Do you check your bank account, thinking you’ve been saving money only to find out you’re broke! Luckily, you are far from the only person with this issue. Many people have bad spending habits and they don’t know they’re doing it. While reading, think about your own financial habits and see if any of these sound like you.
“It’s Just A Morning Coffee…”
No, it’s not just a morning coffee, it’s a $5 expense everyday. Large purchases aren’t usually the issue. The small, everyday expenses are what break the bank. Imagine if you buy lunch at about $8 a day, everyday. Within one week you will have spent $40, and in a month you’re looking at $160. Small purchases add up quickly.
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“Oh, I Have Extra Spending Money!”
Okay, but have you paid yourself first? On payday, before you pay bills or buy new clothes, make sure you put some money into an emergency fund. You never know what could happen in life. From car repairs, home repairs and medical expenses, extra money will be needed. Save emergency money for yourself before you make any purchases.
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“I’ll Just Put It On My Card”
Out of sight, out of mind is what you’re really doing. Paying with a debit or credit card doesn’t feel the same as paying with cash. When you pay with cash, you can see it leave your hand, and this makes spending more real. Paying with plastic feels guilt free until you look at your bank account. Not to mention the feeling you’ll get when your credit card statement arrives.
Stop Spending and Start Saving
Start a savings account with your local MNFCU branch! We have a wide variety of savings accounts to fit your needs. Our financing experts will help you find the best savings method for you because at MNFCU, your finances are our finances. Visit your local branch for more information.