Almost everyone has a problem managing their money; one minute you have money, the next second you have nothing, asked to explain, you just can’t.

Managing money can be challenging, and making the wrong decisions can keep you from achieving financial stability. 

Here are some top money mistakes that keep you poor. I am hoping that by knowing where the problem is, it will be easier to fix the loophole.

1. Living Beyond Your Means

Spending more than you earn is one of the biggest money mistakes that keeps you poor.

Ever heard that saying of ‘I’ll get money from elsewhere, Lemmie, just use this?’ This is what messes many up, assuming that somehow you will find money. What if you don’t? The best advice is never bank on something that you are not certain of.

Only strech where you hand can reach; don’t go overboard.

2. Not Saving for Emergencies

Many people fail to save for unexpected expenses, leading to financial stress when emergencies arise.

Set aside a portion of your income each month in an emergency fund. Aim to save at least three to six months of living expenses; basically, make it a habit to set aside money for just in case situations, and if it happens you don’t get an emergency that period, it is even better because then you will have enough in case you find yourself in a situation.

3. Not investing

Another common money mistake that keeps you poor is not investing. 

Investment doesn’t always mean the big things; you can consider starting small as you grow. As long as you are investing somewhere every month, you are definitely on the right track. That way, you are covered, and in case of anything, you will always have something to go back to.

Consider investing in stocks, bonds, or real estate to build wealth over time.

4. Impulse Buying

Personally, I had this problem of purchasing many things ago, and let me tell you, that didn’t go well.

Impulse buying is a major money mistake that keeps you poor. Before making a purchase, ask yourself if you truly need it. Some things you can do without, whereas there are those you can always get at a cheaper price. Don’t just buy things because you have money; be cautious as well!

5. Lack of Financial Planning

Very basic. Before you get that money, always have a plan for what you plan on doing with it. That way, you will not lose track and start being a debtor just because you failed to plan your finances well.

Set clear financial goals, create a budget, and review your finances regularly. This will help you stay on track and make informed decisions.

By being aware of and avoiding these money mistakes that keep you poor, you can improve your financial health and work towards a more secure future. All the best i hope you will now be careful and not loose money.