5 Horrible Habits that Are Killing Your Finances!
Here is a list of the 5 worst financial habits that you need to stop immediately in order to provide financial stability for you and your family.
Keeping any one of these horrible financial habits could ruin you and your family financially, and most likely, break your family up.
So if you want to stop this from happening, then you first must know what they are, and then you can stop them dead in their tracks!
Finances are the main cause for stress in many families. Being able to lighten this stress will help you be more happy and live longer.
Stress is the worst thing for you and your body, so any way to lower this stress is a must, especially when it is financial stress.
Stopping these basic family habits that are horrible for your finances is a great start to helping make your finances strong and stable. So without a due, here are the top financial habits you need to stop immediately!
5 Worst Financial Habits that Must Be Stopped Immediately!
- Overspending on Credit.
Stop using your credit card to buy things. It is important to keep a low percentage of credit used compared to credit you have in order to keep high credit. In addition, you are wasting money using credit.
You will save a ton of money, and keep your credit high if you stop overspending on credit now.
- Neglecting a Monthly Budget.
First you should always have a month budget created for each month. This way you can plan & stay on top of your finances so that you can stay financially responsible, and not run into financial problems.
You should do this before each month starts. Doing this will significantly help keep you within your budget, and help stop financial problems from arising!
There are many wonderful tools online to help you with this including:
https://www.mint.com/how-mint-works/budgets
http://www.bankrate.com/calculators/savings/budget-calculator.aspx
- Emotional/Impulse Purchases.
You should never purchase emotionally or impulsively! Usually when you do, you are going to go over your budget, which can cause financial problems. Also these purchases are usually unnecesary, and are things you could easily live without!
- Going Over Monthly Expenses.
Now if you go over monthly expenses, then typically you will run into financial problems. So make sure that you stay on top of your budget, and follow it so that this doesn’t happen to you.
Hopefully you have an emergency fund if this does happen to you, otherwise you will be asking friends & family to help.
Luckily there are also site online that can help you get fast cash loans incase you run into financial problems, however these should only be used as a last resort!
- Missing Payments.
Never miss any payments on anything, especially credit. You will almost always run into penalties, or significantly hurt your credit. So do not miss any payments!
If you are able to stop these horrible habits that many Americans have today, then you will set yourself up for financial success.
If you don’t, you are setting yourself up to fail, and it is only a matter of time before you do!
Stopping these horrible habits will really help change your finances & life for the better. So continue to stop these habits, and soon enough they won’t be habits, but will be a reminder of the past, where you never want to be again, which should fuel your fire to continue to grow your finances and build your wealth!
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Category: Family Finances
