The world is filled with temptations of short-term material wealth and ineffective money management habits. Our financial stability, no matter how solid, can turn rocky at any time by our own behaviour.
Temptation pops up from everywhere and giving in to the pleasure can land us in a difficult position. So, reassess your financial progress and steer away from these deadly financial sins for a successful financial future.
1. Lust: Following Your Desires Instead Of Your Head
When making financial decisions, choosing to follow your heart’s desires instead of what your head is telling you, may result to exhaustion. Acting based on impulse or emotions rather than rationally can lead to an empty bank account and worse, a pile of debt. Think logically and rationally when faced with a financial decision.
It’s important to have a budget and to stick with it to distinguish between purchases made with your head and those with your heart. Establishing “buying boundaries” makes it easier to avoid committing this financial sin.
2. Gluttony: Overindulging In The Goods
While it’s easy to gobble in the luxuries of life and enjoy that interest-free credit, it eventually comes to an end and you may end up paying a lot more then what you originally bargained for. This commonly committed financial sin is brought by the feeling of entitlement, the desire to have what your friends have or just a lack of discipline. This behaviour continues in the food department, — not only by eating a lot but by wasting money and food resources as well.
Having a shopping list and finance budget to keep track of where your money is going and to see if you’re spending too much will make a difference in your bank account.
3. Greed: Money And Greed Don’t Mix
Just like how water and oil don’t mix, the same goes for greed and money. In order to efficiently manage your money, you have to stop taking money out. Constantly withdrawing money out will cost you down the line, — you won’t just face fees and incur high-interest rates, you can also negatively affect your credit rating. Another example of greed is spending more than you earn, which can land you in some serious trouble and send you spiralling down the debt hole.
4. Sloth: The Cost Of Laziness
Laziness is not just a personal trait but also a sin that will leave a hole in your wallet. Not shopping around and just settling for the first offer you’ve come across is a form of laziness. There are a lot of instances of this type of lazy money management that could have you paying a lot more than necessary. It may seem tedious to set a budget or basic money goals, but getting into the habit of being financially conscious will help keep your accounts in order
5. Wrath: The Knee-Jerk Reactions To Financial Problems
Never let your wrath ruin your savings habit and don’t blame others for your financial misfortunes. Instead, step up, take control and work out your own problems without getting others involved, it’s your own responsibility anyways. Don’t lose your cool over a bill, loan or investment, for this will only cloud your judgements and lead to some damaging decisions along the road. Keep your calm, take a look at the whole picture and rationally decide what to do next.
Learn how to effectively respond to people about money without ruining relationships.
6. Envy: The Green-Eyed Money Monster
Envying what other people have and are buying will not just affect your financial decision-making but can also leave you feeling miserable, and worse, at the brink of debt and bankruptcy. Instead of resenting and being jealous of what other people have, start your own journey to financial success. If you constantly find yourself comparing your situation with other people, then it’s probably high time you change both your mindset and actions.
7. Pride: Too Proud For Financial Help
Avoid being too proud to seek financial help. Admit to yourself that you’re facing financial difficulties and don’t think you know all the answers to your problems. Asking for help or seeking advice when you’re feeling out of control or you’re drowning in debt is probably one of the best things to do. Instead of covering up your bad decisions and worries, turn to a loved one and you’ll find that it’s always better to have a helping hand rather than staying proud.