Breaking bad habits can be life changing, especially when it comes to money and eliminating credit card debt. Let’s take a look at some common bad habits that you can stop today to start saving money.
Pay Off Debt by Breaking Bad Habits
Convenience, not following the budget or living on the lavish side can all be bad habits and all have consequences. Here are some examples of common money-wasting bad habits that may lead you to consumer debt.
- Buying New, Not Used: It’s a fact that cars lose most of their value in the first few years of ownership. Buy a car from the previous model year and save a trunk-load of money. You can apply this method to any number of items. Books, toys, furniture, sporting equipment, musical instruments, and many more.
- ATM Fees: You need cash and you can’t find an ATM in your bank’s network, so you pay a few bucks to use one that’s more convenient. Make this a habit and those fees add up. Plan to find one of your ATMs earlier and take out enough cash for the day. You could also use the cash-back option at a grocery store.
- Impulse Buys: You see something you want, so you buy it on the spot. This is a good way to waste money and end up with credit card debt. If you can, take a day or two to think about it before buying. Shop around for a better price, see if it fits your budget, and decide if you really need the item.
- Wasting Electricity: Obviously, you should be turning off lights and appliances when they’re not in use. Appliances with clocks, standby lights, or remote controls, however, can still draw power while turned off. For these, you can either pull the plug or plug them into a power strip with an on/off switch.
- Buying Unnecessary Items On Sale: You don’t need it, but you buy it because it’s on sale. Don’t buy something that’s on sale if you wouldn’t buy it ordinarily. Just keep that money in your pocket and wait for something that you actually need to go on sale.
- Unnecessary Services: Premium cable channels, gym memberships, fancy cell phone features… if you’re not getting your money’s worth for these services, then it’s a waste. Do you use what you’re paying for? Figure out what you need and don’t pay for anything more. Breaking bad habits like this one free up money to use to pay credit card debt instead.
- Bottled Water: This trend is dying quickly. There’s no need to pay for 20 oz. of water in a disposable bottle when you can fill up a reusable one at home, or at any faucet for that matter.
If you’re serious about saving money, then these are just a few simple ideas to keep in mind when making decisions about your budget and breaking bad habits. Think of other ways that you might be wasting money, and work towards reducing those spending habits to manage credit card debt.
To speak to a credit counselor today about budgeting and managing your finances, call 800-769-3571.