Posted on July 21, 2016 by Jennifer Clark by SavingAdvice.com
They say it takes about 21 days to create a habit, whether good or bad. Once you start feeding into bad money habits, it can be harder to be financially responsible and become increasingly easier to continue splurging. If you feel your bad money habits are getting you down, don’t worry; there is hope for you.
The first step to changing your ways is to acknowledge that there is a problem. If you are blind to the issues your money habits are causing you, it will take you much longer to get out of your situation. By facing them head on, you will be able to turn your bank account around.
Here are some common bad money habits and ways to fix them:
- Eating out multiple times a week. By making simple homemade foods at home, you can save quite a few dollars each month. If you figure that the average meal when dining out is roughly $12 compared to about $4 to $6 when cooking at home, you’ll save roughly $6 per person per meal each month. Even by reducing the amount of times you go out for coffee every month, and making it more at home, you will be able to cut back on frivolous spending. For example, going out for a $2 coffee five times in one month is more than what you could pay for one bag of coffee. Two dollars may not seem like a lot, but it certainly adds up quickly. Have a hard time giving up your favorite cafe’s cup of Joe? See if you can purchase your own bag of their ground coffee beans to make at home.