Some of the worst habits are ones that cause you trouble financially. If you’re like most people, you work hard for your money. You probably even are on some sort of budget. Now imagine if you looked at the habits you have and tried to reduce those habits. You’d have the chance to save money, which could be put in savings, used to pay down your debt, or something else that’s important to you.
So, if you are certain you have some bad financial habits and want to learn how to fix them, you’re not alone. Here are some of the most common bad financial habits and a few fixes that you can implement to start saving money!
Bad Habit #1: Not Questioning Your Utility Prices
All households have bills that need to be paid each month. You’re not going to be able to escape your electricity bill. That said, just because you have to pay it, you don’t have to pay the highest rates possible. Electric companies give you the option of choosing your energy provider, which means you can pay varying rates beyond the standard option they give you.
While the process of choosing the right plan can be difficult, Real Simple Energy is a service that can make it easier. Using their service ensures you always have the cheapest available electricity rate plans for your home. After entering your zip code and answering a few short questions, you’re presented with cheapest plans in the market. After a quick sign up, they will find you the best rates and you’ll begin saving money almost instantly!
Right now, you can use promo code BUDGET30 for $30 credit on your first month’s bill.
Bad Habit #2: Eating Out Too Much
The fastest way to save money is to consider all the small purchases you make. I used to buy my lunch every day until I realized I was spending close to $200 a month on lunch expenses. Add in those $5 coffees every morning and I was spending way more money than I wanted to. I was spending more than I could afford, too. Luckily, with a little planning you can cut out things like fast food and coffee shops. Try using a menu planner. You can plan your menus and make your lunch. Menu planning will also allow you to save money at the stores, since it will cut down on impulse purchases as long as you follow your list.
Bad Habit #3: Paying for Things You Don’t Use
How many times have you signed up for a subscription for something and while you meant to cancel, you just forgot? The internet makes it easy to sign up for subscription services and equally as easy to forget about canceling them. Hundreds of dollars (or more) is wasted when people pay for things they aren’t even using. The fastest way to find money in your pocket is to evaluate the subscriptions you have and to remove the ones you no longer use.
Bad Habit #4: Only Paying Credit Card Minimums
This is both a great idea and a terrible one. It’s a bad habit and a bad idea to only pay the minimum payments on your credit cards if you have more money you can pay. Depending on how much your credit card balance is, paying the minimum payment could mean you’ll be paying that bill for a decade. You don’t have to pay hundreds more per month, but you should dedicate whatever you can afford to your credit cards. The extra money you pay will push the principal down faster, saving you plenty on interest and getting it paid off much faster!
Bad Habit#5: Drinking, Smoking, and Other Vices
Everyone has some personal vices. From scratch-off tickets to cigars, beer, or Vegas, people spend money on lots of things that provide no tangible value. They might be fun activities or things you enjoy, but they also cost money. While you don’t have to cut these things out of your life completely, you should be conscious of how much you’re spending on them and try to cut back. Maybe you cut your beer budget in half, make a plan to stop smoking, or limit yourself to a certain number of lottery tickets. You’ll be surprised how much money ends up in your savings as a result.
Notice any bad habits in your budget? Let us know which ones in the comments!
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