Financial Bad Habits

Financial Bad Habits

Financial Bad Habits
It is​ easy to​ get into bad habits with financial matters .​
Few people have enough money to​ simply buy what they want without a​ thought .​
Most people have to​ plan their purchases and stay vigilant to​ keep themselves solvent .​

Many people have bad habits of​ getting too far in​ debt with credit cards .​
The cards are easy to​ get .​
You can get a​ handful of​ Visas and Master Cards, an​ American Express Card, a​ Discovery Card, and several cards from retail stores without much effort .​
You do not have to​ have much income to​ get this many cards, either .​

None of​ the card companies seem to​ consider that you might have to​ pay payments to​ the other cards .​
You may think you have all these cards just for emergencies .​
However, if​ you get into bad habits with them, you can end up spending them to​ their limits .​
You may reach a​ point where you cannot even make the minimum monthly payments .​

You might be tempted to​ borrow money from relatives at​ a​ time like this, but that would be just another of​ type of​ bad habits .​
Relatives may want to​ help you for a​ time .​
They may allow you to​ get into the bad habit of​ going to​ them each time you need money .​
Yet, there will come a​ day when the money will run out, or​ the situation will get old .​
The relative will not only discontinue the loans .​
They might stop speaking to​ you as​ well .​

When it​ comes to​ friends, both borrowing and lending money are bad habits .​
It puts a​ strain on the relationship that many friends cannot handle .​
One friend might forget how much was borrowed .​
Yet, there may be animosity if​ a​ written contract is​ suggested .​
You can rarely win when you get into this bad habit .​

Many people get into trouble financially because the have the bad habit of​ not sitting down to​ make a​ budget .​
They have a​ general idea of​ where the money should go .​
They may think they have it​ all in​ their brains .​
It never quite comes together, though, unless you put it​ on paper (or on a​ spreadsheet on a​ computer) .​
Only then will you know you have everything included .​

Most utility companies have a​ certain grace period before they will cut off service .​
Some people count on this grace period and get into bad habits when it​ comes to​ paying their utility bills .​
If you do this you put yourself in​ jeopardy of​ losing your lights or​ water .​
You also destroy your credit rating .​

Some financial bad habits have to​ do with the way people manage their checking accounts .​
One thing people often do is​ to​ throw away paperwork they get when making transactions .​
Of course, there is​ a​ time to​ throw it​ away .​
Yet, until it​ is​ recorded into your account, you need to​ keep deposit, ATM, and debit slips to​ verify that the correct amount was taken out .​

Some people even have the bad habits of​ not reconciling their checking accounts .​
If they want to​ do internet banking with a​ software program like Microsoft Money or​ Quicken, they can make it​ very easy on themselves .​
It is​ important to​ be sure that your account has in​ it​ what you think it​ should .​
For one thing, there is​ no better way to​ catch fraud .​
Taking charge of​ your money habits can make your life less stressful and more productive .​

Financial Bad Habits

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