Good or bad, we all have habits. Unfortunately, once we’ve obtained bad ones, they can be nearly impossible to break.
Some habits, although inconvenient and not ideal to have, aren’t detrimental to you or your life. After all, everyone has a few. However, if your bad habits fall into the financial category, they can be extremely harmful to your financial life, budget, and savings. Here are four habits, that if you have, you should break to add money to your budget.
We’ve all purchased things impulsively, however, when it becomes a regular thing, then you begin to have a problem. It’s hard to ignore a sale when we see something for 50 percent off or find a must-have item that we just can’t wait for. But, when you don’t plan and save for items you really need or want, you might spend money you don’t necessarily have or keep yourself from saving more than you could. When you find an item you want, take time to think about it before buying, you might find after a day or two that you really don’t want that item at all.
Overusing Your Credit Cards
Credit cards are great when you’re in a bind or for small things to help you build credit. However, if you can’t afford to pay off your card in full every month, credit cards only serve to harm your budget and finances. You’ll ultimately end up paying more in the interest it cost you. Think twice before using your credit card; if you can’t afford something, you might not be able to buy it. You’ll save yourself money in the long run if you wait until you can.
Purchasing Convenient Items
After a long day of work take-out always sounds like a better option, and when you’re late to work grabbing a latte is easier than brewing coffee at home. Unfortunately, all those items will end up costing you more than if you’d chosen to prepare a home-cooked meal or wake up early to brew your own joe. Put in a little extra effort no matter how hard, because you might find that you’ll save quite a bit in the end.
Taking Money Out of Your Savings
This particular habit is hard for some people. You get in a bind or find something you need now and convince yourself to transfer just a little over from your savings. The more you do that though, the less and less you’ll actually be saving or allowing to build interest. Put your savings in a not-so-easily accessible account to keep yourself from dipping into it and enabling your account to exponentially grow in the end.
Bad habits have a way of seeming harmless in the moment. Bad financial habits, however, don’t take long to catch up to you. In the end, you might not realize how much your bad habits erode your income. Consider your financial vice and work to eliminate to add even more to your budget.
Have you eliminated any bad habits? How has it affected your finances?- Kayla