8 Money habits you need to break

Certain bad financial habits might keep you from your long-term spending goals. Make sure to define what you do wrong and break those habits once and for all.

1. Moving frequently – changing your address often makes you spend money on things you do not anticipate. Make sure to buy things you will need in the long run.

2. Not owning a savings account – establishing a savings account is easier than you think. Either your employer can take out a certain amount from your salary and put it on your savings account, or you can ask your bank to do so.

3. Refusing to downgrade – giving up on ‘luxuries’ such as satellite TV or professional haircut, you will be able to save money for more important things. Try it out for a few months and see if the downgrade is worth it.

4. Partying too much – socializing is great, but drinking a bit too much lowers your inhibitions. Studies show that people are inclined to shop online more and make impulse purchases then.

5. Spending too much time and money on your mobile devices – recent research shows that, on average, people spend $204 a month on apps and downloads. You surely know a better and more useful way to spend your hard-earned money.

6. Not paying attention to your paycheck – if you do not adjust your spending habits to your earnings, you will probably find yourself at a loss, or in debt.

7. Not paying in cash – it has been proven that people who pay in cash spend less, as they physically part with the money, which helps them to track how much they spent.

8. Having too many bank accounts – having just one bank account will keep more money in your pocket.