BAD MONEY HABITS YOU NEED TO STOP NOW  

We all have habits we'd like to get rid of, whether it's biting our nails, losing our keys, or being late. Often, we embrace our bad habits without thinking about how they can stop us from living the life we want. Bad financial habits are just as damaging. If you want to make the most of your money, cut down on habits that can put a strain on your wallet.

As the old saying goes, we are what we do, again and again. When it comes to spending your hard-earned money, your habits can make the difference between achieving your financial goals and living off your income.

Breaking habits is not always easy, and we understand that. That's why we want to help you identify bad habits.

Ignoring bills

The post office has the misfortune of collecting them quickly. Take a few minutes each day to go through your documents and make sure you don't forget about bills or other important documents. This can be made easier by setting up automatic payments at your bank.

Make the most of your credit cards

When used properly, credit cards are an effective and useful tool for making major purchases and building a strong credit history. Be careful when using your credit limit and only make the minimum monthly payment.

Wine with dinner.

Wine with dinner is expensive. Restaurants often raise the price of bottles by three times the wholesale price, sometimes more. Instead, choose a restaurant that is friendly to its customers or, if you can manage it, don't drink any wine at all when you go out to eat.

Car leasing

According to Edmunds' 2019 Cost Comparison Report, the total cost of leasing a compact SUV can be more than $5,000 more than buying a comparable used car and about $7,000 more than buying the same car new, when factoring in equity.

Go to lunch

According to a Visa study, the average American spends about $20 a week eating out. That's $1,043 a year. There's no reason to waste money on eating out when brown-bag lunches are cheaper and can be more nutritious if packaged properly.

Use of credit cards in shops

Retailers have been known to offer a discount on your first purchase if you order with a store credit card. While a 10% or 20% discount may seem attractive when you check out, it's not worth taking out a subscription at all.

No contingency fund.

Unexpected events, such as your car breaking down, a tooth getting stuck in your food or a redundancy, can have a big impact on your finances. Set aside regular money for a rainy day to cover unexpected events.

Living beyond your means

Lamb is expensive everywhere. Learning financial discipline means learning to resist the urge to spend what you don't have. Try to save for a specific goal and buy things when you have the money to pay for them.