10 Habits Keeping You From Being Rich!

1: Spending without a budget
Having a budget is a sure fire way to get some more cash behind you. Dedicate certain amounts for every type of spending – then make sure you stick to it. It may not sound like much fun, but it does mean you can start paying your own way, not dip into savings, get more in your savings and generally learn to live without the things you don’t need.

2: Spending more than you earn
If you keep living outside of you means you’re going to keep spiralling down into debt. It is possible to live the champagne lifestyle on a beer budget, you just need to get a bit more creative with how and where you spend your money. The aforementioned budget can help you get back on track.

3: Charging purchases rather than paying cash or with a debit card

Are you a believer in plastic fantastic? Cards can be a lot easier but they also come with their own set of fees. Make a habit of paying for purchases under $50 using cash, debit or check. Doing this will skip on the additional fees and if you draw out some cash each day it will also make it so much easier to budget!

4: Little purchases add up
Everything from your café lunches to morning coffee comes under this one. By themselves these purchases can seem like a mere blip on the radar but rest assured, they do add up. Times what you would earn over a week and you’ll start to see your $10 lunch and $3.50 coffee are making a serious dent on your savings.

5: Making late credit card payments 
This is a big no no. Not only could you have saved the money from the consequential fee from a late payment, but it can also throw your account in default and increase your interests rates. Make sure you’re not spending more than you can afford and mark the payment date a day early in your calendar to make sure you get it in on time.

6: Making minimum payments only
While it’s better than paying nothing at all, paying only the minimum forces you to keep paying interest, then interest on interest. The general rule is to pay off as much as you can as soon as you can because you never know when you’re going to have a bad month. Leave it too long and that sale dress wasn’t such a bargain after all.

7: Spending all in the name of a good night
A hangover can be symptomatic of more than just too much alcohol, it typically means the bank balance took a bit of a thrashing as well. When you’re a few drinks in it can be easy to let loose with the credit card, get caught up in the moment and literally waste your money on waaaay over priced drinks (lets keep in mind in town it’s pretty much a $7 minimum per drink). Make sure you think of the bigger picture and what that money could contribute to if you save it.

This doesn’t mean you have to completely sacrifice your social life, just try little tricks like only taking cash to town so you don’t go over budget. Both your liver and bank balance will thank you for it.

8: Staying in the overdraft
Sometimes it feels like as long as you’re above your overdraft limit then you’ve got cash to spare. Not true. Start paying off that baby rather than burning it and get yourself back in the green. Don’t forget there’s interest to pay on an overdraft and if you’re still on the interest free student deal, there will be soon so try paying it off before you finish your studies.

9: Ignoring interest rates
It may seem like a whole heap of gooblty-gook but you need to get interest rate savvy so you can make the best decisions for yourself financially. Take the time to find the best, and lowest, option for you and then keep an eye on things to make sure it stays that way!

10: Impulse buys
If you didn’t go out to buy it, chances are you don’t need it! If you’re the kind of girl who sees then has to have, then you need to employ a closed wallet policy.

Those little impulse buys add up and will set your savings in decline. While it’s okay to buy yourself the odd treat, make sure it’s in sticking with your budget and you needs!