Money Matters Blog

There is no doubt that many Americans have poor money habits. Do you think you may be one of them? No need to be embarrassed – chances are you were never taught financial literacy in school. However, there’s no time like the present to start learning! These are tried and true ways to say “goodbye” to bad money habits. 

Track Your Spending

It’s easy to overspend if you don’t really watch where your money is going. And if you aren’t taking a close look at what’s coming out of your bank account on a recurring basis, you may be even more likely to make impulse purchases. Choose a day of the week to review your expenses. Sunday is usually a good day because you can review what you spent the week prior and set goals to improve in the coming week. Ignorance does not equal bliss when it comes to finances!

Choose Growth Over Convenience

So many of us love the convenience of fast food or the ability to have nearly anything you want delivered to your front door in a matter of days. Hover, this has the potential take a toll on your bottom line. We challenge you to choose financial stability over convenience. Too often, we rationalize that the convenience is worth paying a higher dollar amount. But in most cases, it’s not. Really think about whether you can wait an extra day or two for an item by selecting a different shipping method or picking up the item in store. You may even find that delaying that purchase by just a few hours or even minutes will make you realize that you don’t need it at all!

Stock Up On Essentials

Your house is likely always in need of toilet paper, dish soap, laundry detergent and perhaps a few other items. You know these are items that your household needs to function, so why is it that so many of us wait until we are completely out to buy more? If you keep an eye out for sales, you can stock up on these items and even buy in bulk to really reduce your overall cost. Some retailers even discount your purchases for subscribing to receive certain items on a recurring basis. Just be sure to regularly review your subscriptions so you are not purchasing items you don’t need just to “save” 5%!

Get in the Kitchen

Not knowing how to cook is a poor excuse for blowing your budget by eating out. Even if you don’t love to cook, you can at least learn how to make a few decent meals by watching online videos. This” 3 Easy Recipes” video from Rachel Cruze is a great start because Rachel is not only a great cook, but also a well-known financial literacy advocate.

Be a Problem Solver

While some household fixes are too serious to try on your own, there are many others that can be solved with a little help from YouTube. The next time something breaks, see if you can find free online tutorials for fixing it yourself. You will be surprised at how much this can save you, and you’ll learn a little something in the process too!

Think Critically

Ditch those money habits by thinking smarter, not harder. Keep an eye out for coupons and combine them when possible. Realize that just because something is advertised as a sale doesn’t necessarily mean that it is going to save you money. Consider generics or other lower priced alternatives. Compare the price per unit and buy items you know you’ll use in bulk to save in the long run

You can be on your way to better habits by taking even one of these steps into your life. Take the first step to getting control of your spending habits by enrolling in online and mobile banking. Then you’ll be on your way to financial stability!

Have a tip we missed? Share it in the comments!