In my opinion, there are seven money habits you want to avoid.
You may be currently doing these or have done them in the past (and I have been guilty of them myself), but now is the time to break the habits and get on with your finances.
- Lending Money — I think we all did this at some point in our lives, whether it be loaning $5 to a friend and not getting paid back, or lending more. Not only does this put a strain on your finances but it can affect your friendship. Make a resolution to give up lending. If you want to help someone out, then make it a gift with no repayment expectations.
- Spending It All — Yes, you know what I am talking about — living paycheck to paycheck. We all have choices we make with our finances — whether to spend this today or save for tomorrow. Budgeting is about choices that your make. So make the choice to not spend it all and save. Making this decision is the first step to starting to save and the next step is to actually do it (automate the savings process to make it foolproof).
Check out the next two posts to find out the rest of the Money Habits To Avoid.