Sure, we’ve all got a few bad habits. Humans are flawed, right? But if you want to make the most of your money and start saving big bucks, there are some things that you need to stop doing, pronto. Here are bad money habits you need to ditch, now!
Paying ATM fees
This is up there with the worst bad money habits. Whether out of lack of organization or sheer laziness, paying ATM fees is essentially paying to use your own money. Plan ahead of time to make sure you can get cash out at your local bank, your bank’s ATM or pay on card.
Carrying a credit card
It’s best not to own a credit card, if you can help it. Granted, some life situations call for one – but once you have one, don’t abuse it. If all else fails and you can’t bypass the necessity of a credit card, leave it at home when you go shopping.
A double-whammy, smoking is bad for your health as well as your wallet. Getting past this one is simple. If you’re not a smoker, don’t start. If you are a smoker, try to do everything you can to stop. Making a conscious decision to quit, and investing in patches or hypnotherapy will be worth it in the long run.
Buying the latest iPhone
If you’ve got an older phone or smartphone that works perfectly fine, why bother paying for the latest flashy one? If you absolutely need to upgrade your phone, go for the model below the latest, as they are usually cheaper. And it goes without saying – don’t go buying a sparkly diamond case for said phone.
Buying take out every day
Whether you buy takeaway dinner every night or can’t resist a coffee a day from your local café, stop it. Save the money you would spend on take out in a jar and open it at the end of the year – you’ll be surprised on how much money you waste buying take out!
Forgetting to pay bills
The late fees for forgetting to pay your bills is just throwing away money. Instead, get your finances into shape by using a calendar to have an overview of your monthly bills, and keep it in a prominent position in your house i.e. stuck to the refrigerator!
Entering the lottery
The odds of winning it big in the lottery aren’t very good. Generally speaking, those few dollars you spend on a lottery ticket each week could be better invested in a savings account. Try saving the amount you spend on lottery each week for a year, and be surprised to see how much you’ve saved at the end!
Loaning money to friends and family
This is a tough one. If you loan money to friends and family, be prepared for it to not get paid back in full, or at all. Of course there are some exceptions, but there are usually other ways for your flakey friend to come into cash, and they don’t involve digging into your hard-earned savings.
What bad money habits do you need to break?