Money Habits

Are you smart when it comes to money? Since many of us would say “probably not,” here are some basic bad money habits and good ones you should adopt to replace them. Bad: Using the same credit card for years. Good: Get a new card with terms and rewards that are appropriate to your lifestyle. Bad: Not tracking your spending. Good: Make a budget and have a plan. Track your spending and be prepared for major purchases that may lie ahead. Bad: Doing everything manually. Good: Take advantage of technology by setting up automatic payments tied to your credit card for bills that can be paid online. You’ll avoid late payments that can lower your credit score. Bad: Not investing your money. Good: Invest in yourself now by contributing to your employer’s 401(k) program and putting money into a mutual fund or trading account. It might be a good time to consider investing in real estate if it works for your portfolio! Bad: Going it alone. Good: Hang out with successful people. Their good habits can rub off on you! Learn from people in your life you respect.