These 10 Habits Will Make You Poor.

by Kristina Tahnyak on October 3, 2012 · 6 comments

Do you ever look in your wallet and wonder “Where did my $20 go?” Do you ever check your bank account and think “Where is my money, didn’t I get paid today?” I know that sometimes I do, especially those times of the month when it seems like every single bill comes due at the same time.

Sometimes our excessive lifestyle and spending habits can lead to our low cash flow. However, sometimes our personality traits can also lead to our low cash flow. MSN recently published a post about “10 things that you poor” and I wanted to share it with you.

Are your personal habits making you financially poor?

1. A Smartphone.  I used to let my monthly cell phone bill get out of control to the point where my monthly cell phone bill was over $100, but now I use my cell phone moderately. I always think about the cost of using my cell phone before I rely on the convenience.

2. A car. There is absolutely no argument here.  I sold my Honda Civic because it was way too expensive compared to the amount of time that I used it. Having a car definitely gives us freedom, flexibility, and convenience however all of those little luxuries come with a cost.

3. Credit Cards.  It is no secret that hidden fees, annual fees, and interest costs on a credit card can be very expensive.  The key to using a credit card to your advantage is to be financially responsible.  If you charge more purchases on your credit card than you can afford to pay off each month you will pay interest and you may also pay a fee for late payments. Live and spend within a budget and you will save money on your credit cards.

4. Lottery Tickets.  I always tell my Dad that if he put all of the money that he spends on sports betting each week into a jar he would be rich.  The same thing is true for lottery tickets; however I am sure that if you ask a lottery winner they would definitely disagree with me.  I don’t purchase lottery tickets on a regular basis because I prefer to sleep in and buy my breakfast in the morning rather than spend $5 on lottery tickets.

5. Cigarettes.  In my personal opinion smoking cigarettes is a disgusting and very costly bad habit People who smoke cigarettes could do so much more with their money such as take a vacation every year or save for their retirement.  Did you know that every cigarette you smoke takes 30 seconds off your life?

6. Collectibles. Big Bang Theory anyone? I can’t speak from personal experience about this topic because I don’t collect anything.  However, I know that people spend money (sometimes obsessively) on collectibles such as action figures, movie memorabilia, and stamps etc. but are collectables also worth money? I guess the monetary benefit of collecting specific items has to be worth the cost.  Although some people collect items because it is their passion, they aren’t always in it for the money.

To see the full list of “10 Things That Make You Poor” by MSN click here.

Photo by cnewtoncom

{ 6 comments… read them below or add one }

1 Michelle October 3, 2012 at 8:04 am

I’m guilty of spending excess money on cars, but I consider it my “splurge” that I don’t mind spending money on :)

2 James October 3, 2012 at 9:29 am

Good stuff – especially regarding the use of tobacco and automobiles.

3 Veronica @ Pelican on Money October 3, 2012 at 12:30 pm

Cigarettes – yuck. What a costly way to shorten your life. I had to scan up and down to figure out where the other 4 habits went and then found the link.

4 DC @ Young Adult Money October 3, 2012 at 1:14 pm

Collectibles can be a huge money drain, as well as everything else you noted. But I get stuck on the collectibles because I can just picture someone with barely any money in their bank account buying more and more things to add to their collection!

5 Jamie October 3, 2012 at 5:49 pm

I would give up anything before I give up my smartphone. I do agree with you that they are a waste of money, so if you have one you should cut back in other places.

6 Parvinder@Readtoawake October 4, 2012 at 6:48 am

I have habit of paying everything with cash… so sometimes it happens to me that I withdraw 20 $ in the morning, and at the end of the day I don’t know nothing about them where I spent them…..
Then I get frustrated…but buy doing my budgeting I know where they has gone.

Often I buy a lottery ticket to check my luck in case I win something of value….

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