Have you ever asked yourself why your earnings never see you through the month end or why borrowing from colleagues every month has become a thing?

If you're a chronic debtor and you've never asked yourself these honest questions, you just have to start paying attention to your financial habits.

The truth is, most people want to save money and live a good enviable lifestyle but their financial habits throw them into debts every month.

How then do you break this? It is simple, you just need to stop certain habits that make you a perpetual debtor.

So, here are  five bad financial habits you need to break to get out of debts.

1. Impulse buying

Impulse buying has been identified as one the habits that lead people to a series of dangerous spending behaviours such as unplanned and poor purchasing decision.

If what you buy is dictated by impulse, you may not take you through month end, let alone savings. You need to stop this to improve your spending and saving habits.

2. Shopping to be happy

Without considering your meagre income, if your happiness is tied to your monthly shopping list, you'll most likely have nothing to save. Shopping can be very sweet and addictive. If you don't have control over your spending, you'll keep deriving happiness in borrowing and get yourself sinking into deepening debts.

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3. Expecting a miracle to happen

Some people spend their money recklessly thinking some sort of financial miracles like lottery or money gift from a relative would hit their bank account. Others deliberately borrow thinking their stake in a lottery would someday earn them a jackpot.

So, instead of expecting miracles to happen, just cut your spending, make a budget and save.

4. Excessive Lifestyle

The habit of buying more than you can afford is the chief reason you owe all your neighbours some amounts of money.

Of course, everyone desires a good lifestyle, but then, you don't have to trade your financial dignity for shame that sometimes comes with debts. Take it easy, cut down the excesses and enjoy your life as much as your earnings can afford.

5. Not having a budget

Spending without planning your expenses is also capable of throwing you into debts. As a matter of fact, having a budget plan and sticking to it like a religion can prevent you from borrowing from friend and colleagues because it will guide your spending and personal savings.