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Put Money In Your Wallet By Reviewing 6 Habits.

April 1, 2022, Author: Toni

If you’re like two third of Americans, you’re living paycheck to paycheck and 77% of us feel anxious about having or being in a financial setback (CNBC). Although, historically wages have not been as high, the cost of living had the fastest annual growth over the past 40 years. Our new found wealth can’t keep up with the rising costs. Groceries and gas prices have really increased. Most of us are looking for ways to cut costs whether it’s be car pooling, fueling up on Monday, the lowest day of the week to purchase gas, or detailed planning to do errands along a given route. We need our limited resources to last longer. If we have not done so already; it’s good to review our habits and look for ways to change them for a habit that can benefit us. April is a great month to look at our finances given this is the month when taxes are due and because it’s National Financial Literacy Month. Take a gander at the top 6 financial bad habits Americans make.

    Top Financial Bad Habits 

  1. Low financial literacy and not educating ourselves to make better financial decisions.
  2. Not reviewing subscriptions or memberships and not knowing the total cost
  3. Buying everything new.
  4. Shopping when bored
  5. Using high interest credit cards
  6. Living above our financial means

To begin, what is Financial literacy? Financial literacy is understanding how to save, earn, borrow, invest, and protect your money wisely. Overwhelmed by where to begin financial literacy? Why not begin where you are the most challenged or the coming milestone you face? Look for resources for that specific topic. Below are some suggestions/resources to increase your financial know how.

  1. I know people who have taken radio financial personality, Dave Ramsey’s course to reign in their spending. His website offers several free resources

2. For free short and engaging videos on aspects of personal finances, check out

3. Enhance your knowledge of investing with

4. The US Government provides a plethora of information designed to protect the consumer as well as address issues citizens face from the birth of their first child to funerals.

5. Other opportunities for education are your employer, bank, and/or a financial advisor and listening to podcasts. I am impressed by , a podcast focused on women.

Secondly, I addressed the mistake of not tracking subscriptions or memberships and found that reviewing them helped me save a three hundred dollars. I have an excel sheet that I can share with you that will allow you to know the cost and due date of the subscriptions and memberships. Gather the information on what you  subscribe to such as Amazon and cable television and memberships. Make a note in your calendar to review whether the subscription and membership serves it’s purpose in your life and is worth re-investing. Cancel what no longer serves you and place dates in your calendar when to review the usefulness of your membership. To download your free excel sheet to list your subscriptions and memberships, click here

After having read the list of 6 financial bad habits, ask yourself what could you change about your routines? Create a habit that you want to form to counteract the non beneficial habit. Make a commitment to engage in the habit for 66 days and see what happens. List the changes you notice by engaging in the habit.

It’s so freeing to me to think that I don’t have to buy everything that I need new. I can buy used items sometimes. My good friend buys second hand strollers for her children given that her need for a stroller is limited. I wanted a plant stand for my largest pothos plant and even at discount stores, Marshalls and TJMaxx, the plant stands sold for $40. Not wanting to spend that much and after reading the 6 Financial Bad Habits We Make, I headed to a resale shop benefiting Hospice of The Valley.  I found a beautiful wood table for $10. I felt better about saving $30 and about supporting a great cause. Review what you need to buy and ask yourself whether you can buy it used.

Here’s to educating yourself your personal finances to keep more of what you earn!

Take care, Toni B.