🌼Toxic Money Habits That Go Unnoticed Daily(MUST READ)


🌼Toxic Money Habits That Go Unnoticed Daily(MUST READ)

Small cracks lead to a weak foundation

It’s time to shine a light on the most common money leaks most people have.


How many of these describe you if you’re being honest?…

Read also: 4 signs you are rich and don’t even know it

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1. Buying groceries without a list


Most people know shopping without a list is a dangerous habit, yet fail to notice they still do it all the time. I do my best to always make a list and force myself to stick with it. If I go beyond the list I limit it to 2 items max.

2. Emotional & impulse purchases

Speaking of grocery stores, going into one while hungry is an example of emotional buying.

Impulse buying happens most often online so you may want to unsubscribe from those sale emails or remove your saved credit card info from Amazon.

3. Making comparisons

Big houses and big new purchases only indicate how some people choose to spend their money, not how much they actually have. In fact, it’s very likely the Joneses next door are struggling with credit card debt and mortgaging their future.

If you try to keep up and match the financial spending habits of the people around you, it can lead to disaster.

Comparison leads to FOMO and FOMO leads to NOMO… money.

4. Keeping a balance on your credit card (on purpose)

Some people think it’s good for your credit score to keep a balance on your credit cards. They’re very wrong. Zero debt is the best way to improve your credit score.

Plus, steady debt means paying interest consistently.

A related bad habit is paying only the minimum on your credit cards. Pay them in full or make an aggressive plan to do so as a top priority.

Read also: The 10 Worst pieces of financial and business advice ever

5. Ignoring your account balances

Back in the day, we used to “balance” our paychecks. These days it’s easier than ever to see all of your account balances in real-time anywhere you are. Perhaps it’s the easy access that allows us to ignore it. Either way, it’s a bad habit.

I check all of my balances twice a week — usually on Monday mornings and Friday going into the weekend. Plus, always when I get paid.

Ignoring your accounts because you think you won’t like what you’re going to see is like avoiding the dentist because you think you have a cavity. Spoiler: that cavity can become a far worse problem.

6. Spending because something is a great deal

People love to justify small and large purchases by bragging about how great of a deal something is. If it wasn’t something you needed, it doesn’t matter how much money you “saved.” You still spent money.

7. Spending because you “deserve it”

You deserve the latest phone. You deserve new shoes because you got a new job. You deserve to order takeout because it’s payday…

Keep an eye on this internal conversation because it can end up being a costly one — literally.

What you actually deserve is less debt, a better credit score, an emergency fund, and better sleep because of all of that. You deserve financial security and money for Future You.

8. Ordering alcohol with meals

Speaking of “I deserve it…” many people order a drink or two or three when they eat out.

I get it.

I used to associate going out to dinner with drinking. But boy have I learned how much money you save when you don’t order drinks with dinner.

9. Assuming life is going to stay exactly how it is

Things are good. Or at least normal. Why think negative thoughts about things being abnormal or even bad?! I hate to be a negative nelly but, the reality is emergencies happen.

Unfortunately, 38% of Americans have credit card debt greater than or equal to their emergency savings and only 44% of Americans can handle an unexpected expense of $1,000 — which is higher than previous polls.

It’s great that more people are getting prepared.

The question is: are you?

10. Not considering public transportation

When you need to go from A to Z do you only consider driving or an Uber? Many people do. But there are so many other ways to travel for cheap.

Walk, ride a bike, take the bus, or even the light rail if that’s an option.

I challenge you to take public transportation once this next week. It’ll make you more comfortable using it in the future.

Read also: 8 tips on how to manage your finances

11. Not discussing money with your partner

Money is the third most cited cause of divorce, right behind infidelity. It’s really that important to be on the same page financially.

Talk money. It’s sexy.

It’s good for your wallets and it’s good for your relationship.

#12. Keeping your personal money goals to yourself

Science (okay the internet… okay, me) says that you’re 100% more likely to achieve your goals if you share them out loud. It holds you accountable and it keeps the goal top of mind.

#13. Being loyal to a brand

Designer jeans. Name brand cereal. Fancy watches. Dyson vacuums. My pillow.

There are lots of ways to go off-brand and save.

A creative example: we’ve even been saving money lately going to minor league baseball instead of MLB games.

#14. Paying yourself last

The first lesson I learned when I started my money journey from scratch in 2018 was: Pay yourself first.

It was a total 180 compared to my habit of paying everything and everyone else first and hoping I had something left over to spend or possibly save.

I highly recommend you read or re-read Rich Dad Poor Dad or The Richest Man in Babylon to learn more about this topic. Those books are game changers and you’ll learn a lot more than that.

Read also: 6 secrets to being more productive each day

15. Finally, punishing yourself for past mistakes

It’s more important to focus on learning from previous actions than dwelling on them. Punishing yourself mentally isn’t productive.

Do something about it. Make a plan. Set goals. And forgive yourself for past mistakes.

Improve your habits.

Improve your future life.

CONTRIBUTED BY Frankie Calkins

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