Quit Your Bad Money Habits Today

If you stay up all night worrying about your bills, debt, and expenses, there’s a chance that you may have fallen into a bad money habit. Whether you’re spending more than you earn, calculating outrageous budgets, or taking out payday loans for non emergency purposes, these are all mistakes that could be contributing to your sleepless nights and money woes. Understanding the errors you’re making when it comes to your finances could drastically improve your financial situation and may even help you get in a little extra shuteye.

Stop spending outside of your means

A recent survey by Rasmussen Reports for Country Financial revealed that around 50 percent of the 3,000 participants polled spend more money than they earn. And of those overspenders, 36 percent were pulling from their savings, while 22 percent were using credit cards, and 8 percent were borrowing money elsewhere. If you’re similarly living beyond your means, you’re partaking in one of the top bad money habits. There’s no way that you can possibly get ahead of your financial burdens when you’re spending more than you’re making.

One of the best ways that you can prevent yourself from overspending is to track every penny you spend each month. Yes, even that early morning latte here, and that Snickers bar there. Every little purchase adds up, so don’t forget to tally those in with the rest of your monthly purchases. Once you’ve done this, you will have a better idea of the areas in which you are over indulgent, and you’ll be more capable of creating a realistic budget.

Stop creating unrealistic budgets

In order to start saving and paying off personal debt and loans, you need to have a solid understanding of how much money is coming in and how much is going out. However, a budget will do you no good if you’re fibbing about the average costs of your night on the town or if you’re failing to follow the limitations you’ve set for yourself.

Begin by rounding up all your financial statements such as utility bills, bank statements, and paychecks. Next make a list of your monthly expenses from the essentials like rent, utilities, and car payments, and then add in your entertainment and leisure expenses such as shopping trips, dinner dates, and nights out. Be honest! Don’t “forget” to tally in the cost of that pricey fine Italian wine you can never seem to pass up at your favorite restaurant.

Then tally up your monthly income and expenses. If your expenses exceed your income, then you need to adjust your expenses so that your income is higher than your outgoing expenses. If your income is indeed higher, this is great news, and you can allocate the leftover income to savings and paying off any debt.

Once you’ve found a good balance between income and outgoing expenses, review it often to ensure that you’re still on track.

Stop using bad credit loans for non emergencies

Online payday loans are intended for one-time emergency situations such as a car repair or medical bill. However, only 16 percent of first-time payday loan borrowers actually used their loans to cover emergency situations, according to a Pew Charitable Trust report, which is a part of the Safe Small Dollar Loans Research Project.

You should only turn to a cash advance for an unexpected emergency, which you are capable of repaying in short order. Don’t rely on a bad credit loan to pay for a beach vacation, a plasma TV, or date night, because it will only perpetuate your personal debt!

Chloe Mulliner is an editor and writer for various credit and loan related consumer websites.

62 Responses to Quit Your Bad Money Habits Today
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Quit Your Bad Money Habits Today

If you stay up all night worrying about your bills, debt, and expenses, there’s a chance that you may have fallen into a bad money habit. Whether you’re spending more than you earn, calculating outrageous budgets, or taking out payday loans for non emergency purposes, these are all mistakes that could be contributing to your sleepless nights and money woes. Understanding the errors you’re making when it comes to your finances could drastically improve your financial situation and may even help you get in a little extra shuteye.

Stop spending outside of your means

A recent survey by Rasmussen Reports for Country Financial revealed that around 50 percent of the 3,000 participants polled spend more money than they earn. And of those overspenders, 36 percent were pulling from their savings, while 22 percent were using credit cards, and 8 percent were borrowing money elsewhere. If you’re similarly living beyond your means, you’re partaking in one of the top bad money habits. There’s no way that you can possibly get ahead of your financial burdens when you’re spending more than you’re making.

One of the best ways that you can prevent yourself from overspending is to track every penny you spend each month. Yes, even that early morning latte here, and that Snickers bar there. Every little purchase adds up, so don’t forget to tally those in with the rest of your monthly purchases. Once you’ve done this, you will have a better idea of the areas in which you are over indulgent, and you’ll be more capable of creating a realistic budget.

Stop creating unrealistic budgets

In order to start saving and paying off personal debt and loans, you need to have a solid understanding of how much money is coming in and how much is going out. However, a budget will do you no good if you’re fibbing about the average costs of your night on the town or if you’re failing to follow the limitations you’ve set for yourself.

