Good Money Habits:


1. Get on a budget

Create a budge and stick to it. Budgeting helps you pay bills on time, build wealth by saving, and prevent financial mishaps.

2. Pay off debt

You can create a strategy to pay off debts based on your budget. Paying off your debts can help you start saving more money and secure your financial future. It also does not hurt to get help from a financial coach if needed.

3. Build your emergency fund

The goal is to save at least 3-6 months of essential living expenses to cover unexpected events. 

4. Save money automatically

Set up your bank account to automatically transfer at least 10% of each paycheck from your checking account into a savings account every month. 

5.  Pay bills on time

Paying your bills on time helps improve your credit score and saves you money by not having to pay late fees.   


Bad Money Habits:


1. Spending without a plan 

If you don’t have a monthly budget your money will disappear, and you will lose track of where your funds went. Creating a monthly budget and sticking to it will allow you to see how much money you’re bringing in and where it’s all going. It enables you to make changes that help you save more money and avoid overspending.

2. Making impulse purchases

To stop impulse buying, try not to shop when you are are feeling emotional. Give yourself a day or two to calm down, and then decide if you really need that item. Always have a goal for yourself and keep that in mind. 

3. Using credit cards as an extension of income

When credit cards are considered an extension of income people are unable to pay the balance off entirely, which increases their debt over time. Credit card debt should always be counted as an expense in the budget.

4. Not saving for the future

Planning your finances is a key foundation for a successful financial future. Until you start setting money aside for the future, your future finances will always be unstable. 

5. Making late payments

Late payments on bills often come with additional late fees and interest, and a history of late or missed payments can lower your credit score.