Special Report

40 Money Habits That Can Leave You Broke

Source: chpua / E+ via Getty Images

21. Drinking Fancy Coffee

David Bach’s famous “Latte Factor” concept made Americans aware of what their coffee habits are doing to their bottom lines. A $4 cup of joe per day comes out to almost $240,000 when compounded at 6% for 40 years. Check out your own personal latte factor using Bach’s online Latte Factor calculator.

Source: ljubaphoto / E+ via Getty Images

22. Not Keeping an Emergency Fund

Without an emergency safety net in place, it’s easy to break out the credit cards and ruin a well-thought-out budget if the car breaks down or the roof leaks. Having an emergency cushion of three to six months’ worth of expenses can keep your plan in place when unexpected events occur.

ALSO READ: Budgeting 101: How To Create a Budget You Can Live With

Source: SDI Productions / Getty Images

23. Buying Groceries Without a List

People who shop without a list can easily fall prey to grocery shopping “creep,” the phenomenon that happens when you add “just one more thing” to your cart several times per trip. You probably don’t need chocolate-covered pretzels or frozen waffles. Having a list keeps you from running afoul of your spending plan and spending more than anticipated.

Source: Maryna Andriichenko / iStock via Getty Images

24. Not Tracking ‘Invisible’ Expenses

“It’s easy to scrutinize your tangible expenses, like groceries and gas,” said Paula Pant, founder of the Afford Anything blog. “But many people let money leak from their ‘invisible’ bills, like insurance premiums and mortgage interest.”

Pant suggested consumers take one day per year to shop for competing insurance plans and mortgage rates. “These expenses can move the needle far more than shaving 10 cents at the pump ever could,” she said.

Source: Cecilie_Arcurs / E+ via Getty Images

25. Letting FOMO Get the Better of You

Fear of missing out — aka FOMO — can cause you to spend money unnecessarily. “You need to turn off social media sometimes so that you don’t always cave to FOMO,” said Martin Dasko, author of “Next Round’s On Me: How to Achieve Financial Freedom in Your 20s” and the Studenomics blog.

“This dangerous habit convinces you that you’re always missing out and that you need to participate in everything,” Dasko said. “It’s OK to stay in. It’s OK to do your own thing. You’re not always going to miss out.”

Sponsored: Tips for Investing

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.