40 Money Habits That Can Leave You Broke

“Being approved for a $20,000 auto loan doesn’t mean that your budget for a car is $20,000,” said Fox. That money needs to be repaid, he added, and young people pay a very high cost to borrow at an early stage in life. “Spending should be determined by a well-thought-out budget, not by the size of a line of credit,” he said.

Ever bring a sale item to the cash register only to find it’s not actually on sale? Ever take a cab and get hit with a fare that’s higher than expected? Avoid the bait-and-switch by saying “no” to items that don’t turn out to be on sale and by asking cab drivers for a fare estimate upfront.

Adding a pack of gum to your shopping cart at the grocery store checkout might not seem like a big deal, but habitual impulse shopping is. Online retailers, for example, have added new tricks to entice you to return to your abandoned digital shopping cart — such as by emailing you reminders and promotional offers — and making it easier than ever to make purchases, like offering in-store pickup. Those unplanned expenses can easily ruin a well-planned budget if not kept in check.

Double-digit credit card interest rates are the norm, which means that people who carry a balance are taking a serious hit to their wealth.

“By making the minimum suggested payments, you’ll continue to pay that high interest rate for many years,” said Zajak. “I encourage clients to get their debt paid off as quickly as possible. Once that is complete, direct that money into another savings or investment vehicle and start amassing real wealth.”

“I’ve been guilty of this, which is why I preach about it all the time,” said Amanda Abella, business coach for millennials and author of Amazon best-seller “Make Money Your Honey.” “If I don’t give myself money first (for savings, personal bills or investing), then I notice I tend to spend more on business expenses within the month because I feel like I have the money to do so.”