21 Bad Spending Habits That People Think You Should Avoid
Recently, u/theprop_trader asked r/AskReddit, "What's a "normal" money habit that secretly ruins people financially?" And we thought we'd share some of the top responses.
"Underestimating upkeep."
"Gambling in general is so 'in' right now, especially with the younger generation, it's honestly pretty scary."
"Not leaving proper cushion in a budget for things to go wrong."
"Not knowing the difference between being able to pay for something or being able to afford something."
"Getting a new car every few years. I know a couple that finance their cars, get new ones before they are paid off and roll the old loan into the new one. The debt is staggering."
"DoorDash."
"Only paying the minimum payment on a credit card."
"I believe the term is 'keeping up with the Joneses'. That kind of competition drains your bank account."
"People who refuse to set up their own retirement plan if their work doesn't offer it. The only way I got through to my friend was telling her to imagine working the same job she now had (very physically demanding) when she was 70 and having to do it not for fun or extra pocket money but truly for a living. Sobered her right up."
"Eating out when you have food at home. Also, letting groceries rot. Guilty of both, hence broke."
"Buying stuff you don't really need with instalment payment."
"Planning to save what's left over each month... which turns out to always be $0. Best move I ever did was starting to 'pay myself first' by having a portion of my check go directly into a savings account at a different bank."
"'Buy three for 25% off!!!' For items you only need one of."
"Taking out a loan with a longer term so the payment is smaller. Not sure if that 'ruins' people necessarily, but I have seen people trap themselves in some pretty bad vehicle loans this way"
"This one is worth mentioning. My two rescue dogs cost more monthly than my Mercedes. Animals/pets drain your bank account. Not saying it's a bad financial decision (I work with and love animals). However, make sure you are financially comfortable to spend at a minimum $250 a month to feed and bathe them, plus whatever medication/regular blood work they need. Also expect $1,200 vet bills to be regular."
"Not regularly checking your account(s)!!"
"Something that could be ruinous – marrying and not discussing or combining finances. You're a team now. I know many couples where one doesn't have a clue about the others' or their joint money. If things go bad or if one is irresponsible, it could ruin you"
"Storage lockers. I know it doesn't necessarily 'ruin' people. But it's just throwing money away, IMO. I realise it's helpful for a few months while in the process of moving or whatever. But long term? If you don't need or use the stuff you have stored away, why do you hold onto it?"
"Thinking small expenses don't matter – $5 coffees, $10 subscription – but ignoring how they silently snowball into hundreds every month."
"Pay day loans. I have a friend who has a Masters and a $120,000 a year job, borrowing $75 off my broke-ass, $45,000 a year salary, because she got into a pay day loan debt 20 years ago. I am by no means a money genius, but I will never do that."
"Going to college for a bullshit major."
H/T to u/theprop_trader and r/AskReddit for having the discussion!
What are your own tips? Let us know in the comments below!
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Recently, u/theprop_trader asked r/AskReddit, "What's a "normal" money habit that secretly ruins people financially?" And we thought we'd share some of the top responses. "Underestimating upkeep." "Gambling in general is so 'in' right now, especially with the younger generation, it's honestly pretty scary." "Not leaving proper cushion in a budget for things to go wrong." "Not knowing the difference between being able to pay for something or being able to afford something." "Getting a new car every few years. I know a couple that finance their cars, get new ones before they are paid off and roll the old loan into the new one. The debt is staggering." "DoorDash." "Only paying the minimum payment on a credit card." "I believe the term is 'keeping up with the Joneses'. That kind of competition drains your bank account." "People who refuse to set up their own retirement plan if their work doesn't offer it. The only way I got through to my friend was telling her to imagine working the same job she now had (very physically demanding) when she was 70 and having to do it not for fun or extra pocket money but truly for a living. Sobered her right up." "Eating out when you have food at home. Also, letting groceries rot. Guilty of both, hence broke." "Buying stuff you don't really need with instalment payment." "Planning to save what's left over each month... which turns out to always be $0. Best move I ever did was starting to 'pay myself first' by having a portion of my check go directly into a savings account at a different bank." "'Buy three for 25% off!!!' For items you only need one of." "Taking out a loan with a longer term so the payment is smaller. Not sure if that 'ruins' people necessarily, but I have seen people trap themselves in some pretty bad vehicle loans this way" "This one is worth mentioning. My two rescue dogs cost more monthly than my Mercedes. Animals/pets drain your bank account. Not saying it's a bad financial decision (I work with and love animals). However, make sure you are financially comfortable to spend at a minimum $250 a month to feed and bathe them, plus whatever medication/regular blood work they need. Also expect $1,200 vet bills to be regular." "Not regularly checking your account(s)!!" "Something that could be ruinous – marrying and not discussing or combining finances. You're a team now. I know many couples where one doesn't have a clue about the others' or their joint money. If things go bad or if one is irresponsible, it could ruin you" "Storage lockers. I know it doesn't necessarily 'ruin' people. But it's just throwing money away, IMO. I realise it's helpful for a few months while in the process of moving or whatever. But long term? If you don't need or use the stuff you have stored away, why do you hold onto it?" "Thinking small expenses don't matter – $5 coffees, $10 subscription – but ignoring how they silently snowball into hundreds every month." "Pay day loans. I have a friend who has a Masters and a $120,000 a year job, borrowing $75 off my broke-ass, $45,000 a year salary, because she got into a pay day loan debt 20 years ago. I am by no means a money genius, but I will never do that." "Going to college for a bullshit major." H/T to u/theprop_trader and r/AskReddit for having the discussion! What are your own tips? Let us know in the comments below!
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