{"id":6249,"date":"2019-06-27T12:02:25","date_gmt":"2019-06-27T16:02:25","guid":{"rendered":"https:\/\/goday.ca\/blog\/?p=6249"},"modified":"2021-10-15T19:17:02","modified_gmt":"2021-10-15T23:17:02","slug":"breaking-bad-money-habits","status":"publish","type":"post","link":"https:\/\/goday.ca\/blog\/breaking-bad-money-habits\/","title":{"rendered":"Breaking Bad Money Habits"},"content":{"rendered":"\n<p>We all have <a href=\"https:\/\/goday.ca\/blog\/money-habits-you-need-to-break-to-get-out-of-debt\/\">financial habits<\/a> that we wish we could break. We know they\u2019re not doing us any good, contributing to debt, and not helping us reach our financial goals, but breaking them can be easier said than done. Bad habits haunt us in all aspects of our lives, and when it comes to your finances, there are tons of ways we\u2019re spending our hard earned cash that are holding us back. For example:&nbsp;<\/p>\n\n\n\n<p><strong>Minimum Payments<\/strong><\/p>\n\n\n\n<p>Not using your <a href=\"https:\/\/goday.ca\/blog\/using-your-credit-card-wisely\/\">credit cards wisely<\/a> can result in a financial headache. On top of that, if you\u2019re only making the minimum payments required on your credit card, you\u2019re likely only paying the interest from bill to bill, and not actually tackling your debt, but accumulating more debt. Getting out of this habit of making only minimum payments is one of the best ways to start making a dent in your debt. Budget wisely and plan to pay off your card in a more effective way.<\/p>\n\n\n\n<p><strong>Impulse Purchases<\/strong><\/p>\n\n\n\n<p>Ask yourself if it\u2019s something you <em>want<\/em> or something you <em>need. <\/em>Are you one of those people who isn\u2019t even looking at the price tag when you see something you like? Do you throw things in your cart as you walk down the grocery store aisle that weren\u2019t on your list? When it comes to spending, staying within budget is key for debt management. As much as you can try and justify your spending mentally, this is what marketers and retailers want you to do. Instead, when you shop, stick to your list and make sure to look for the best deal.&nbsp;<\/p>\n\n\n\n<p><strong>Not Keeping Track<\/strong><\/p>\n\n\n\n<p>Are you paying attention to your spending habits? Do you have a budget? There are many things you should be keeping track of to ensure you\u2019re paying your bills and not spending outside of your means. Check out this article we wrote on <a href=\"https:\/\/goday.ca\/blog\/keeping-a-spending-journal\/\">why you should be keeping a spending journal<\/a> and breaking down where your money is going and coming from to help you keep on top of it.&nbsp;<\/p>\n\n\n\n<p><strong>Not Saving<\/strong><\/p>\n\n\n\n<p>Are you a person that no matter how hard you try, you still have no luck in <a href=\"https:\/\/goday.ca\/blog\/five-reasons-youre-unsuccessful-at-saving\/\">saving money<\/a>? Saving is one of those things that need to become a habit, but we get it, it\u2019s easier said than done. Take a step back and evaluate your spending habits, build yourself a budget, look at your wants versus needs, and figure out how much you have in spare change to throw into your savings. <a href=\"https:\/\/goday.ca\/blog\/turn-saving-money-into-game\/\">This game<\/a> can help make it more fun.&nbsp;<\/p>\n\n\n\n<p><strong>The Little Things<\/strong><\/p>\n\n\n\n<p>It\u2019s always the <a href=\"https:\/\/goday.ca\/blog\/things-you-shouldnt-pay-extra-for\/\">little extras and add-ons<\/a> that seem to add up the quickest. Here are some tips to prepare for <a href=\"https:\/\/goday.ca\/blog\/how-to-time-big-purchase-spending\/\">big purchase spending <\/a>but usually it\u2019s the everyday and unexpected expenses that always seem to throw you off track in your budget. Here\u2019s the thing, it\u2019s all about creating that wiggle room in your budget for things that may pop-up unexpectedly, and ensuring that you\u2019re not overspending on those unimportant things that aren\u2019t necessities.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Signs You\u2019re Not Good With Money<\/strong><\/h3>\n\n\n\n<p>Maybe you don\u2019t even realize that you have <a href=\"https:\/\/goday.ca\/blog\/signs-youre-actually-not-good-with-money\/\">bad money habits<\/a>. You\u2019re constantly wondering where your money is coming from and going but haven\u2019t really acknowledged that you have a problem. So we put together a few ways to let you know that you may not be as good with your money as you may think.