7 Habits To Kick to Keep More of Your Money in the Bank

Even before COVID-19, we’ve all been working hard to keep our precious funds secure in the bank. Try as we might, something always seems to drain the money before we can appreciate it, and we’re back to square one. The funny thing is that often the thing holding us back from saving money is ourselves! We all fall into bad habits, and sometimes, you don’t realize how far you’ve fallen until you see a $0.00 balance in your checking account.

These seven habits are quite common, and could potentially be one or more of the reasons that you’re unable to keep money in the bank. We’ll cover budgeting, vices like drinking and smoking, and even some uncommon concerns like putting others first. You’ll see what I mean when we get there! Let’s jump into seven habits to kick to keep more money in the bank.

1. Unnecessary Spending

We all love our stuff. From iPhones to smart TVs to designer clothes and everything in between, America is a nation of consumers. We produce, import, consume, and repeat. We’re constantly bombarded with ads that have us convinced we need the newest gadget, the latest fashion, or the most expensive handbag.

Of course, consumption by itself isn’t exactly a huge problem, unless you count the enormous amount of waste it creates. The real problem is that our addiction to stuff has generated a crippling debt for many American households, and they’re struggling to stay afloat because of it. The average household carries well over $100,000 in consumer debt!

If you want to keep more money in the bank, curb your spending habits. Try the 3-day rule where you sit on a big purchase for 3-7 days before buying it. You’ll find that true happiness doesn’t come from consumer goods, anyway.

2. Smoking

Smoking is one of the worst (and let’s be honest, most unappealing) habits you can adopt. It’s dangerous, it smells, and it pollutes the environment and the air. Not to mention, it’s slowly draining your bank account by $100-$500 per month depending on how much you smoke. Heavy smokers drop thousands of dollars every year on cigarettes and cessation products to try to quit. This doesn’t include the medical costs or damage to your home and vehicle!

With products like non-tobacco chew from https://blackbuffalo.com/ available, there’s no reason to continue this deadly and costly habit. It’s time to leave smoking behind and recover some of your bank account’s losses.

3. Drinking Alcohol

Drinking is a common and socially acceptable habit, but your bank account won’t appreciate its cost. Americans consume millions of gallons of beer, wine, and liquor every year, to the tune of about $37 billion per year just on beer. Yikes!

If you’re a regular drinker, you could potentially save yourself hundreds per month by cutting back on or ditching the habit altogether. Alcohol carries a high risk of becoming an addiction, as well, and once you’ve gone that route, your recovery costs will drain your account. Rehab isn’t cheap, and things like DUIs can leave you destitute.

Luckily, there’s a great community of previous drinkers committed to helping those who are addicted. Things like CBD are also being researched as a possible means of treating alcohol and drug addiction.

4. Gambling

It’s estimated that about 10 million people in the US have a gambling problem. Gambling can quickly become an addictive habit, and you begin spending all of your money, putting up higher and higher stakes, and, eventually, losing everything. Some gamblers even take out loans to support their addiction, whether they’re legal loans or not. The illegal route can land you in hot water with the wrong sort of people, furthering your problems.

Gambling isn’t something you can just set aside, but you can take the first step to recovery by admitting you have a problem. Your mental health and your wallet will be much better off once you leave this habit behind.

5. Not Utilizing A Budget

A budget should be a requirement for every household, whether it’s a wealthy household or not. Don’t make the mistake of thinking that budgeting is a habit of only the poorer classes of people. Wealthier households can still benefit from budgeting out their income and expenses. After all, how can you properly allocate money if you have no idea how much is coming in or where it’s going?

A budget isn’t rocket science. It can be as simple as a spreadsheet, or as complex as a fully completed budget template connected to your bank account. Budgeting will give you a much better picture of what you’re spending money on, and how bad your spending habits truly are.

6. Putting Others First

This habit likely took you off guard. We’re supposed to help other people, right? Of course! Helping others is truly one of the greatest things we can do for our loved ones and the community, but you can’t help anyone if you don’t help yourself first.

When a plane is going down, you’re told to put on your own oxygen mask first. Why? Because you can’t help anyone get their own mask on if you can’t breathe. The same applies to finances. If your own finances aren’t in order, how can you help your kids go to college, your parents pay off their house, or your brother build the new addition on his house? You don’t need to martyr yourself for others. Take care of your own financial business before you offer to help anyone else.

7. Signing Up For Subscriptions

There are so many subscription services available nowadays that it’s almost impossible to keep track of them all. You’ve likely got all of yours on “automatic withdrawal” from your bank account, so you don’t even pay attention to them. The fact is, too many subscription services could be draining your account, and you might not even be using them!

Some people only have a subscription service to watch one specific show or movie. That hardly seems like a good reason to pay $10-$15 per month for an entire subscription.

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