you’ve lost your job, and you did not set aside money for emergencies? What if everything in your bank account at that point is 200k and you have to borrow? That is ground zero, and you should avoid this. Strive to be prepared at all times, for anything.
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