5 bad Money habits that kept me broke

1) Lack of a budget

A budget is essential to your financial health. You set the limit as to what u want to spend a week or month in each category. Then u hold yourself accountable. If I go over budget I don’t beat myself up. I analyze where I went wrong so I can do better the next month.

2.) I made large purchases without saving up first.

I used to spend upwards of $300 a paycheck on unplanned, impulsive purchases. If I want something now I make a line item in my budget and save up for it. I.e I am currently saving up for new 👓.

3.) I did not use my tax refunds or bonuses to get ahead.

4.)Sinking funds or Oh Shit funds as I like to call them are life savers. These are funds u set aside for things like car repairs, birthdays, holidays,ect. Prior to having sinking funds I was never prepared for events I knew were coming up

5.) I never tracked my expenses

To figure out where u are going u need a clear picture of where u are. Tracking your expenses will give u valuable insight on. where u need to tighten up.

#budgetwithme #lemon8challange #lemon8creator