As the new year approaches, most of us will be buying gym memberships and perfecting meal plans in order to ensure that this time around, our resolutions will stick. And although we agree that taking control of our health is commendable, we’d like to play devil’s advocate and argue that our financial health is just as important. Why not resolve to overhaul your financial situation, instead of your body, in the new year?
As young adults, it’s easy to slip into an anxious mindset regarding ourselves, where do we even start? With student loans tying up our bank accounts and the cost of living at an all-time high, it can seem pointless to try and break our money-managing bad habits. Luckily, it’s not pointless. Taking control of your finances may be tough, but like any difficult task, it’s completely worth it. The best way to start? Break your bad habits! Check out our list of bad money managing habits that have got to go in 2019.
1. Spending Without a Budget
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Marking up a budget and sticking to it may seem like more pain than it’s worth, but the amount of help it can make in the long run can’t be overstated. The best part about budgeting is that sometimes you can afford the purchases you’d otherwise classify as a “guilty pleasure”. When you budget correctly, purchases you would otherwise classify as indulgences are no longer cause for guilt–just pleasure.
How to fix it: Use a fun app like Mint to set goals and track your spending automatically. Remember to establish realistic goals when writing a budget that you’re confident you’ll stick to throughout 2019. That means budgeting things that are “unnecessary”, like concerts, movies, and makeup. In the end, you’ll be spending that money anyway, so it’s good to be upfront about it so you can plan accordingly!