Habits That Will Inevitably Sabotage Your Finances

With money being very essential in our lives it is important that we spend, save, and fund our future with it wisely so we can prevent financial problems. There are numerous bad habits that can put one in danger of financial sabotage and some may not ruin them right away but they can over time if they’re continuously being done.

One of them is smoking, cigarettes are not cheap so purchasing them can be do so e pretty harsh damage to ones future finance. So, blowing your money away on cigarettes will cause you to loose thousands of dollars depending on how often that person smokes, also if that person happens to develop a certain type of cancer then that’s when you start worrying about the life insurance. Insurance companies charge at a higher price because a smoker is at a greater risk of death than a non smoker and if a person develops cancer then the money goes to chemotherapy and other medical procedures. Luckily its easy to avoid this problem by trying to quit smoking since it is the most preventable cause of deaths in the U.S.

money-down-the-drainThe second problem that badly effects your finance is careless use of credit cards. A person may not be aware of how many credit cards they own and even though credit cards can be convenient because of the possible rewards you can receive its important to remember to use them responsibly. If credit card companies aren’t making money by giving away money then that means a person won’t be wining anything and end up paying more in interest on the card than they’d be through the rewards program. In order to avoid this happening you can start paying off your credit cards every month, go on budgets, and make sure you can afford your purchases.

If a person purchases a vehicle it can really put a detriment into their finance because new cars cost more with auto insurance than older cars. Also, newer cars cause you to raise your coverage for comprehensive and collision coverage and that would cost more money.

Lastly, don’t wing your financial planning and hire a financial adviser and have them manifest their value to you and understand how they get paid. Overcoming these horrid financial habits you will be keeping a safer bank account because you curve your spending habits and not let money takeover.

Need some extra help with your finances? Contact us here today.