4 Money Mistakes to Stop ✋🏻
The smallest bad habits really drain your bank account and hold you back from reaching your full financial potential/goals!
Here are 4 common money mistakes that I am also guilty of that I have made a conscious, intentional effort to STOP.
1. 🚫AVOIDANCE - I would avoid checking my bank account balance or credit card balance because I didn’t want to see the damage I’d done or take accountability for overspending. Now I check my balances every morning to put into perspective what I can responsibly afford and it also helps me notice any unidentified charges or unwanted subscriptions that I can go ahead and cancel!
2. 🚫EMOTIONAL SPENDING - I always have the urge to buy myself a lil something when I’m feeling down or stressed which honestly is not always a bad thing! But when you’re doing it constantly or using your mood as an excuse to buy something out of budget or that you really don’t need, this quickly becomes a costly problem that is hindering your financial progress.
3. 🚫WASTEFUL SPENDING - Babe, we got food at the house. Stop DoorDashing food and getting takeout all the time. I was VERY guilty of this one. And I would end up throwing out groceries that had gone bad so this is a double edged sword. Wasted money on groceries and wasted money on unnecessary takeout. And tbh, I always get post-takeout clarity after eating it and feel unwell. So basically I spent money to feel like 💩 This also goes for online shopping, Amazon and TikTok shop!! Convenience has led us to over-consuming and over spending!
4. 🚫RELYING ON 1 INCOME SOURCE- If you have a regular degular savings account, you are missing out! Please take a few minutes and open a high yield savings account! It’s literally free money! You earn much higher interest on your money using a HYSA. Also, use some of your free time to find a side hustle you enjoy! There are sooo many ways to bring in a little extra money and some of them can be really enjoyable. Look out for my next post for some side hustle ideas 🤑💋
What money mistakes are you struggling with? The first step in solving them is identifying them! ⭐️
Sincerely,
Your financial wellness bestie 💕💃🏾💋
#moneyandhealth #personalfinance #moneysavingtips #financegirly #moneymistakes
Managing your finances is crucial to achieving financial wellness. Avoidance of your bank account may lead to unexpected consequences, leaving you unaware of your true financial situation and potential overspending. Emotional spending, driven by stress or low mood, can create a vicious cycle that hurts your budget. Not to mention, wasteful spending on takeout or unnecessary online purchases can quickly diminish your financial goals. One of the biggest missteps, however, is relying solely on a single income source. Diversifying your income streams, including opening a high-yield savings account or finding enjoyable side hustles, can significantly improve your financial health. A HYSA offers better returns and is a simple tool to grow your savings, making it an important consideration. By identifying and stopping these money mistakes, you can pave your way to financial freedom and stability. Reflect on your spending habits and seek solutions tailored to your unique lifestyle!
