Habits happen. When it comes to money, it’s a good idea to recognize the bad ones and kick them to the curb as soon as possible. Here are a few less-than-stellar money habits that you need to let go of.
Not setting goals: If you don’t have savings goals, you’ll never have the savings you need. You should be packing away money for retirement and at least have an emergency fund for those unexpected bills. If you don’t know how much you need to retire, checkout a retirement calculator like this one.
Picking up every check: It’s great to buy dinner sometimes, especially when you’re out with friends and family, but don’t feel you have to pay the check every time. Even if the bill is only $40-50 bucks, if it’s a regular thing, it can really add up. Having separate checks is the best plan, and feel free to pick up the check every now and again.
I’ll have what he’s having: If you see your buddy pick up a new 60” flat screen, it can make you very envious. If you love sports and movies like I do, it can be even worse. Remember just because your buddy has some new, cool toys doesn’t mean he hasn’t put himself in debt for it.
Paying ATM fees: When you going somewhere and you need cash, make sure you plan ahead. You may feel like stopping at a random ATM is no big deal, but those little service fees will rob you blind over time. If you’re going somewhere that doesn’t take plastic, plan to stop at your local branch and use the free ATM that’s provided for you.