We all pick up bad habits. If we keep these bad habits long enough, they become normal. It’s normal to drink too much, eat too much, and spend too much.
Over time, many of us have normalized some bad financial habits. These habits kind of creep up on us. Before we know it, they are part of our lives.
And they cost us money. a lot of money. Month after month, our bad financial habits are costing us money.
Here are six habits many of us have, and here’s what we can all do instead.
1. Having credit card debt
Americans owe nearly $1 trillion on their credit cards. Credit card debt is the most expensive type of debt, as your credit card company gets rich by ripping you off with high interest rates.
A website called AmOne It can help you fight. If you owe your credit card companies $50,000 or less, you’ll be matched with a low-interest loan that you can use to pay off each of your balances.
Benefit? You will only have one bill left to pay each month. And since interest rates on personal loans are low (AmOne rates start at 3.49% APR), you’ll be out of debt. who – which Much faster. Plus: No credit card payment this month.
AmOne keeps your information confidential and secure, which is probably why after 20 years in the business, it still has an A+ rating with the Better Business Bureau.
It takes two minutes Find out if you qualify for up to $50,000 online. You need to give AmOne a real phone number in order to qualify, but don’t worry – they won’t send you spam emails with phone calls.
2. Spending More Than We Make
It is very easy to overspend. There are a lot of temptations, especially with so many purchases available at the click of a button. It requires a lot of discipline to not spend too much.
We have another way to help you stop overspending: stop overpaying for things.
Wouldn’t it be nice if you got an alert when you’re shopping online at Target and about to overpay? This is what this is free service Do.
Simply add it to your browser for free, and before you check out, it’ll check other websites, including Walmart, eBay, and others to see if your item is available at a cheaper rate. Plus, you can get coupon codes, set up price drop alerts, and even see an item’s price history.
Let’s say you’re shopping for a new TV, and assume you’ve found the best price. A pop-up will appear letting you know if this exact TV is available elsewhere at a cheaper rate. If there are any coupon codes available, they will also be automatically applied to your order.
Last year, this saved people $160 million.
You can get started with just a few clicks to Find out if you are overpaying online.
3. “Investing is so scary.”
Oooooh, investment, very scary. Julie, it looks so Scary.
It doesn’t have to be so. You don’t even need a lot of money to get started – and you can even get free shares (worth up to $200!) if you know where to look.
Whether you have $5, $100 or $800 to spare, you can start investing Robinhood.
Yes, you may have heard of Robinhood. Both novice and professional investors love it because it does not charge a commission, and you can buy and sell shares for free – no limits. In addition, it is very easy to use.
what is the best? when you Download the app and fund your account (it takes no more than a few minutes), Robinhood drops a share of free stock into your account. It’s random, though, and this stock can be worth anywhere from $2.50 to $200 – a nice boost to help you build your investments.
4. Just guessing about our budget
Don’t want to budget? Try budgeting for people who hate budgets.
The 50/30/20 method is one of the simplest ways to control your spending. No 100-line spreadsheets or major lifestyle changes required.
Here’s how it works: Take your total after-tax income each month, and divide it in half. This is your base budget (50%). Take the rest, and divide it into personal spending (30%) and financial goals (20%).
Let’s break it down: That’s 50% for things like utilities, groceries, medicine, minimum debt payments and other basic expenses. Then there’s the 30% fun: eat Thai food out, sign up for Netflix, and wear a skeleton in your garden for Halloween.
This leaves 20% for your financial goals, such as additional debt reduction payments (anything above the minimum monthly payment) along with retirement savings and investments.
5. Do not change our car insurance
When was the last time you checked car insurance rates?
You should shop your options every six months or so – it might save you some serious money. Let’s be real, though. This is probably not the first thing you think of when you wake up. But it doesn’t have to be.
A website called Insure.com It makes it extremely easy to compare car insurance rates. All you have to do is enter your zip code and age, and it will show you your options.
By using Insure.com, people saved an average of $540 per year.
Yeah. That might be $500 in your pocket just to take a few minutes See your options.
6. Assuming we never retire
Many of us assume that retirement is a distant dream. Of course there will be challenges. Unless you’re a teacher or a police officer, most of us don’t have pensions anymore.
To retire comfortably, you need to steadily transfer a healthy percentage of your salary into a 401(k) account — it’s literally one of the smartest things you can do for your future. And if the employer matches every contribution, that could mean hundreds of thousands of extra dollars in your account when you retire. It’s free money!
But if you can’t take advantage of this employer benefit because you need all of your paycheck each month, I contacted a company Lindtable He will give you money.
We know it sounds too good to be true. But if your employer has a 401(k) matching program, that’s the money they’ve already allocated to you. With Lendtable, you will be able to unlock that free cash.
Let’s say you earn $50,000 annually and your employer matches your 401(k) contribution up to 4%. If you put $0 into your retirement account this year, you’ll get $0 from your boss. If Lendtable gives you 4% of your salary that the employer wants to match, you get $2,000 from your boss, minus Lendtable’s share of the profit. (This comes from the extra money you’ve earned, so there’s no sacrifice on your part.)
It takes three minutes Answer some questions about your eligibility And sign up for an account.
Mike Brasfield ([email protected]) is a featured writer for The Penny Hoarder. When it comes to bad habits, he’s an expert, really a great master of sorts.