31. Window Shopping
There is some real wisdom to the line of thought that if you don’t see it, you won’t want it.
“Avoid window-shopping and you’ll spend less,” said Roger Whitney, CPF with Agile Retirement Management in Fort Worth, Texas. “It’s amazing how ‘need to have’ pops into my head when I’m shopping.”
If you simply remove or avoid temptation, you’re much more likely to spend less.
32. Assuming Life Will Always Be Like It Is Today
Not planning for future downfalls is one of the worst habits that can sabotage a financial plan, said debt expert Jackie Beck. It’s easy to assume life will always be as rosy as it is today but, for some people, that won’t be the case. If you don’t plan for life’s downside, “you don’t leave room for error, unexpected events or emergencies — and that can wreak havoc on your budget,” she said.
33. Not Keeping Track of Your Cash Flow
“Not everyone is into budgeting, but at the very least you need to understand where you’re spending your money,” Martinez said. “Free services like Mint and Personal Capital make it simple to set things up so you get updates on your balances and spending.”
34. Not Asking For a Raise
“If you are being underpaid or are underemployed, your focus should be on getting a raise, finding a side hustle or looking for a new job,” said Kelly Whalen, founder of The Centsible Life. “You should always be looking for ways to earn more to help you increase your savings and reach your financial goals,” she said.
35. Your Brand Loyalty
Brand-loyal customers often get the first crack at coupons and special deals, but they’re also more likely to spend on things they don’t truly need. People who shop exclusively for a particular brand are at risk of sabotaging a financial plan, said Tai McNeely, co-founder and financial educator at His and Her Money.
“I know someone that loves Apple products so much that every time a new product comes out, he has to get it,” she said. Buying an expensive product you don’t need just because it’s newly available is a surefire way to overspend.