40 Money Habits That Can Leave You Broke
40 Money Habits That Can Leave You Broke
By Alaina Tweddale November 19, 2020
Don't fall victim to these bad financial habits.
Big or small, some financial habits can zap a solid financial plan and leave smart savers with empty wallets. To avoid buyer’s remorse and similar guilt about neglecting your finances, you need to know what habits might be costing you extra. Check out these bad spending habits and identify how you can cut back on them.
1. Your App Addiction
In the list of things to waste money on, smartphone apps are a big one. Those $1.99 purchases seem inexpensive enough, but they can snowball — especially if you have kids who are adding to the overall purchase price or frequency.
Consider free app downloads exclusively or cap yourself and your family with a monthly app budget.
2. Paying Bank Fees
Many banking fees can be avoided, so there’s no reason to pay these if you don’t have to. Instead, find a financial institution that will allow you to avoid certain fees.
With the right checking account, you can avoid the monthly fee with a monthly direct deposit or minimum daily balance of $500 or more. When it’s that easy to avoid a fee, you should always take advantage so you can keep more of your money in your account.
3. Not Checking Your Credit Report
People with top-tier credit ratings qualify for the lowest finance rates when car or home shopping. Over a 30-year term, a quarter of a percentage point can add up to thousands of dollars.
Check your credit history regularly and clean up any problems as soon as they arise.
4. Having Wine With Dinner
Buying wine with dinner is a pricey proposition. Restaurateurs routinely mark up bottles by about three times the wholesale price — sometimes more. Consider a BYOB-friendly restaurant instead or, if you can bear it, skip the wine altogether when dining out.
5. Leasing Your Car
To continue reading, please go to the original article here:
https://www.gobankingrates.com/saving-money/savings-advice/money-habits-that-can-leave-you-broke/