Money Magazine ( Money logs )

Managing money is one task each and every one of us is confronted with on an everyday basis. Most often it is seen that one works very hard, earns well, splurges and then there is hardly anything left for the proverbial rainy day. This vicious cycle continues and when an emergency pops up, one is left to face the ugly truth that you may be broke. In such a situation it would be worthwhile to consider what are some of the bad financial habits that makes one go broke. Being financially independent doesn't mean earning alone, it means using your money judiciously and at the same time making money work hard for you.  

Credits cards, no doubt, give you purchasing power. You go on a shopping spree on your credit card and pay later on. But, once you get into a debt trap, you get into a vicious circle and then it becomes very difficult for you to get out of it. Most people know this fact in principle, but are unable to understand how things pan out. It is most common among youngsters who have just started with their jobs and get hands on credit cards.