11 Bad Money Habits to Quit Now 

11 Bad Money Habits to Quit Now 

Date: March 19, 2022,

If you want to save more money and improve your financial future, you need to start thinking about money now. Here are 10 bad money habits that many people are guilty of. If you notice that you do some of the following, work to correct your bad habits! 

1. Overspending

Do you spend more than you make? Racking up debt is the easiest way to get into financial trouble. It’s important that you always try to spend less than you earn. 

2. Putting Too Much on Credit

Using credit cards can be a great way to build your credit and earn points (free money!). But putting too much on credit is never a good idea. Don’t put something on credit if you don’t have the cash to buy for it, plain and simple. 

3. Failing to Set a Budget

Creating a budget for yourself is one of the best things that you can do when it comes to improving your financial situation. It’s important that you understand how much money you have coming in and going out each month, and where there’s room to cut down on spending. 

4. Buying to Buy

Are you someone who’s guilty of buying something just because you saw it and it looked great? If you’re guilty of falling into consumerist patterns of buying just to buy without really having a need, it’s time to check yourself. 

5. Failing to Track Spending

Just as you should track the money that you have coming in, so should you track money that’s going out. Track your spending so you know your top spending categories and can reflect on your habits. 

6. Not Investing

Not investing your money is by and far one of the biggest mistakes you can make. You should be putting money into an investment account as often as possible. Investing your money is an easy way to grow your wealth over time. 

7. Not Taking Advantage of Workplace Retirement Plan Benefits

Similar to investing, if your employer offers a matching 401(k) or other retirement benefit plan option and you’re not taking advantage of it, you’re missing it. 

8. Failing to Set Financial Goals

What are your financial goals? When do you want to buy a home? At what age would you like to retire? These are important questions to ask yourself when thinking about planning for your future. 

9. Giving in to Impulse Buying

Advertisements can be catchy and enticing—we get it. But giving in to impulse buying is a bad idea. Only buy what you need, and make a plan for when you’ll spend and how much. 

10. Saving After Spending

If you’re someone who puts money into your savings account only after seeing what you have left after spending, you’re saving in the wrong way. Put money into your savings account first, and then use what you have left for spending. 

11. Trying to Keep Up with Others’ Spending

The social pressure to spend money can be very real. Be honest with yourself and your friends about your budget.

Get Help from Harvest Financial Planning, LLC

To learn more about how to improve your financial future, consider meeting with a financial planner from Harvest Financial Planning, LLC. You can reach us by phone or online to learn more. 


Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision.
This material was prepared for Harvest Financial Planning’s financial advisor use.
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