Things That Make You Poor

Analyzing Your Financial Lifestyle Part 2

You Won't Have Financial Success If You Don't Consider Things That Can Make You Poor

One thing for sure that can make you poor is over

extending your credit which will get you further in

debt. Another thing you need to watch out for is

your utilities.

Having high electric bills and gas bills every month

can also hurt your finances. Find out why your utilities

are so high. Once you find the reason do something

to decrease them. There are many ways to reduce

your energy bills.

You might not realize it but entertainment can make

your poor too. For example, you might like to watch

a lot of movies.

Consider how much money is being

spent on going to the movie or renting a movie and

don’t forget the gas it takes to drive there to get the

movie. Also consider the snacks you usually like to eat and drink while watching those movies.

Just for the sake of proving my point, let’s just take a look at some of the things you spend money on just because you like it.

Cable channels

Cell phones (smart phones)

Internet

Movies

CD’s

DVD’s

Music

Concerts

Live Theatre/ Live Plays

Football Games

Basketball Games

Baseball Games

Soccer Games

Now, if you were to add up all the money you spend just on entertainment, I think you would see that it can rob you of a healthy financial life.

Analyze How You Handle Credit

Another thing that can cause you to be poor is using too much credit. Analyzing how you handle credit is very crucial. So try to keep an eye on your usage of credit cards.

Examine Your Insurance Needs

Another thing that can make you poor is having too much or too little insurance coverage. Evaluate your insurance needs to see if you really need the insurances you have. If you really need the insurance try to evaluate the policy to see if you need all the coverage that's in the policy. You can save some money if you don't need some of the coverage named in the policy.

On the other hand, you should evaluate your insurance need to see if you need to get more insurance or if you need to increase your coverage. Not having adequate insurance can cause you financial hardship if some unforeseen event happens in your life and you don't have enough coverage. So be careful and do your homework and learned how to evaluate your insurance needs.

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Evaluate Your Personal Needs

Spending money on beauty products, visiting hair salons, getting your nails and toes manicured, buying too many pairs of shoes, clothes, etc can lead you to the poor house too. Its fine to look good but don't go broke accomplishing it. Figure out an alternative way to look good, one in which will cost you less money and stick to it.

Get Your Financial Life Fit

Often times we talk about having a healthy body, so we change the way we eat and try to eliminate as much stress in our lives as possible. But how many people talk about their unhealthy financial life. I believe the most stressful situation in most lives is the lack of proper finances. I believe that it’s just as important to change the way you look at your financial lifestyle as well as your body health. In fact, I think that changing your financial lifestyle might just help improve many areas of your life.

Planning To Change Your Financial Lifestyle

Once you have analyzed your financial lifestyle, it’s time to come up with a plan to change the way you handle your finances. I’m not going to give you any ways to do that because my ways might not work for you. So you might just want to come up with your own plan. You know the old saying what works for your house might just destroy mine or vice versa.

Do Research.

Research can sometimes take several forms and oftentimes help you in planning as well as implementing your financial lifestyle changes. Research might include reading books, surfing the internet or just talking to others that seems to have their finances in order. You might want to consider taking a financial education class or attend financial education seminars or workshops. From that research write notes on things that will help you with your own finances. Pay close attention to things that you need to improve on. Then start off very slowly doing it. Keep it up and you will see you can have financial success.

Implementing The Plan To Improve Your Financial Life

Once you have come up with a plan to change the way you handle your finances, you need to start implementing the change. Keep a daily, weekly or monthly diary of how you are doing. Read the diary often to see your progress. If you see yourself drifting back to old habit of handling your finances, stop and start the process of reevaluating your financial lifestyle.

Tools You Might Need to Help You Get Started Being Financially Successful

Consider getting a diary, journal, binder or just a plain sheet of paper and writing down what you spend your money on and how often you spend your money on those things.

To Keep Having Financial Success

Analyzing your financial lifestyle should be a constant activity in your life. Your financial success depends on you doing it often. If you want to continue having financial sucess you should take the online financial education tutorial that I create on this site. Start today. Start Financial Tutorial by clicking here.