If you’re in debt, then I would definitely read Dave Ramsey’s book The Total Money Makeover which you can check out here. He’s helped MILLIONS of people climb their way out of debt and have financial peace and security. So DEFINITELY check him out!
Also! He has another great book called the Legacy Journey which is a great read. Check it out here!
Spending Whatever You Earn
One of the biggest bad money habits among adults is spending whatever they earn. This means that you have no money for an emergency fund or anything going into your retirement.
So one of the best things you can do right now is to look at all of the places you’re spending too much money, such as Starbucks, eating lunch out, or even your rent(!)
Then see where you can cut. It doesn’t mean that you can’t have fun, but just that you have to do it wisely.
One of the most common habits among adults is compulsive spending. Buying anything that attracts the eye or something that may seem cool to you is a very bad habit and the easiest way to keep money out of your wallet.
The earlier you start saving for your retirement the greater the chances of you enjoying your life after retirement are. Now retirement may seem like a long way off, but it will come.
It’s just as real as tomorrow which means you need to start preparing for it. Your future self will definitely thank you!
Subscriptions and Memberships
I know you buy a gym membership in hopes that you will go and lose weight one day! But if that’s something you’re not doing right now, then it’s time to cut the monthly payment.
Look through all the places you may have memberships and subscriptions (especially the places where you signed up for a free 1-week trial but forgot to end the membership before it was up) so you can start saving more money.
Credit Cards Are A Part of Your Daily Routine
Relying on credit cards for your basic needs is a blunder that many tend to make. Many of us end up spending more when we use a credit card since we’re not seeing that exact amount of money (that we’re spending), leave our hands.
We give them a card without thinking and get it back (unlike money where we don’t get it back). And using credit is a great psychological trick that makes it so we’re not thinking about how much we’re spending.
Lack of Budgeting
Anyone who plans ahead and sets aside money for different tasks tends to have more and save more. Making a budget also allows you to explore the areas where your income is going, and at the same time allows you to make cuts when necessary.
You Don’t Take Advantage of Sales and Coupons
If you only run to the store after your supplies are completely gone, then you’ll be forced to buy whatever they sell and at any price.
So one of the best things you can do is to stock up some important grocery items when there is a sale or you have some coupons.
Paying Your Bills Late
The interest charges and late fees that hit you after missing a payment are one of the worst ways to lose your hard-earned money.
And if you only pay your bills late because you are a procrastinator, then you should definitely consider delegating this task or enroll in an auto-pay plan.
Breaking habits is hard, but thankfully there are some great ways to get rid of them. So give some of these tips a try and see how it goes!