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How can I break bad financial habits now?

Bad financial habits are often hard to break for most people. In fact, many people don’t realize that they’re engaging in poor financial management until they need to file for bankruptcy or have creditors calling day and night. There are steps you can take to break bad habits now, as explained by CNBC.com.

Prioritize debt by interest rates

When it comes to high-interest debt, making the minimum payment will get you nowhere fast. Instead, take a look at the different interest rates for your debt and work on getting higher rates paid down quicker. While doing this, make sure you’re keeping up with other payments as well, even if you’re only able to make minimum payments for the time being. Once you have one type of debt settled, move onto the next in your list. 

Stop making late payments

You might think that making late payments is no big deal, especially if there is no added fee assessed. However, too many late payments will impact your credit score, which is a factor in everything from getting a credit card to buying a home. Automate payments where you can and set reminders for expenses you pay by check or money order (such as rent).

Make a savings goal

Having a goal in mind when saving offers a lot more motivation. Think about something you’d like to save money for in the future, whether it’s a new car, your child’s college education, or a vacation. Calculate costs now to get an idea of how much money you’ll need and start saving ASAP. That way you’ll have something to look forward to, as opposed to having a vague goal of building up your savings.

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