Part of our job is to help client develop positive financial habits, so they can build a more stable future. But there are also plenty of “negative” habits that we should at least mention, so that you can avoid engaging in them. These three bad financial habits can have a terrible impact upon your financial stability.
Spending more than you make. Many people are spending more than they make, and they don't even realize it! If you review your bank account records and credit card bills from the past few months, you might see what we mean. Are you using credit cards for many of your purchases, intending to pay off the balances? Do you pay off the balances each month? Many people are spending hundreds more than they make each month, and their debt is snowballing. If that sounds like you, you need to redefine your priorities and get your spending back in line with your paychecks.
You aren't paying yourself first. When you make decisions about your spending, you probably place expenses into certain mental categories: “must haves”, “nice to haves”, and “don't needs”. Unfortunately, many people put retirement savings into the “nice to have” or even “don't need” category! Saving for retirement is not a luxury; it's a necessity for everyone, and belongs in the “must have” category right alongside food and shelter.
You don't discuss financial priorities with your spouse.Even if you set a budget or decide to make saving for retirement a priority, do you know if your spouse is on board with your plans? Setting goals together is the best way to ensure that you reach them. Otherwise, your differences in priorities can cause some unpleasant surprises in the future. Talk about retirement on a regular basis, and make sure you and your spouse are on the same page.
For more help setting a budget, saving for retirement, or setting goals for your future, call our office to schedule an appointment. We can help you identify your goals and establish a plan to achieve them.
15172 - 2015/12/10
Carstens Financial Group focuses on providing comprehensive asset management, estate planning and life insurance solutions. Allow us to help you secure your financial future.