Budgeting Financial Advice She Blogs about it!

Stop these Bad Money Habits if you want to Save your Money

There are many ways to try to save, but its so difficult to do especially with limited income. How can we manage what we have already and try to save more. The one thing I want you to think of is the habits you have preventing you from this. What are some things you can do now to help break the “Broke Me” cycle. In reading this I hope you gain some insight on how you can change the bad habits into good habits. Ive created a long extensive list of bad habits you should change right now.

The lessons you learn become experiences when you have a story to tell

Are you ready to Grow?

If you want to make money, and then keep that money …you need to stop doing things that deplete your funds.Have you ever had a payday and the next day all the money was gone, but also still have more things to pay for. At this point it become hard to save because you just can’t catch up. Take the time to really evaluate the things you do with your money that serve no interest to you. Feel free to ask questions or add more habits not listed that you want to work on. You can comment on this post if you need more assistance in this area.

The BAD MONEY HABIT List:

  1. Impulse Spending-

If spending money is an issue here is the therapy cure. Try waiting 24hrs before you make the big purchase. During that time of wait you can look for savings on the item and etc. Impulse buying will definitely get you stuck in a black hole. Most of the times the items will have no longevity or you might not be as interested in it a couple of weeks for now.

2. You don’t have a Budget

You need to have a budget so you can allocate your funds and tell it where to go. Start by can creating a category just for spending so if you make a purchase you wont feel guilty. Managing your money mentally or on a whim doesn’t benefit you. You need to look at the financial picture overall and make realistic decisions.

Having a budget builds security in a crazed financial issue. Grab ahold of the reins and take control and put your money in allocated categories. Is something goes wrong and you don’t uphold your budget to a tee don’t fret and try again, and dare I say again. Budgeting is a learning experience in itself and can be REAL reality check. Your spending habits go hand in hand with your personality and really tells you about YOU.

3. Relying on Credit Cards

The Truth about credit cards, is the first the word “Credit” meaning it has a significant impact more than other things on your Credit Score and Two its borrowed income. If you miss a payment or pay late you can occur a derogatory mark on your credit. Your use of credit counts for about 30% of your credit score which makes credit card use a number one impact. If you trying to make a positive change and have credit card debt, just pay the one third of usage or the minimum and use it for emergencies only. Credit cards should not be considered income, only your actual income would be accounted. Majority of the payments you make on a credit card is towards interest and fees, therefore not to yourself.

4. Not Paying yourself First

In the literal terms paying yourself would be saving money. This money is just for you not anyone else you can call it “My Dream” fund. How do you feel if your whole paycheck goes towards bills and nothing else? Do you feel like your working for nothing? Or just to put money into someone elses pocket? Let’s add Savings to the mix, now we feel alittle bit more responsible. We feel more secure for the future, an emergency. Now let me ask this question, When do you start paying yourself? Your the one working and for what? Just to again put money towards everything but yourself.

You create your own Limits

Dreams don’t die with age or death. Don’t think you have a limit to get that accomplished. There is hope and sense of fullfillment when you are working towards a personal goal because it means something to you. Goals give confidence and motivate us. Putting alittle money aside for yourself will give yourself a boost to making more money and saving more. I save 15 percent of my income towards my Sinking fund,part of my sinking fund is just plain ol saving and also my Goal or Dream money, guilt free spending to add to my happiness. Dare I ask?, What is your Dream? or Goal? And let me tell you Make it a Big One!

5. Paying Your Bills Late

I know this is hard but this is a bad habit you just need to break. If this is an area you are struggling with I wrote a post on it here or the image below. Its crucial if you want to save to be caught up on your bills because your going to always playing catch up. You will be spending time paying extra money in late fees or having a larger amount than expected because your behind. When you’re are always late, you wont be able to save. The longer time you delay in this category it will keep postponing your growth in income. Do whatever you need to do to be current on your bills so you can get a realistic idea on your bill to income ratio. Once you’re current you can start saving by cutting unnecessary expenses.

The Point of it all

If your want to save money and watch it grow, bad habits with prohibit them. Its important to catch yourself doing them so you can identify your weaknesses. The topics I went over above are the most common money pitfalls. I believe that when I chip away at these habits it helps accomplish my financial freedom journey. Let’s admit most are them are better said then done. The point of it is making it happen. Out of all of the topics having a budget will forever be number one. Im working on a budgeting series according to my strategy I went over to in this post.

Coming very soon, I want to do a video series and a read along workbook to match. So if you want to be part of the journey be in the loop on my social media account and follow, follow follow. Otherwise I know you can do this, you can commit and be free.

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2 Comments

  1. YES! Thank you for this post. It’s so super simple, just follow these steps and anyone can win with money! ❤

    1. shekeepsthechange says:

      Thanks Julie, glad it was helpful

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