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Common Financial Mistakes You Are Probably Guilty Of

All of us suffer the same sentiment of making extra unplanned spendings when it comes to our personal budgets. We sometimes make those useless purchases, go on over-the-top vacations and even max out our credit cards for the latest iPhone. While some of us are aware of these makes and take action immediately, there are many of us who are still struggling with these bad habits.

To help you see your bad behavior on a silver platter, I have listed down some of the common financial mistakes you are probably guilty of.

1.   Keeping Up With The Kardashians

A very obvious behavior the Kardashians have is buying every signature brand there is in commodities. They always own the latest Range Rover out there. They always wear the newest couture dress from Chanel. They always carry the new designs of Hermes handbags. I am using the Kardashians as an analogy to the fortunate neighbors you have who can always buy a new car, do a house remodeling project or spend a luxurious vacation. I know it can be tempting to imitate their spending habits and for sure you have alredy tried keeping up with them to the destruction of your finances. Unless you keep up with your priorities and financial goals, you are definitely digging your debt grave.

2.   Emotion-based Shopping

Do you shop to lighten your mood? If so, you are like many others. Studies have shown that shopping could release endorphins – hormones that boost your mood. These are the hormones released when you eat chocolates, exercise or have sex. Unfortunately, if you make shopping the usual resort every time you feel bad, then you are creating a very strong chain that is hard to break. You will shop until you drop just to feel happy and that is a bad thing.

So every time you go to the mall to purchase something, examine your feelings if you are shopping something you need. If that’s the case, leave the item in the mall and go and buy it some other time because chances are if you need it, it will just be there. If self-control is already impossible, it is time to seek professional help. Tip: Seek help while the problem is still manageable.

If these habits are terribly hard to break and you are already drowning in a pool of debt, resort to Napanee Auto Title Loans for temporary relief. When you’re back on track, find a permanent solution to your worse financial habits.