Managing your money isn’t always easy, but there are some simple changes you could make to stop those bad money habits today.
- Paying for services you don’t NEED: How many times in the last month have you swung through the drive thru, paid for delivery, or used an ATM with a convenience fee because it saved you the time of preparing a meal or having to go into your bank/credit union? Next time try to meal prep so you don’t have to think about what you are going to make or learn where the closest ATM is within your network so you don’t have to pay that annoying fee.
- Emotional Shopping: According to a survey by creditcards.com, 75% of Americans have made an impulse buy. Candy bars in those checkout lines are tempting and sometimes buying a new outfit helps release some stress after a long day at work, but in the long run you usually just end up feeling guilty. So, just skip that impulse buy.
- Not keeping track of what you spend: If you kept track of exactly every penny you spend for a month and compared it to your monthly income, we bet most of you would be surprised to find out that you are spending more than you make. Start writing down every purchase and the amount you spend so you can start being more aware of your money habits.
- Not budgeting: Now that you have started to write down all your purchases (you did start that right?) it’s time to break the habit of spending your money with a solid plan in place. Start with your known monthly income then start writing down everything you need to buy or pay for that month and make sure you aren’t spending more than you earn.
- Paying your bills late: Paying bills is already horrible, but having to pay a late fee on top of that? No thanks! Make a bill calendar and make sure you always know when every bill is due. Or better yet, if the option is available, sign up for automatic payments so you never have to forget to pay that internet bill again.