Finance Globe

U.S. financial and economic topics from several finance writers.
2 minutes reading time (366 words)

Break These Bad Financial Habits ASAP

rid-of-credit-card-debt2

Do you have bad financial habits? Have you come to find that these are stopping you from reaching your goals? Are you ready to make a change for the better?

Here’s the good thing: you aren’t the only person with bad financial habits. Most people have at least one habit that they want to eliminate as soon as possible.

Here are a handful of bad financial habits that you don’t need in your life:

•    Impulse buying. It’s a difficult habit to overcome, but it’s one that doesn’t have any place in your life. Set the goal of only buying what you need for a period of one month. If you can follow through during this time frame you’re much more likely to stay the course into the future.
•    Abusing credit cards. It’s so much easier to make a purchase when you don’t actually need the cash on the spot. This is why so many people find themselves drowning in credit card debt. A credit card can be a great financial tool, but only if you use it in the appropriate manner.
•    Buying as a means of keeping up with others. Do you want a new car now that your neighbor has one? Are you hoping to move into a bigger home because a sibling just did so? Trying to keep up with others is a bad financial habit that will eventually come back to harm you.
•    Living without a budget. Many people find that it’s possible to get by without a budget. Unfortunately, even if this is true, getting into this habit can lead you to spend uncontrollably while forgetting to save for the future.
•    Eating out too often. There’s nothing wrong with dining out every now and again, but doing so too often can have a negative impact on your finances. Compare the cost of buying groceries to the cost of dining out. You may be surprised to find just how much you can save by eating at home.

What do you think about these bad financial habits? Are one or more of these impacting you right now? Have you overcome these in the past? Share your personal experiences in the comment section below.

5 Major ATM Mistakes to Avoid Making
The Personal Information Section of Your Credit Re...
 

Comments 1

Frank on Saturday, 19 May 2018 14:25

One my horrible financial habits is buying clothes. I spend WAY too much money on this. One way I am working on fixing this is setting aside a fixed amount I can spend each month. Hopefully it works.

One my horrible financial habits is buying clothes. I spend WAY too much money on this. One way I am working on fixing this is setting aside a fixed amount I can spend each month. Hopefully it works.
Guest
Monday, 19 August 2019

Captcha Image