Toxic Money Habits

May 04, 2016

Bad habits are always hard to break. But when it comes to bad money habits – they are all the more important to break. We have come up with a list of the most common bad money habits we have found and how you can stop them from happening in your life.

Emotional Spending
You may buy things to make yourself feel better, but in the end it is likely to make you feel worse. That high will wear off once the credit card bills come. How do you stop? Set rules for yourself such as no impulse buys.

Lending Money
Lending money, whether it be to friends or family members can hurt your pocketbook and often times, your relationship with the person. Instead look for ways to help them that doesn’t involve actually giving them money.

Comparing Your Money Situation to Other People’s
Just because someone has a large house and nice things doesn’t necessarily mean they have more money than you, they just choose to spend it differently. To avoid living beyond your means, start by figuring out what is important to you and set goals.

Depending on Credit Cards
By the end of 2015, Americans’ credit card debt reached about $900 billion according to CarbHub’s analysis of Federal Reserve Figures. If you have to charge it, you can’t afford it.

If you find yourself a victim of any of these toxic money habits, the first step we recommend is setting up a budget and sticking to it. If you would like help getting started, please contact our office at 763-231-9510 to get a copy of our budget worksheet.

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