Bad Financial Habits To Quit So You Can Start Saving Money
Most people have bad financial habits, and that is the most common reason why they fail when trying to reach their savings goals. The first step to breaking any bad habit is acknowledging it, and that’s exactly what we’re going to do right now. If you have recognized yourself in any of the following scenarios, then it’s time for a change!
Financial Habits To Avoid When You Want To Start Saving Money
1. Not Having A Budget
Budgeting means tracking your expenses and monitoring your savings goals. Without a properly planned budget, you’ll have no idea where your money is going and it’ll most likely end up slipping through your fingers in no time.
You can start sticking to a budget right away by downloading your bank account statement and finding out how much you’re spending on your ‘needs’ and ‘wants’. Ideally, you want 50% of your earnings to go toward covering your essentials (like housing, groceries, and transportation), 30% toward your ‘wants’, and 20% toward savings.
2. Waiting To Save
Putting aside what you have managed to ‘not spend’ by the end of the month is one of the most common financial mistakes. Automate your savings and have money deposited into your savings account immediately after you get your paycheck. This is a way, to avoid the temptation to spend money, and you’ll be able to adjust your budget accordingly.
3. Paying Avoidable Fees
If you need to urgently withdraw cash from an ATM, you might find yourself heading to the closest one which, in a lot of cases, would be an out-of-network ATM. This kind of transaction will most often charge you a fee. And as these costs add up, you will find yourself spending $100 a year just on ATM charges that could have easily been avoided.
Also, always cancel any monthly subscriptions as soon as you stop using them and open an account in a bank that will allow you to not pay a monthly fee. You may also find that setting up overdraft protection with your banking institution is a great idea as well if you often find yourself overdrawing your account.
4. Going Out For Lunch
If you are used to grabbing lunch at a nearby café, then you might be spending an additional $2,700 per year. Getting into meal planning will help you to start saving on lunches so you won’t waste as much food or money. Furthermore, if you manage to come up with a well-balanced menu, you’ll end up eating healthier.
5. Making Impulse Purchases
- Only buy the things that you need
- Don’t add any extra items to your cart at the grocery store
- Stop purchasing unnecessary items because they’re on sale
- Always make a shopping list and stick to it
- Give yourself at least a few days to think about purchasing a new item instead of buying it immediately
6. Not Preserving Your Vehicle Value
It is completely normal for all vehicles (except rare models) to slowly lose their value. If an emergency was to strike, you would make much more on selling your car or using it as collateral, if you take care of the vehicle.
Though seasonal maintenance might seem like a waste of money, regular check-ups will end up saving you a small fortune on future repair costs. Keeping the car clean, regularly topping off the essential fluids, and driving carefully are simple tips that would help make sure that your car stays in very good condition.
When To Go For A Title Loan?
If you urgently need money to take care of an important expense, a title loan can be a way to get the much-needed cash fast. When you apply, the verification agent will take the value and the condition of your car into consideration when determining how much you qualify for.
The better you were able to preserve your vehicle’s value, the bigger the sum you might get approved for. The lenders that work with Auto Cash USA can offer up to $15,000, which will be determined by a quick vehicle inspection.
How Does Auto Cash USA Work?
Auto Cash USA works with a network of licensed title loan vendors that can help you get emergency cash in the shortest timeframe. In fact, it might take only 30 minutes to get approved!
All you would have to do is submit an online form with some basic information, and the professionals from Auto Cash USA will connect you with the most suitable lender as quickly as possible.
Get Started Right Now!
Even if you manage to break your bad financial habits, no one is safe from financial disasters. If you ever find yourself in a situation where you urgently need some money, contact Auto Cash USA to find a reputable lender near you.
Once you submit your loan request online a representative will connect you with a reputable vendor extremely fast which means that you won’t have to spend your precious time vetting the lenders in your area. To see if you are approved to receive the title loan money you need, get started now. You can have your cash as soon as the same day or the following bank day. It’s as simple as that!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.