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Finance

3 Things You Do That Could Make You Bankrupt Soon

a man holding an empty wallet
Posted: Oct 5, 2017 at 2:15 pm   /   by   /   comments (0)

In a 2017 GOBankingRates survey, researchers estimate that more than half of Americans will retire broke. It’s a sad possibility. All those years of hard work for nothing. If you don’t want to be one of those who are on their way to bankruptcy, take a long, hard look at what you’re doing now.

Here are some of the things you could be doing that could end up getting you broke.

1. Not paying attention to your mortgage payments

If you’re a homeowner and you have an outstanding mortgage in Salt Lake City, not paying attention to your mortgage payments can easily make you broke in no time. First of all, you have to allot a certain lump sum of money every month to pay for your home. In fact, it is advisable that even before you sign the mortgage contract, you already have a plan of where, how, and when you’ll get the monthly payments. Otherwise, you’ll just end up scraping every last bit of credit or cash you have to make it monthly.

2. Window shopping when you’re emotionally unstable

Heartbroken? Having a bad day at work? If you’re emotionally wrecked, the worst thing you can do is go window shopping. Those beautiful items on display won’t ease your troubles. They will just add to it. It can even trap you in the so-called “loop of loneliness.” You buy one thing to make you happy. And if you become sad again, you just end up buying items you don’t need.

3. Not tracking your expenses

If you don’t keep track of your expenses, you won’t know where you’re doing it wrong. If you want to see where your money goes, create a simple list of your daily expenses. Then review it. This way, you’ll see where you’re overspending and underspending, and you can better make conscious decisions the next time around. Otherwise, you can quickly go broke in days.

Don’t Go Broke

Sure, you can be broke but not broken but isn’t it better to work towards a healthy sum of retirement fund while you’re young and able? If you’re guilty of these things, start making necessary changes today so you can look forward to a brighter future.