I want to go ahead and establish something with you all right now. I may write about budgets and money, but there are some things I do need to get together. Becoming a PF blogger does not give me or anyone else a pass into some secret society where old habits magically disappear, everyone makes perfect financial decisions, and screw ups are not made.
To achieve some of the goals I’m working on, some old habits have to die and they need to die fast. Not only do they need to die fast, I need them to blow up, stop holding me back, and allow me to get on with my life. I’m going to have to work hard on some of these, but nonetheless, they will be dealt with in 2016.
#1 Random runs to the grocery store.
I know this is one of those sacred frugal/savings tips. Don’t go to the grocery store more than a certain number of times for a month, but I swear, Publix is very well acquainted with me.
In fact, my five-year-old daughter can spell Publix without any help from me, informs others that it’s my store and has associated Publix with treats. This is a bad habit. It has to go.
#2 Putting things on my credit card because I’m too lazy to remember how much is in my checking account.
Gasp! Are you shocked? Oh, the horror! This girl talks about budgets and doesn’t know how much is in her checking account?
Well, yeah. That’s sort of how it goes down. See, my wife account holds money for groceries and a little free spending money for me to do as I please. I do have a budget to not spend more than $100 in a given week for groceries. If I do, I have to stay under $100 the following week. You follow?
So, sometimes I am simply to lazy to keep up with the amount in my account and instead of guessing and getting an overdraft, I’ll charge it. As long as I’m paying it off from my account when I get home, that isn’t so bad, is it?
Bad or not, it’s not a good money habit to not keep up with the amount of money in your account. Therefore, it needs to be abolished!
#3 Focusing on too many savings goals at one time.
This isn’t necessarily a bad money habit, but I have noticed I’m running myself crazy trying to add a few dollars to this savings bucket and then a few more to another one.
My husband realized we weren’t as prepared with some savings in one area than we were in others and this caused us to fall short on a couple of goals. I believe we can solve this by focusing on 2 to 3 goals at a time.
For instance, we have a goal to keep a minimum of $500 in our car maintenance account. We didn’t develop a similar minimum amount for our household maintenance account. When the time came around to make some much-needed house improvements, we only had a few dollars to work with, whereas we had over $700 in our car maintenance account.
If we didn’t have so many goals to work with at one time, we could have stopped contributing to the car maintenance once we met our minimum and contributed to another category.
All this to say, in 2016 we will work on a few goals. Once we reach those, we can move on the next.
#4 Eating my money.
No, I’m not nasty. I don’t actually eat my money, but I do waste money on consumable delicacies that make me feel better.
After dealing with any type of frustration, I’ll likely take it out on a piece of candy, an entire tub of vanilla yogurt (add the whipped cream), or some ice cream.
This habit is the reason Publix is so well acquainted with me.
Last month, my frustration got the best of me and I binged on my LCHF way of eating with a Reese’s cup. It all went downhill after that and I’ve probably eaten enough Reese’s to buy a share of their stock.
I have to do better. Eating money is not cool.
#5 Failing to shop around.
I hate shopping. I don’t know when this profound hatred of an activity I once enjoyed came about, but I do not like going to stores looking for things. I don’t care if I need it, don’t care if it’s on sale… don’t care at all! I hate shopping.
This hatred causes me to go into the store, pick up the first reasonably priced (preferably on clearance) thing I see and head to check out. I’ve bought way too many things I should have slept on and things I probably could have gotten a better deal on.
I want to change this habit because I want to be more intentional with my spending. If I need a new wrap dress, I want to take time and plan the purchase, seek a high-quality product, and maximize my savings. If I do this, I will have a product that I will truly get my money’s worth from and I will have a product I love.
These 5 money habits may not sound like much of a big deal, but I can assure you, changing these things will prove successful in helping me on my quest to eliminate over $70,000 in student loans. I have the ability to eliminate these money habits and I’m no longer allowing my excuses to keep me from pursuing financial independence.
What money habits do you want to obliterate in 2016?
Today I’m guest posting on Red Debted Stepchild. Head on over and see what I’m talking about!
Image (without text) Courtesy of Fsecart