Begin by rounding up all your financial statements such as utility bills, bank statements, and paychecks. Next make a list of your monthly expenses from the essentials like rent, utilities, and car payments, and then add in your entertainment and leisure expenses such as shopping trips, dinner dates, and nights out. Be honest! Don’t “forget” to tally in the cost of that pricey fine Italian wine you can never seem to pass up at your favorite restaurant.

Then tally up your monthly income and expenses. If your expenses exceed your income, then you need to adjust your expenses so that your income is higher than your outgoing expenses. If your income is indeed higher, this is great news, and you can allocate the leftover income to savings and paying off any debt.

Once you’ve found a good balance between income and outgoing expenses, review it often to ensure that you’re still on track.

Stop using bad credit loans for non emergencies

Online payday loans are intended for one-time emergency situations such as a car repair or medical bill. However, only 16 percent of first-time payday loan borrowers actually used their loans to cover emergency situations, according to a Pew Charitable Trust report, which is a part of the Safe Small Dollar Loans Research Project.

You should only turn to a cash advance for an unexpected emergency, which you are capable of repaying in short order. Don’t rely on a bad credit loan to pay for a beach vacation, a plasma TV, or date night, because it will only perpetuate your personal debt!

Chloe Mulliner is an editor and writer for various credit and loan related consumer websites.

62 Responses to Quit Your Bad Money Habits Today
  1. download free
    November 22, 2016 | 8:08 am

    I’ve been exploring for a little bit for any high-quality articles or weblog posts on this kind of house
    . Exploring in Yahoo I eventually stumbled upon this site.
    Reading this information So i’m satisfied to show that
    I have an incredibly excellent uncanny feeling I came upon just what I needed.

    I most undoubtedly will make certain to do not disregard this website and give it a look regularly.

  2. www.Aj-golf.com
    November 23, 2016 | 9:50 am

    It’s a pity you don’t have a donate button! I’d definitely donate to this brilliant blog!
    I suppose for now i’ll settle for bookmarking and adding
    your RSS feed to my Google account. I look forward to new updates
    and will share this website with my Facebook group. Talk soon!

  3. fandalism.com
    December 22, 2016 | 11:10 am

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    regarding from this article.

  4. xxx
    February 10, 2017 | 9:11 am

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    Wow! After all I got a blog from where I can truly obtain useful facts concerning my study and knowledge.

  5. Formative - Signup
    February 17, 2017 | 1:29 am

    Good post. I learn something new and challenging on sites I stumbleupon everyday.

    It’s always interesting to read articles from other writers and practice something from
    their websites.

  6. combatir
    March 23, 2017 | 12:29 pm

    Hello! I’m аt work surfing aaround ʏour blopg fгom my
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  7. como superar la ansiedad
    March 28, 2017 | 1:51 pm

    I enjoy rеading a post that can mаke people think.
    Also, many thanks for permitting me to comment!

  8. pastillas para la ansiedad
    March 28, 2017 | 9:05 pm

    We stumbⅼed ovᥱr here coming from a different web addгess and thought I should
    check things out. I lіke whаt I seee sߋ now i’m folloᴡing you.

    Look fotward to going over your weƄ page again.

  9. como eliminar la ansiedad
    March 30, 2017 | 2:43 am

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    I require a specіalist on this area to solve mʏ problem.
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  10. como vencer la ansiedad
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    Ⅰ had been wondering if your web hosting is OK?Not that I am complaining,
    but slokw loading instances timkes will often affect your placement in goօgle
    and can damage yur high գuality score if advertising ɑnd mɑrketing wth
    Adwordѕ. Anyway I’m adding this RSS to my e-mail and can loook out for much
    more of your respective fɑѕcinating content. Make
    ѕure you update this agai very sоon.

  11. Sheri
    July 27, 2017 | 5:33 pm

    Eğer Rusya ile ticaret yapacaksanızve Rusça biliyorsanız
    faydalı olabilecek bir website.

  12. sell outstanding invoices
    September 6, 2017 | 11:27 pm

    As the net continues to evolve and change so does the way
    that you shop. And while thhe youngest was enjoying the joys oof
    bbeing a crowd “favorite”, the ccenter child mayy also feel that he’s not special at all. You can look for a webb auction site starting from your fave search results to discover a site that offer the auttomobile you will need, at a price that you are able to afford.

Leave a Reply


Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/quit-your-bad-money-habits-today/trackback/