9 Bad Money Habits That Are Keeping You Broke

If you have a bad habit or two that is causing you to drown in a sea of financial doubt, then you might want to take a moment to read this. Because your financial future is riding on it.

We know that having money is important. But sometimes, it’s not worth splurging your hard-earned money. There’s rent or mortgage that is due and bills to be paid.

We’ll be taking a look at some of the most common bad money habits that are keeping people like yourself broke and probably struggling to keep up with what matters most.

If you are doing one or many of these bad habits, you’re going to need to change things up so your financial future is brighter than ever. Let’s start with bad habit #1.

Late Payments On Bills

Most of the time, a late payment is not always the balance due. Depending on where the bill comes from, you may also be subjected to late fees or interest rates.

It takes one missed payment to make you shell out more than you have to. So if you want to keep a bit of extra money in your pocket, pay your bills on time. Simple as that.

Not Saving Up

A lot of us take the opportunity for saving up for granted. That’s a huge mistake. Especially when something unexpected might happen and you don’t have the cash to cover the incidental cost. Want to worry less about your personal finances?

Start by saving up to 10% of every paycheck and leave it there. That way, you’ll have enough extra emergency cash on hand just in case the worst-case scenario happens. And most of the time, your emergency cash will get you out of those jams.

Spending Every Dime You Earn

Yes, earning money is exciting after working hard for it. Then, we wind up spending it on most things that we don’t need. We spend so much that we have no idea how much is too much. You need to draw the line on how much you can spend on a regular basis on non-essential things like eating out.

No-Budget Approach

This is probably one of the most common bad habits that most people do. They don’t take the time to sit down and plan out a budget. They think that it’s OK to spend whatever figure they want on food, entertainment, rent, and so on.

You should consider creating a budget and make an estimate of how much you’re actually spending on essentials. Your “miscellaneous” category should be minimal at best so you stay within your financial boundaries. Get a good idea of where your income is going and where it shouldn’t. Make cuts if you need to.

Relying On Credit Cards

If you are using credit cards on a regular basis, stop now. You might think a solid credit line will keep you free from financial worry, but you’ll be paying for it later on. Not to mention, one missed payment will have you shelling out more and more.

If you need to have a credit card on hand, you should use it for emergency purposes only. In fact, make cash the primary option first in emergency situations. If you can’t use cash, a credit card will be your best backup option.

Missing Opportunities To Save Big

There are plenty of deals that are available every day. And most of them are in plain sight and right in front of your face. So why spend full price for something when you can take the opportunity to save a bit of money?

Clipping coupons is not just for your mother or grandmother. You can do it yourself so you can save big at the grocery store or if push comes to shove, you go out to eat. Also, there are plenty of online deals to take advantage of across a wide variety of items and services.

Too many subscriptions

Here’s the thing about subscriptions. It’s OK to at least have one. Under one condition: you better put it to good use. If you have a gym membership and you haven’t gone in over a month, what’s the point in throwing so much money into a financial black hole. Cancel any subscriptions or memberships that you hardly or never even use anymore. Your wallet will thank you later.

“Chasing Shiny Objects”

This is basically the plain English translation of compulsive spending. Seeing something you like to a point where you “have to have it” is common among these kinds of spenders. What is it about that item or service that makes you want it? Or better yet, why is it important to get it now rather than wait later?

Compulsive spending is more emotional than logical. Balance the two out and restrain yourself. That one thing might still be there once you have enough money to spend. If not, no huge loss.

Spending Money To “Keep Up”

You probably know someone who has all the high-end stuff. And that person likes to show them off. Needless to say, this kind of materialism is toxic. And it might be enough to get you to spend money on something just so you can “keep up” with that person.

Your insecurity can and will lead to this kind of spending habit. Why let it bother you mentally? You’re in control of yourself, not someone else. Don’t spend money on something just to “look cool” or get the upper hand on someone who probably will be facing the abyss of a dark financial future at some point in their lifetime. Trust us, we’ve heard stories.


If you are dealing with one or more of these financial habits, it’s time to break the cycle now.

You have priorities that need to be tended to when it comes to your finances. Once you substitute these bad habits with good ones, it will be a lot easier for you to handle your money wisely and have a much brighter financial future. Don’t get lost in the dark because you are short on money.

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Why am I so poor?! These bad money habits can be the culprit! Take control of your life and finances with better money habits you need to learn in your 20s to live a debt-free life starting TODAY #debtfree #money #personalfinancetips

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