I have more than one bad habit. I worry about everything. Most days, I’m building a worst case scenario file a foot thick of what might happen. The truth is, we all struggle with bad habits in one form or another. From salty language to biting our nails, unhealthy choices sometimes have only a minor effect on our lives.
However, habits have power and drive our lives. The more we fall into patterns of behavior, the more they become second nature, taking over the rhythms and balance of our lives. For this reason, we’d be wise to keep our eyes peeled for practices that lead us far from firm foundations.
When it comes to money, there’s a temptation to disassociate our bad habits with our financial future. Sometimes we feel like we’re broke because we don’t make enough or because we’ll never have enough. However, most of us have one or two bad habits that tend to turn the tide against us when it comes to money. Check and see if any of these bad money habits have tripped you up before.
Burying Your Head in The Sand
It’s the last thing I want to do after a long weekend. But, reconciling the bank account with our family budget must be done. Even when we’ve allotted for expenses, the wearisome experience seems like too much to bear. However, burying one’s head in the sand when it comes to managing a budget is never a good idea. Problems don’t go away when you’re pretending they’re not there. They multiply.
Not Planning for Emergencies
There’s never a question of “if” bad things will happen, but only “when.” Flat tires, car accidents, broken arms, a busted water heater – everyday our lives intersect with challenges we weren’t anticipating. Last summer alone, we had to replace our mower, our washer and dryer, and our oven. If we hadn’t saved for those emergency situations, our budget (and lives) would have nose dived immediately.
For minor household emergencies, it’s wise to save between $1000 and $2000. If you’ve paid off your debt, consider saving ten times more or enough money to take care of your living expenses for at least three months. Catastrophic emergencies like a health crisis or job loss require more than a small savings.
Making Impulse Buys
Each time you step into a store or shop online, you face a million small choices. The longer you spend immersed in the process of shopping, the more likely you will be to make an impulse buy. It’s for this reason you see so many last minute options in the checkout and why your favorite online retailer constantly recommends one more item you should probably buy.
Regular impulse buys lead to larger and larger unthinking purchases, though. It’s unlikely a pack of gum bought in a moment of weakness will sink your entire future; however, when you get into the practice of buying items without considering their overall impact, you head down the wrong road.
Paying Late Fees
From time to time, I incur a late fine at the local library. I like to consider it a little extra “donation” for the institution I love so much. Late fees can add up though. Especially when it comes to your monthly bills, lack of attention to due dates can spike interest rates and cause you to spend more than you should. Set reminders and daily check in with your finances to keep yourself from paying unnecessary fees.
Skipping Meal Planning
Don’t bust your grocery budget every month by opting out of meal planning. The intentional practice of thinking through what you and your family will eat every week keeps you from wasting food and money. Meal planning helps you use the food you already have, stay out of the drive through, and more than likely eat healthier too. Whether you keep an elaborate menu board or merely scribble down your options on a scrap piece of paper, incorporate this routine into your week.
Shopping Without a List (or Budget)
When you shop without a list, you’ll buy 100% of the items you did not intend to purchase. Don’t merely limit your list making to the grocery store, though. Keep a list for household items you need, too. Our family shares a list via the Notes app on our phones. We can track lists for different stores and even the kids can add necessary items (toys and candy aren’t necessary). Then, when one of us is in the store, we can pick up whatever is needed.
In addition to a list, you also need a budget for any shopping you do. Don’t wander in without a plan for your money and then be surprised when you buy things you can’t afford.
Spending More Than You Make
Last but certainly not least, spending more than you make is a deadly habit to keep. To avoid this financial killer, make sure you set a budget and then faithfully track your spending. If you’ve never budgeted before, check out these free printable budget forms you can print out at home.
I’ve designed these forms with your regular expenses in mind. Get acquainted with how much cash is coming in and going out of your home. You’ll be shocked at how quickly money can grow instead of dwindle when you regularly budget.
Bad habits were meant to be broken. Keep yourself out of future financial peril by avoiding these practices like the plague. Change might be difficult at first, but replacing those harmful routines with smart strategies will prevent you from going broke.
Your Money, Your Marriage releases September 25th from Zondervan Harper Collins Christian and is already available for pre-sale now everywhere books are sold.
My book is now available: Slaying the Debt Dragon: How One Family Conquered Their Money Monster and Found an Inspired Happily Ever After. You can also check out The Debt Free Devotional
This post contains an affiliate link. That means when you get a great deal, learn about a way to save, or maybe even something for free, I may end up making a small commission.
