7 Bad Money Habits You Need To Stop Right Now

By Mia Fox

Author, Money Mindset & Manifestation Coach

Are you always struggling to make both ends meet before the next paycheck arrives? If your answer is a big “Yes” and becomes a cycle every month’s this could be alarming. Why? Well, this financial problem could impact a person’s life, both physically and mentally. So it is really important that you watch your potential bad money habits!

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I’m sure you would agree with me when I say a person with no money may lack the energy to carry on with daily tasks or feel depressed.

Of course, it’s normal to experience such reactions and emotions. However, have you ever ruled out the real cause of this financial burden? 

There could be bad decisions made on your end or the worst bad money habits formed without being aware of them.

Feeling down and emotionally battered due to financial issues can be life-damaging. If your greatest concern at this very moment is what are the bad financial habits that you unknowingly practice daily, here’s a list.

  1. Money Seems Going Down the Drain

  2. You Have no Interest in Money Matters

  3. You Spend More Than What You Actually Earn

  4. You Are Controlled by Negative Thoughts

  5. You Have Only  One Job

  6. Influenced by The Get Rich Attitude

  7. You Resort to Impulsive Buying

But let's dive into the single money habits and see how you can improve your financial situation fast.

1. Money Seems Going Down the Drain

Do you often experience feeling broke and do not know where your pay check went?

If your spending is like a “one day millionaire” and left clueless where the money goes, this only means you are not budgeting. So, how to resolve this bad money habit? 

Tip: You can come up with a list of expenses such as food, gas, recreation as well as bills for the house (electric, water, internet, and phone).

Assess which among these expenses are costing most of your monthly earning.  I use Trello t o track my spendings, just to keep an overview of my money.

2. You Have no Interest in Money Matters

Some of us I’m sure would feel guilty of practicing this bad money habit, lack of interest to learn about money, particularly one’s financial situation.

If you tend to ignore how money works in your life, then, it could be a major financial problem in the future.

I’m not saying you have to know precisely the ins and outs of the financial cycle, but at least make an effort to understand your daily expenses.

Keep in mind, if you do not act upon it now this could lead to a major financial pitfall in the future. 

Tip: familiarise yourself with your finances. You can start by assessing where your money is going every day, just as mentioned above. Then start with the overall picture by analyzing your overhead costs and investments.

3. You Spend More Than What You Actually Earn

Among the negative money habits that could be affecting anyone is living a lifestyle beyond his or her financial capacity.

Yes, it’s really sad and true in real life that some of us spend lavishly than what they can really afford. For example, a regular wage earner dreams of driving a new car or moving into a spacious house, but, not in a good financial situation. That person might end up borrowing and live in huge debt. 

Tip: It’s okay for anyone to aspire great things like the new car, new house or nice clothes. However, if you can’t afford it right now, you maybe better delay the spending rather than resort to borrowings. The key to wise spending is spent within your financial limitations.

BUT on the other hand, this limitation depends a lot on your money mindset!

For example, I can easily book a vacation (for 20-30K or more) and pre-finance it with my credit cards without knowing where I will get the money from. But for that I had to work hard on money mindset over the years!

Related article: 10 Bulletproof Ways to Change Your Money Mindset

4. You Are Controlled by Negative Thoughts

Entertaining negative thoughts could prevent you from living a contented life. If you are the type of person that often blames others or negative circumstances happening in your life, this negative attitude will only bring misery.

How to prevent negativity, especially when money is an issue in your life?

Tip: Be optimistic. You can either surround yourself with successful people to learn ways on how you can manage and grow your money or just keep a positive mindset. Avoid blaming others or negative events in your life on the outcome of your financial situation.

Related article: Change Your Beliefs to Become Rich

5. You Have Only One Job

Sometimes, relying heavily on your present job is not sufficient in funding your growing expenses. Termination from your job could leave you financially broke and helpless.

Tip: Being self-reliant with one job can be quite tricky because you can be put in a bad situation when the economy is not stable.

You might lose your job or the company you work for will declare closure. You can prevent this scenario from arising by looking for ways to earn extra money, for example with a side hustle.

Related articles: 10 Habits That Will Make You Rich (Number 6 Will Surprise You)

6. Influenced by The Get Rich Attitude

Increasing your money or becoming wealthy will not happen overnight. It may require hard work and patience before you can grow your personal savings.

Remember, being influenced by the get rich attitude instantly will do no good. Successful people with tremendous wealth mostly acquired them through hard work.

And yes, even manifesting money means you have to do the work: you need to take action! (Want to learn more? Get a copy of my manifesting book here!)

Those people that claim to be instant millionaires could be due to winnings like lottery or inheritance.  Or it's just not true...

Tip: It usually really takes a lot of time, dedication in work, and patience before you can get rich. So, instead of procrastinating and dreaming of becoming rich one day, why not use this time in doing concrete actions to earn additional income and change your money mindset.

7. You Resort to Impulsive Buying

Another bad money habit that affects most of us is impulsive buying. This usually happens when we see ads of businesses promoting upcoming sales and massive discounts.

What really happens? A consumer is tempted to buy unwanted items only to discover later that he or she does not actually need or want.

Tip: Limit yourself from patronizing upcoming sales from retailer shops or online buying sites. If you can’t help it and tempted to avail discounted sales on services or goods, better evaluate first that particular item or service if you really need it now.

If your assessment tells the purchase can be postponed or delayed, then, refrain from spending your money.

Final Thoughts on Bad Money Habits

You might ask this question, “How to change bad financial habits?”. The above bad money habits mentioned are intended to give you some awareness so that you can take appropriate actions to prevent bad financial decisions. 

Bad habits formed seem quite challenging to break, but if you have clearly identified them and affecting your life, it's not all that hard. Now is the perfect time to change!

You can start slow by eliminating these bad habits and implementing positive habits.

However, if you are still struggling with your bad money habits, it is probably a sign, that you should work on your mindset and beliefs around money. It really all starts in your head!

The journey towards becoming financially stable is within reach as long as openness to changes in bad financial habits is practiced in real life.

Money and your financial success is really something you should not procrastinate on! You deserve to be rich!

Btw. one way to make more money is by learning how to attract abundance. Sign up below and I'll send you the first chapter of my best-selling manifesting book, plus more tips on how to attract more abundance!

 
 
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Mia Fox
Author, Certified Transformational Trainer, NLP & Mindset Coach

Hey there! I am Mia Fox, author, money mindset coach, and the founder of the SelfMadeLadies online community, where I inspire women like YOU to turn their dreams into goals and crush them! My manifesting and money mindset books, blog, and online coaching programs will help you to create your own inner coach and transform your life, the way you always wanted it to be! And now it's your turn! Here is how I can help you » Shop My Books!

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