Whether you think you are doing an adequate job preparing yourself for your financial future, have not yet prepared, or simply do not care, there are plenty of money habits that are setting you back from getting ahead. It is never too late to start preparing for the future, but some old habits need to be broken.
Paying Credit Card Interest
Paying the minimum monthly payment and carrying a credit card balance over to the next month, getting charged an upwards of 16% interest goes little towards principle and could take years to pay off depending on the balance. Make sure you start paying off the highest interest cards first, as you are just throwing money away each month.
Having No Retirement Plan
If you are not currently contributing to your retirement account, you need to start now without question. Even if you do not have the extra funds to contribute a lot, some is better than nothing. If your company offers matching funds, at least try and hit the maximum that they contribute, as you are just leaving free money on the table.
There are other alternative investments to consider as well. Binary options trading has increased heavily in volume over the past few years. This type of investment can provide a fixed return on assets, including commodities, stocks, etc.
Not Fighting to Lower Monthly Expenses
Those that just accept their monthly bills and pay without question every month could be missing out on plenty of savings. Just take your cable bill for instance. When you first locked into the promo deal for a period or a year or two, you knew the rate would sky rocket after, but why continue paying after it goes up? Instead of living with the bill, call to work out locking you into a new payment, if not threaten to cancel, and if still will not, write the CEO and someone from their office will be contacting you to make sure you are happy.
Shopping for Fun
Sure it is fun to go on a shopping spree, but it does nothing to get you ahead, so make sure when you go out, you are not hitting the mall for entertainment. Shop when items are needed, not wanted. Especially avoid shopping when items are not on sale. Shopping can be a fun way to spend a weekend day and coming home with a few bags of new clothes, electronics, or toys for yourself or the kids, but just remember that saving for your future is most important. Blowing the money on unnecessary items may be fun at the time, but you will regret it later.