Money Talks News: Breaking bad money habits

Money Talks News: Breaking bad money habits

Money Talks News - Overeating, nail biting and smoking. Those are just a few bad habits that can really hurt someone's health.

But there are also bad money habits that can destroy your wealth.

One of them is carrying a credit card balance. Pay the minimum on a 15 percent card with a $5,000 dollar balance can take decades to pay and cost you more than $7,000 in interest.

Another bad habit is not putting money into a 401(k,) or other retirement plan, especially if your company matches your money. Turning down free money is not a smart thing to do.

Another bad money habit is not shopping hard enough for those monthly expenses.

You know, most people shop more for a gallon of milk than they do for things like their cable, their cell bill, their insurance bill. This stuff is expensive. It's important to shop for it at least once a year.

And speaking of shopping, another bad habit is paying retail. From dining to diapers, deal sites and coupons aren't being used, chances are you're paying too much.

And one final bad habit  staying too safe with investing. Sure, nobody wants to lose money in the market. But keep everything in guaranteed investments and you're guaranteed not to keep up with inflation.

We all know that changing bad habits can be hard, and it can take some time.

So start small and don't get discouraged. If you get off course, just start again.

For more information on how to change those bad money habits head to the Money Talks News website. Just do a search for "money habits."

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