The New Year is quickly upon us, which means like a lot of people, you might be taking a good look at your financial life. Are you ever left wonder after each month why you can’t meet your financial goals?
I have a theory…There is a good chance that you still have a bad financial habit or two that is secretly draining your bank account.
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Here are five bad money habits to break in 2018:
1. Not having a budget.
I am guilty of this as well. Sometimes it’s easy just do the math in your head about where you are spending your money right?…Wrong!
Being disorganized is the worst thing you can do to your financial situation. You need to have a plan about how much you’re spending each month and how much you’re saving.
Once you do that, you will feel better about your finances because you will have a clear picture as to how much you have and how much you should be budgeting.
2. Impulsive shopping.
All of us do this to some extent – picking up an extra swimsuit so you have another option to decide for vacation, shopping online late at night because you’re stressed out, or going on a major shopping trip just to find the perfect (though very unnecessary) decor for that party you are throwing or even signing up for credit cards that you don’t even need!
Be conscious of the things that trigger you to buy things on impulse.
Make it a habit to avoid these triggers. Most of the time, impulsive shopping is done because we feel a certain way. Take note of what you are feeling when you want to shop this way.
Impulsive shopping has a way of taking hold of money that should be used in other areas of your budget. So it’s important to drop this habit as quickly as you can.
3. Not meal planning.
This habit has a lot more to do with finances than you think.
When you plan out your meals every week, you can make better financial decisions at the grocery store. Preparing meals ahead of time will also help you eat out less, which is a major money thief.
Once you get good at it, then you can plan your meals more efficiently and buy things in bulk (this is where coupons come into play) because you will know that you’re going to need these food items all the time.
4. Not looking over your credit card statements.
If you are paying off your credit card bill every month, that’s a great sign towards attaining strong financial stability.
However, it’s always a good idea to look at your credit card statements before making your payment each month.
Studying your credit card statement every month will ensure that your bank isn’t sneaking any extra charges each month and to make sure that no one has made any unauthorized purchases using your card.
It’s also a great way to see what you’re spending your money on and to see where you might need improvement on your spending habits.
5. Using your emergency fund for non-emergencies.
Your emergency fund is for emergencies only. It’s always a good idea to have a backup plan.
A lot of people do this and it’s a very simple habit to kick. Just pretend that it’s not there, it’s always easier going to bed at night knowing you have a safety net.
Your emergency fund should be there for you if you are facing unexpected expenses, like medical bills, funeral expenses, car repairs, etc.
Dipping into your emergency fund to help you pay for vacations or special occasions is not a good idea.
Sometimes little habits make a huge difference, especially in your financial life. You should replace bad money habits with good money habits to keep your wallet happy and healthy!
What are some of your bad money habits? What are some good money habits you’d like to share?
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