Do you ever feel that you’re being thrifty but still unable to have any savings? Or, have you ever tried putting your money on savings first but end up using it since you don’t have enough cash? Check out the costly habits below that you should put to end this year.
1. Making Late Payments
Late payments can lower your credit score and can affect your ability to loan money for bigger purchases like real estate or a car soon. To avoid these things, set up an automatic payment online for bills such as electricity, cable, and insurance. You can also make a reminder, so these things become a routine.
2. Love of Convenience
It’s okay if you treat yourself sometimes or make a convenience purchase especially if you are in a hurry. But if you are like this regularly, you are just being lazy. Instead of buying fast food every day, learn to make your own meal that you can enjoy throughout the week. Limit yourself for buying a pricey latte, just get up a little early and brew yourself a cup of coffee. An extra effort on your part could make a difference for your savings account.
3. Spending as Much as You Earn
Are you living paycheck to paycheck? If so, you can easily spiral into debt and other types of loan. This kind of lifestyle is nearly impossible to build up savings. The secret: Live below your means!
4. Having No Idea Where Your Money Is Going
It’s so easy to spend money mindlessly – whether it’s taking a grab, buying an expensive coffee, or buying trendy items. This 2019 try to change those kinds of habits and try tracking your expenses instead. Get a better idea of where you spend your money and see how you can cut costs.
5. Ignoring Insurance
It’s good to be optimistic! But it’s better if you are also responsible and secured for unexpected events. Just one accident can wipe out your emergency funds. Do you have insurance? If not, add it on your 2019 to-do list.