Apr 12, 2023
This week’s theme on the Retirement Quick Tips Podcast is: Change Your Bad Money Habits With 5 Simple Tweaks
Today, I’m talking about how to identify Your Bad Money Habits
1st step in getting rid of your bad money habits is simply to recognize those habits. We’re often blind to our own shortcomings in many ways and our own bad habits are no exception
My bad money habits
Impulse buying - boredom lead to shopping; shopping with a list and sticking to it, and adding things to my cart, but waiting a week or 2 or longer to buy it.
Name the habit you want to change. Examples:
Look first to spending. These are where some of the most destructive bad money habits live is in your spending habits. It’s also the source of debt and why many people can’t get out of debt permanently, because they have bad spending habits. Daily coffee, mindless online shopping on your cell phone or ipad, eating out too much, booking a vacation without the cash to pay for it, impulse purchases at the grocery store, shopping as a hobby or something to do, buying lottery tickets
Other bad money habits - looking too often at your bank or investment accounts, not having your saving and investing on auto-pilot, not running the numbers on something before you purchase - especially a larger purchase
So take the time to really pay attention to your habits and routines. With many bad habits, there’s a little voice in our head that occasionally whispers “I don’t think you should do that”. We often tell that voice to shut up…I’m going to have that entire sleeve of Oreos! Or maybe after we do that bad money habit we feel guilty. We all know that feeling, and when we pay attention to that nagging feeling, it can help identify the bad money habits that should be eradicated.
That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.
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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance