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What are some bad financial habits one should get rid of and why?

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What are some bad financial habits one should rid of? Explain why you think one needs to kick out those habits.

It's a horrible habit to take money out of ATM's that charge a fee. I have found that you get in to a situation where you need money quickly, and you're willing to accept the fee. $2 or $3, here and there quickly adds up to a car payment in a years time. I have found that preplanning and knowing where the No Fee ATM's are located is a good way to kick this habit !

Sub: #1 posted on Thu, 03/01/2012 - 05:36

stephanie.coffey stephanie.coffey

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Eating out or going to a bar numerous times a week. The average dinner at Chilli's or Applebees is $30 for a couple. If you add drinks, it gets to over $50. For bars, a Saturday night tab could be between $70 and $90 plus tip.

If you go out to eat 2 times a week and then out drinking one night on the weekend, chances are you spend over $600 a month on those 3 weekly events. Cutting it down to eating out once a week and going out drinking twice a month would save you over $400.

Some other options are having people over to your house for drinking and board games/movies, going to other house parties, having a picnic or even buying pre-made meals at the grocery store.

Sub: #2 posted on Thu, 03/01/2012 - 09:11

arlier arlier

(Posts: 4 | Credits: )

Well, there are the obvious ones, like going out too much, impulse shopping, taking out payday loans, and buying things you don't need. But, the one habit that I eliminated that helped me on my way back to financial freedom was spending money that I didn't have yet.

Often, I would spend part of my savings or my rent money, knowing that I'd get paid in a few days and I could pay myself back. This meant I was always in debt to myself and eventually borrowed too much from my future self to sustain my present self, and found that I was broke.

The lesson was to never spend money you don't already have. Even credit cards scare me now. I'm a cash/debit kind of person these days and it's made a big difference.

Sub: #3 posted on Thu, 03/01/2012 - 10:31

zacharyeckstein zacharyeckstein

(Posts: 28 | Credits: )

The worst habit is spending what you do not have. Credit and payday loans are so easy to get and so hard to get rid of. You need to save for what you want to buy if at all possible. Once you get into the borrowing habit your paycheck is no longer your own. I have had that problem in the past and I am working hard to get out of the rut.

Sub: #4 posted on Thu, 03/01/2012 - 10:41

kstedman kstedman

(Posts: 19 | Credits: )

Going out to eat too often - bad for the waist & for the wallet. Plus, makes it more special when done less. Bring your lunch to work, as saves money & now it makes a difference as also saving gas money too! Or, just buy the food and get your drink from the vending machine or from your stash at works as instead of paying $1.95-$3.00 for the drink you only pay 50 to 75 cents.

Sub: #5 posted on Fri, 03/02/2012 - 16:54

mirojobmw mirojobmw

(Posts: 24 | Credits: )

neglecting to check the credibility of any product you buy on the internet, whether a payday loan or getting that miricle diet pill, that will just melt off all that unwanted weight, I now look to the BBB and Consumer Complaints , and my states attorney general website to view all the valuable information, I must add this site "DebtCC" as it has information that will save alot of hardache and teach us a better way of protecting what we have.

Sub: #6 posted on Sat, 03/03/2012 - 15:29

kitty15650 kitty15650

(Posts: 2 | Credits: )

procrastination of payment of bills on time. This leads into deeper debts. Borrowing money for no reason to spend when there is no need. Buying things that you do not need in order to keep up with others. Lack of budgeting and planning. If you do not priorities your responsibilities you will always incur more debts

Sub: #7 posted on Sun, 03/04/2012 - 14:41

Graham Odenyo Graham Odenyo

(Posts: 1 | Credits: )

Ignoring your debt is one of the worst financial habits one could have. There is tremendous anxiety in realizing your debt is accruing at a rate that is becoming overwhelming, but ignoring your financial situation will only continue to make it worse overall. At this point, it is time to pick up the debt ball and chain and resolve the situation, instead of letting it continue to drag you around.

Sub: #8 posted on Sun, 03/04/2012 - 15:04

amd115 amd115

(Posts: 5 | Credits: )

1) stocking up on stuff because its on sale - You buy much more than you need or can use because its cheap and end up spending alot:

2) compulsive shopping to feel better - don't think well about what is being purchased and whether it will be used or collecting dust;

3) buying clothing/shoes without trying on in hopes to try at home and return later - often you miss the return deadline and stuck with unwanted merchandise; some stores also have limitations on amount of returns per year for each customer;

4) shopping at thrift stores - stuff seems to be so cheap that you buy a lot of all kinds of stuff, often not trying on and thinking what to do with them later;

End up spending good money and barely use most of purchased things, and have way too much stuff to fit in your space and often if you have too much stuff you don' remember what you already have and end up buying more of the same things.

The list can go on and on

Sub: #9 posted on Tue, 03/06/2012 - 16:30

fr2306w fr2306w

(Posts: 1 | Credits: )

I think a really good financial habit to get out of is buying things you dont absolutely need for instance some of us feel the need to buy the best of the best brands weather its hair products, make up, laundry detergent ect.....but what we really need realize is that buying the cheaper brand will work just as good and its not the end of the world if you buy the 4 dollar mascara instead of the 10 dollar one! They work the same and no ones going to notice that you used the cheaper brand!!!!

Sub: #10 posted on Wed, 03/07/2012 - 10:42

shamayzobell shamayzobell

(Posts: 1 | Credits: )

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