How To Break Your Bad Money Habits

Keep only the cash that you need on you

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Going to the mall to go shopping? Go ahead and leave the debit and credit cards at home! Taking only the money that your going to use and leaving the credit and debit cards at home will stop thoughts like “Well, it only costs $120 and I have $100 in cash, I’ll just put the rest on my card.” Having to work with a set amount of money will make staying on track with your budget easier. Avoid impulse buying by going to the store without any money to window shop will allow you to weigh the pros and cons of making that decision to buy those fancy shoes.

Knowing where your money is going

Keeping track of where the leak is in your budget is one of the most important steps that can be made to keep the moths out of the wallet. Start writing down what gets bought when and how often. By doing this consistently allows you to set reasonable goals in your budget. By setting goals like putting a specific amount of money in envelopes for a certain day or week and only using the money set aside for that purpose.

Keep an eye on the prize

Having a list of things that you want or need and keeping it in a place that you see everyday can help keep you on track. Knowing that not spending that $50 at the mall because you walk by a list or a picture of that new flat screen TV that you want will solidify your will to make that a reality.

Make a list of what you need

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Always make a list of the things you need when you go out shopping. By budgeting what’s needed and only taking the money for those things that are on your list will help by taking out the chance for an impulse buy. Another thing that can be done is knowing what you already have. Double checking the pantry or your closet before anything gets bought will stop a potential duplicate purchase from happening.

Changing daily habits

ES-Chaging habbits

Switching one habit out for another can save you money. Mixing up the schedule by going for a walk instead of buying a soda or getting a hobby means that at the end of the month the amount of money in savings is $150 instead of $5. Cutting a $20 pizza out of the budget and replacing it with the ingredients for a pizza from the store saves money and you can save even more money by using coupons.
Taking advantage of loyalty reward programs

Believe it or not EarningStation will reward you for doing things like shopping, watching a video, playing games and more. Getting rewarded for doing things you already do and getting a prepaid gift card can really keep a budget on track.

Taking the money out of the check before you see it

With online banking, it’s possible to automatically take money out of your account when a paycheck comes in. By setting up another account you can set up whats known as an automatic transfer. You can adjust when and how much money is taken out. You can also hide the account that the money gets transferred to so it can’t be seen. Similar to the saying out of sight, out of mind.

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