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Ways to Financial Relief - Breaking Poor Money Habits

Breaking Poor Money Habits

When is the best time to start creating better money habits? The answer is easy… Right Now! Treat every day as the day that you could take control of your financial habits creating the conditions for financial relief. Most New Year's resolutions are done and over and forgotten by mid-February so the very first thing to do is act like each month is your new month to start (or continue) good habits. In the early days, set predetermined self-checks. Every week and every month, until your new habits become routine. And don't try to correct everything at once. Break one habit at a time and layer in new habits as you go over time.

So, what are the most common poor money habits? Sometimes it's not what you know but what you don't know that makes all the difference. Here are some of the most common poor money habits to break in 2023.

  1. Making only the minimum payment on your credit cards. Your credit card statement has a box that shows how long it will take you to pay off your credit card if you only pay the minimum. It also shows that if you pay just a little more how much faster it can be paid down and how much you can save. Even if you can't pay the higher amount, create a minimum plus amount that you can get comfortable with. Stick with it and create your new habit work up to larger payment amounts and lower credit card debit.
  2. Waiting to file your taxes. Get started prepping to prepare your taxes. Have you noticed that tax prep companies start advertising around Christmas and New Years. You should receive your W-2, 1099, and other tax forms by the end of January. Preparing early can eliminate mistakes and delays.
  3. Not paying attention to Subscriptions and Auto-pay Expenses. This is a great time to review your bank statement to find all of those subscription services and auto-pay expenses that you 'set and forget'. Get in the habit of reviewing this every 3-months. Are you really using all of those streaming music services? How many 'free trials' did you sign-up for but forgot to cancel? Have they raised their rates without you recognizing it? Prioritize what you consume the most and eliminate the others. Could you save $20 per mont? How about $50 per month or $100. That could be save you $240 - $1,200 per year.
  4. Not paying attention to your credit report. A lot of people fear looking at their credit score but if you don't then you are letting others dictate your financial health and future. Schedule a meeting with yourself to review your credit report, note things that you think are wrong then start reaching out to get those removed. It is fine to have your credit report reflex you but it is not OK to have it sabotaged by someone else.

2023 can be your year to make better financial habits. If you need a little kick-start or bridge, visit a friendly CashMax store near you. We love our clients and love meeting new customers.

  1. Get pre-approved for a cash advance up to $2,000 or title loan up to $5,000 over the phone from one of our knowledgeable associates.
  2. You can start the process of getting a cash advance or title loan online.
  3. CashMax has 37 convenient locations in Texas to serve you:
Ways to Financial Relief - Who Let the Dogs Out?