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1, Nov 20, 2010

Habits that Make One Broke 2

Filed under: Economy — admin @ 12:53 am

On 10/8/2010, there is another article on thrifty living, “6 Habits That Will Make You Broke” by Claire Bradley.

I feel so unpatriotic when I constantly talk about saving, the opposite of spending and boosting up our economy. After all, consumer spending makes up nearly 70% of the nation’s GDP. If everybody were as thrifty as they should, we would never see the rebounding of our economy.

Still, you would not want to see this happen to you — “It’s still a week until payday, but your checking account is almost empty already. Where did all your money go?”

The money has been drained away by some of the following bad habits. Below is from Bradley’s article.

1. Window Shopping or internet goods browsing. To be sure, those window showcases are not without purpose.

2. Carrying Lots of Cash You know that paying with plastic is bad, but carrying lots of cash can be just as bad a habit. Avoiding plastic is great, but budgeting is just as important when choosing to pay cash.

3. Saving Your Info With the online Vendors. Those online shopping sites are so considerate to save your address and credit card information — some even have one-click ordering buttons, so you can buy something in just a second. It’s very easy, but also very dangerous.

4. Clipping Unneeded Coupons. The truth is that coupons can make us buy things even we didn’t plan for.

5. Shopping With Your Emotions — the worst type of shopping behavior. It was a rough week, or a good one, or you want to reward yourself for losing a few pounds, so you go shopping. You earned that new dress, that new gadget, that big pie — it was on sale, too. Letting your mood dictate your buying decisions is the quickest way to go broke. Sober up before shopping.

6. Not Planning Ahead. It’s Tuesday, you’re tired, and have no idea what you’ll make for dinner. A great night for takeout, right? Using data from the BLS, it’s estimated that the average family of four spends over $4,000 on eating out — a very expensive habit that will make you broke in a hurry.

I am writing this while thinking of the spending habits of my children. I surely wish they are all free from these wasteful habits.

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