15 Bad Money Habits to Break in 2024

The start of a new year is the perfect time for a fresh start. It’s the ideal opportunity to break bad money habits and set yourself up for long-term financial success in 2024. From relying too heavily on credit cards to impulse buying, there are plenty of bad money habits that can put you in an uncomfortable financial situation. To help you start the year off right, we’ve compiled a list of 15 bad money habits to break in 2024.

 

1. Impulse buying

Impulse buying can be very tempting, but it’s important to remember the full cost of an item before you make a purchase. Think about whether you really need something, and if not, consider saving your money for future purchases.

 

2. Not setting financial goals

Setting financial goals can help you stay focused and motivated when it comes to your finances. Consider setting a budget, saving for retirement, or paying off debt.

 

3. Neglecting budgeting

Budgeting is important to keep track of your income and expenses. Taking the time to review your finances regularly can help you stay on top of any potential financial problems before they become serious.

 

4. Keeping up with the Joneses

Social media often encourages us to keep up with our peers, but it’s important to remember that not everyone has the same financial situation. Keep your spending habits in check and focus on what works for you.

 

5. Not having an emergency fund

Emergencies can happen at any time, so it’s important to have some money saved up for a rainy day. Consider setting aside a portion of your income each month to build an emergency fund.