<\/p>\n\n\n\n<p><strong>Do you know how much you earn versus how much you spend?<\/strong><\/p>\n\n\n\n<p>With money constantly coming in and out of your bank account, it can be hard to stay on top of what\u2019s coming in versus what\u2019s going out. Ask yourself if on the top of your head you can list what your current income is annually, monthly, and biweekly. If you can\u2019t, it\u2019s time to pay more attention to this. On top of knowing your income, you should also know all your expenses each month and how much of that money is coming out of your bank account for bills and mandatory expenses, versus <em>wants.<\/em>&nbsp;<\/p>\n\n\n\n<p><strong>What\u2019s your budget?<\/strong><\/p>\n\n\n\n<p>We\u2019re all about staying on budget, and we\u2019ve given many ways to create and track your budget on this blog before. Why do we care about it so much? Because it\u2019s the first step when it comes to saving money. Being on track financially comes from <a href=\"https:\/\/goday.ca\/blog\/creating-a-budget-list\/\">having a budget<\/a> in place, and figuring out what\u2019s coming in and out, as well as what you\u2019re saving and how. If you don\u2019t have a budget, then it\u2019s time to start one, and if you have a family, it\u2019s important to look at all expenses, not just yours.&nbsp;<\/p>\n\n\n\n<p><strong>Are you surprised by your bills each month?<\/strong><\/p>\n\n\n\n<p>There have been times where we\u2019re hit with a more expensive bill than we anticipated. A big topic of discussion has been the <a href=\"https:\/\/goday.ca\/blog\/rising-hydro-rates-in-ontario\/\">rising hydro rates in Ontario<\/a> and how some people cannot afford to pay their utility bills. However, you shouldn\u2019t be surprised by your recurring bills that are the same cost each month like internet, for example, or your credit card bill. Often people just throw things on their credit cards carelessly, forgetting that they\u2019re driving up their debt. Check out <a href=\"https:\/\/goday.ca\/blog\/using-your-credit-card-wisely\/\">these tips<\/a> to use your credit card wisely.&nbsp;<\/p>\n\n\n\n<p><strong>Are you stressed about money?<\/strong><\/p>\n\n\n\n<p>One of the biggest signs that help you determine if you\u2019re good with money is if you\u2019re constantly stressing and worrying about your finances. The best thing to do is aim to <a href=\"https:\/\/goday.ca\/blog\/how-to-eliminate-financial-stress\/\">eliminate financial stress<\/a>, we know that sounds easier said than done, but it\u2019s the first thing you can do to get better with your money.&nbsp;<\/p>\n\n\n\n<p><strong>What\u2019s your credit score?<\/strong><\/p>\n\n\n\n<p>What\u2019s your <a href=\"https:\/\/www.equifax.com\/personal\/education\/credit\/score\/\">credit score<\/a>? Do you have no idea? When was the last time you checked? Your credit score can change frequently and you never know when you will need it in required documentation. You may need it for lines of credit, jobs, mortgages, and it\u2019s important to know where you stand with your credit score so it doesn\u2019t hold you back down the line.&nbsp;<\/p>\n\n\n\n<p><strong>Are you living within your means?&nbsp;<\/strong><\/p>\n\n\n\n<p>Are you living within your means? What does that even mean? It sounds easy, right? Well, shockingly, it\u2019s a lot harder than you may think. People are constantly overspending and thinking that they are spending within their means, when in reality, they\u2019re not. This is especially common with materialistic goods, aka wants versus needs. You always want the latest and greatest device, clothing, hottest trend, etc. that before you know it you&#8217;re spending your disposable income on a whole bunch of stuff you didn\u2019t need to survive.&nbsp;<\/p>\n\n\n\n<p><strong>Are you carrying debt?<\/strong><\/p>\n\n\n\n<p>We all have some form of debt&#8211;whether it\u2019s from schooling, or on your credit card. Sometimes it can feel like your debt is a bottomless pit that you can\u2019t get out of. However, you need to change your thinking when it comes to debt. We\u2019ve talked about a few ways to get your debt under control in this article, such as using your credit card wisely, and not just paying the minimum payment, but you also need to have a plan of attack with your debt. Are you just letting it pile up? Or are you actively creating and following a payment plan to make a dent in it? Your debt doesn\u2019t need to weigh you down.&nbsp;<\/p>\n\n\n\n<p><strong>Are you putting off saving?