Have you ever heard the saying “too much month at the end of the money?” It’s a witty phrase, but coming up short when you still have bills to pay is anything but funny. (Explore these ways to eliminate financial stress). It’s even worse when you know you could’ve avoided the shortfall.
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By Sarah Sheehan – Read this article in its entirety HERE on Yahoo Finance
If you’re stuck in a cycle of overspending, maxing out credit cards, or pretending you don’t need an emergency fund, keep reading for 10 ways to kick your bad money habits to the curb.
1. Review your bank accounts
Are you routinely caught off guard by how quickly your bank account dries up? You might need to check your balances more often.
Do a deep dive into your most recent transactions — say, over the last quarter. Learn how much you’re really spending across different categories, and make a point of reviewing your accounts once a week or before every purchase.
This can help you prevent overspending or incurring overdraft fees. It’ll also let you know how much you can tuck away into your savings.
2. Open a new bank account
Along those lines, if your checking and savings accounts are with the same bank, it may be all too easy to move money out of your emergency fund and into your daily spending whenever you see fit.
Give yourself more of a buffer and switch your savings to a different bank. Check our list of best savings accounts and consider one of the online-only options. When your new card arrives in the mail, hide it.
Since you won’t have immediate access to these funds, you can be more intentional about dipping into your savings when you get the urge to splurge.
3. Pay more than the minimum
Racked up credit card debt and can’t seem to get a grip on your balances? If you’re only making the minimum payments, you may be saddled with that debt — and the accruing interest — for quite a while.
You may not be able to pay off thousands of dollars at once, but perhaps you can pay an extra $10 or $20. That may help bring your balances down faster, minimize interest charges, and improve your credit score.
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