Your everyday actions and habits really matter. After you establish several smart habits you will be able to say that you master your money. The same applies to a few bad habits that can ruin your financial stability. If you want to make 2017 a prosperous year and build more wealth, follow our tips and get rid of these bad money habits.

    Late Payments

    Many financial advisors agree that making late payments is one of the worst money habits you need to break as soon as possible. Everybody can experience temporary financial difficulties or simply be in need of payday loans. Once you found a suitable lender, make sure you make regular payments. When you pay the loan off every month you become a trustful borrower in the eyes of your lender. As a result, you may even count on special offers and lower interest rates for future loans.

    On the other hand, making late payments can mean much more than just having to pay a fee. It may also lower your credit score, which can result in having fewer chances to get a bigger loan in the future for such big purchases like a car or a home. So, if you are planning to make any big purchases or expand your small business, remember to pay the payments regularly.

    In order not to miss a fixed bill for the internet, cable, or insurance, you can set up automatic online payments. For rent and other expenses that can’t be set up online, create special calendar reminders that will help you make it a routine and pay them at the same time every month. Automating your finances and expenses will definitely guarantee that you don’t experience financial failure.

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    Withdraw Money from an Out-of-Network ATM

    A lot of people are tempted to use an out-of-network ATM to withdraw their money. Yes, it’s convenient to hurry to the nearest ATM and get your money in a few seconds. But don’t you know you will have to pay for this convenience about $4 or $5? It may sound silly, but in the long run, these fees will accumulate significantly if you continue paying them every time you need to withdraw your money.

    The best decision here is to stop using any ATM that doesn’t have the logo of your bank on it. If you use one of the bigger banks, there should not be a problem to find its ATM in your area. You can facilitate this process and look up the ATM locations on the Internet. In case you didn’t find any convenient locations in your area or your town, consider changing your bank and opening a new checking account with a more accessible one.

    Paying the Minimum on the Credit Card Balance

    Plenty of credit cards demand you to repay only 1-3% of your balance every month. This is the minimum you can pay off. A lot of people are tempted to make only such small payments because their budget is tight and they want to be frugal. But this frugality can eventually turn into a fortune. You won’t build wealth when you accumulate credit card balances and only repay the minimum amount of money. This will only result in making your credit card company wealthier.

    If you want to become wealthy in 2017, make sure you break this bad habit and start making your payments in full. Don’t know how to do that? Set up to transfer the full amount of payment from your checking account to the credit card company each month.

    Spending Money Mindlessly

    It’s too easy to waste your money mindlessly. You may want to buy a pack of chewing gum while waiting in the line, or just call an Uber. But do you really need to spend your precious money on such silly things? If you can do without these expenses, it’s better to direct your money toward your future retirement account or savings goals.

    Some people believe they don’t have spare money to save for the future, but that’s not true. Everybody can some options to become more frugal and set aside some money. Try to apply this mindful approach to money saving process. Think about the amount of money you generally need to cover one week only. Then go to the ATM and withdraw only this amount of money you will need for the week. Later on, you will notice how much you can actually set aside and where you were the most wasteful with your spending.

    The last tip for breaking your bad money habits and establishing good habits is to stop ignoring insurance. Don’t just be optimistic about your future. Remember the proverb – if you knew where you were going to fall, you would put down something soft to fall on.

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