11 destructive habits that will slow your financial progress

We often discuss the things we should be doing to gain financial stability. Avoiding impulse purchases, creating and sticking to a budget, using credit cards wisely and maximizing bargain shopping are a few strategies we can implement to help us gain a more secure financial footing.

What we talk less about — and hear less about — is what we should avoid doing. In this case, it doesn’t just involve paying full price on items you can get on a discount with a little research and patience. There’s more to getting a leg up than thrift store shopping and coupon clipping.

In many ways, it’s about remaining focused on your financial goals and diligently pursuing them. The Simple Dollar offers Eleven Things You Can Do Today to Fall Behind Financially.

Where do you want to be in five years? If you’re not bothering to think about it, you’re going to be in the same place you are right now in five years – or in a worse place.

Waste time. Make unnecessary purchases. Put off making changes that will positively impact your finances, like shopping for less expensive insurance, getting a will or even changing your cellphone plan. All of these will move you in the wrong direction.

What other missteps can set back your financial goals? What have you done — or not done — that has taken you off track or delayed your progress?

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2 comments Add your comment

TinyTam

August 27th, 2009
4:38 pm

I don’t set the financial goals I should. I don’t take starting seriously enough. Just figure when and if something comes up I’ll pull things together. Not a great mindset to have but I’m being honest. Just talked to my hubby about getting our finances more under control – inspired by feedback from your last post about finances. Thanks.

Justine

August 30th, 2009
10:03 am

The first thing I did was own up to my past financial mistakes and stop them. I only shop for things I need. I needed a new wallet so I bought a wallet and only a wallet. Here is a trick I learned. Milk is cheap at the large stores but you are often tempted to buy something else. I only buy what I went in for and then I reward myself by putting $1 in a dowhatever fund. At the end of the month I use this money to buy one item I want but dont need. If I dont have enough I just save it until the next month. They are now saying that once this current national economic crisis is over, the majority of the jobs will not return. Why because we have all learned to do very well with a lot less. Me – I am eating out less, cooking more and buying less stuff. I went through my closet and found clothes that still had the tags on them after years. I am also NOT using my credit cards unless I have to. And by have to I mean the like yesterday I had to pay a fee. The choice was traveling several miles and spending gas or paying it online. Unfortunately the company did not allow me to pay on line with a check so I used my credit card. I paid the fee then went online and told my bank to send the amount to the credit card company. I am doing a lot better financially and I am saving more.