Have you ever wondered what sets financially successful people apart from those that are living paycheck to paycheck? One of the biggest differences is the things people spend money on.
There are a number of things that financially successful people don’t waste their money on. Let’s take a closer look.
Financially successful people never waste their money on bank fees. This means they aren’t paying to have a credit card or paying to have a bank account. And neither should you. Research your options and, if needed, build your credit up so that you don’t have to pay these fees either.
Credit Card Interest
Credit card interest is a complete waste of money. You will never see the financially successful paying interest. They either pay off their bills each month or don’t have/use credit cards. This allows them to keep excellent credit, earn rewards, and never pay a dime of interest.
You would never catch these people paying late fees either. Late fees are not only expensive, but also ruin your credit. Whether you need to make a note on your calendar, setup automatic payments, or even pay bills as soon as they arrive, do whatever you can to avoid late fees. Check out these tips on how to organize your bills.
Playing the lottery for fun is one thing but playing in hopes of getting rich is another. You’ll never see financially successful people taking a gamble like that. If you’re hoping to strike it rich this way, or through casino gambling, do yourself a favor and take the money you were going to spend and put it in savings.
While they may have the money to do so, financially successful people are not going to spend their money on high-end brands. High-end brands are just for show and that’s it. There’s no reason to keep up with the Joneses. Buy the brands that are good quality but don’t buy something just because of the brand name.
You’ll never see financially successful people wasting their money on impulse buys. They have a list and stick to it. If you have a problem with impulse buys, always bring a list when shopping. Also do something to distract yourself when standing in line. This will keep you from popping on those checkout goodies. Check out additional tips for how to avoid impulse shopping.
Subscriptions and Services They Don’t Use
They’re also not going to spend money on subscriptions and services they don’t use. For example, these people are more apt to watch Netflix and YouTube than spend $150 a month on satellite TV. They also aren’t going to spend money on magazines or gym memberships (unless they really use them). They’ll look for ways to get information and a workout for free.
Financially successful people became successful by being smart about their money. They don’t spend money on things they don’t need. Take a tip from these people and make decisions that are financially sound.
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