<\/strong><\/p>\n\n\n\n<p>Are you putting off saving, or don\u2019t feel like you have enough money coming in to put any aside? We\u2019ve all been there. The months we overspend and end up not saving anything. Before this becomes a regular habit, it\u2019s important to get yourself back on track with your savings. No matter what you\u2019re saving for, you need to treat your savings account like a bill that needs to be paid each month no matter what. Don\u2019t try and justify that new pair of shoes for your monthly savings. Before you know it, you\u2019ll see your savings grow if you commit to actively putting dollars in there.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Money Tips<\/strong><\/h3>\n\n\n\n<p>Staying on top of your spending can be challenging, money moves quickly and we all know that because of that, you can\u2019t be financially lazy or it\u2019ll come back and bite you. Here are <a href=\"https:\/\/goday.ca\/blog\/common-sense-money-tips-people-forget-to-do\/\">some of the things<\/a> you should keep your eye on when it comes to your finances to make sure you\u2019re not missing anything, and you\u2019re making the most of your money.&nbsp;<\/p>\n\n\n\n<p><strong>Check Your Monthly Statement<\/strong><\/p>\n\n\n\n<p>Technology has made it so much easier to stay on top of your bank accounts. But are you taking advantage of this? Also, just because you can see your current balance, doesn\u2019t mean you\u2019re staying on top of your overall budget or regular monthly statement. Transactions are quick, but can take awhile to show up on your card, so make sure you are fully aware of your monthly statement and how that money is adding up.<\/p>\n\n\n\n<p><strong>Loyalty Programs<\/strong><\/p>\n\n\n\n<p>Look into<a href=\"https:\/\/goday.ca\/blog\/using-credit-card-rewards-to-save\/\"> loyalty programs<\/a> for the stores that you\u2019re regularly shopping at. If you\u2019re already shopping at the same gas station, grocery store, etc. then you might as well get rewarded for it. Look into the savings and perks that come with the loyalty programs at the stores you regularly frequent.&nbsp;<\/p>\n\n\n\n<p><strong>Not Bargain Shopping<\/strong><\/p>\n\n\n\n<p>Who doesn\u2019t love to save money while shopping? Often we have a tendency to buy the first thing we see versus looking for a deal on that item. Doing your homework can really help you save. Look at flyers online at places like <a href=\"https:\/\/flipp.com\/home\">Flipp<\/a> or offline, look for coupons, or try apps that compare pricing like Shopbrain.&nbsp;<\/p>\n\n\n\n<p><strong>Saving Things Until the Last Minute<\/strong><\/p>\n\n\n\n<p>Maybe it\u2019s always opting for a cab or Uber, instead of taking transit when you\u2019re running late. Too lazy to cook? So you pick-up takeout. In the habit of grabbing your morning coffee at Starbucks versus just making your own? All these things add up and you can easily find a place for the cheaper alternative, if you just gave yourself more time. Better planning can help you save quickly.&nbsp;<\/p>\n\n\n\n<p>Everyone has their own habits they are trying to break when it comes to their finances. This article will help you identify whether or not you\u2019re good with money, and ways that you can improve. Also, don\u2019t forget that GoDay is always there for you to help you with <a href=\"https:\/\/goday.ca\/payday-loans-ottawa\">payday loans in Ottawa<\/a> and beyond. <br><br><strong>Do you have great tips to help break those bad money habits? Share them with us.<\/strong>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We all have financial habits that we wish we could break. We know they\u2019re not doing us any good, contributing to debt, and not helping us reach our financial goals, but breaking them can be easier said than done. Bad habits haunt us in all aspects of our lives, and when it comes to your [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":6250,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[10,11],"tags":[793],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v20.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Breaking Bad Money Habits<\/title>\r\n<meta name=\"description\" content=\"Learn about budgeting, saving techniques, and credit scores in our handy guide!\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/goday.ca\/blog\/breaking-bad-money-habits\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" 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