BANG FOR YOUR BUCK: Ways to stop bad spending habits - WMC Action News 5 - Memphis, Tennessee

BANG FOR YOUR BUCK: Ways to stop bad spending habits

(Photo Source: WMC Action News 5 file) (Photo Source: WMC Action News 5 file)

(WMC) – Everybody deals with bad spending habits at some point and they can easily break the bank. According to Advice IQ, there are four bad spending habits you need to stop today.

1. Throwing down your credit card for every purchase.

You have every intention to pay off the balance at the end of the month and you rack up reward points, but people get into trouble when they don't track. Set a max dollar amount that you can use your credit cards for each week or month.

2. Paying the minimum on your consumer debt.

Find the highest interest rate balance and throw any and all extra money toward that payment. From there, target the next highest one and so on.

3. Not putting money aside for emergencies and retirement.

The best way to break this habit is to make savings automatic. Automatically transfer money into a savings account during each pay period or each month.

4. Ignoring your employee benefits.

If your employer provides life insurance, take advantage. If there's a 401(k) match, make sure you contribute enough to take advantage of the full match - it's free money.

Break these bad habits and keep more of your money.

If you have an idea for WMC Action News 5's Andrew Douglas go to his Facebook or Twitter page or email adouglas@wmctv.com.

Copyright 2014 WMC Action News 5. All rights reserved.  

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