You planned and you saved…congratulations! This means your financial security is in the bag, right? Unfortunately, our security is not always as secure as we may think. Any one of these four bad habits can have us wandering closer to the edge of financial instability than we realize:
- When We Shop: Everyone enjoys the challenge of finding a great deal. However, we also must remember that just because an item has a low price tag, doesn’t mean the purchase is a necessity or wise. Before you step foot in any store or click an ad online, remember that you created a budget and need to stick to it. While we all deserve to reward ourselves, remember that even the so-called bargain purchases add up!
- Beware of a “Later” Mindset: Many of us make the mistake of believing our financial solutions will come “someday.” If you have gone to the trouble of building some financial security, but also tend to spend on your credit card without paying off your monthly balance, consider slowing your spending before the debt and interest cut into your progress. Similarly, some of us fall behind on saving for the future. We may tell ourselves that we’re fine where we are right now. But remember that we should never take a break from saving! Our true financial security depends on it.
- Your Moment to Get Ahead: When we do find ourselves with more money than usual, whether it be because of a tax refund, pay raise, or generous birthday gift, our major temptation is to take that money and improve the quality of our lifestyle. Instead of buying a nice meal or new car, however, recognize that your excess funds are the opportunity you’ve been waiting for to get ahead. Remember the last time you felt yourself teetering toward instability and give yourself the financial foundation you deserve.
- We Don’t Have All the Information: No matter how well-meaning we are, if we make a decision based on little or no evidence, we may be creating more financial troubles for ourselves down the road! It can be easy to feel lost when it comes to financial decisions and planning for the future. To avoid this, consider talking with a financial professional to find out ways you can move in the right direction, without unknowingly steering yourself toward a cliff!
To learn more ways to improve your financial life, visit the Syncis blog at https://www.syncis.com/blog/.