Stuck on the debt hamster wheel? 🐹🔄 Get off that wild ride, homie. We know that’s easier said than done, but what if you could make a real difference by curbing a few bad financial habits? 🤔
From long lost subscriptions to minimum credit card payments, let’s look at how you’re getting in your own way. 👇
Here’s Five Fast Facts on why you might still be in debt:
- 🛒 Add To Cart - Between credit cards offering installment plans to buy now, pay later apps, we’ve got purchase options out the Wazoo. However, missing payments on these kinds of plans comes with consequences. High interest, fees, and dings to your credit score, to name a few. Pro tip: if you can’t buy that Labubu with cash, wait until you can.
- 🧋 Sweetie Treatie - Hard day at the office? Head to the mall for some retail therapy. Unless…you can’t comfortably afford the spree. When our emotions take over, sometimes our financial judgement goes out the window. Next thing you know, you’ve racked up a credit card balance in the name of self care. Pro tip: if you feel the urge to splurge, sleep on it. You might not want those new shoes in the AM.
- 📆 Setting & Forgetting - If you’re overdue for a forgotten subscription check, get on that ASAP. Even if they’re just a few bucks a month, they add up quick. If you haven’t used an app or service in the last month, you probably don’t need it. Pro tips: review your subscriptions at least monthly. Using a free trial? Set a reminder on your calendar to cancel before you get charged.
- 💳 Extra Credit - A minimum payment a month keeps the creditors away. But how much of a dent are you making on that overall balance? High interest rates on credit cards make it really tough to beat debt by doing the bare minimum (and that’s on purpose). Pro tip: if you can’t pay off your balances each month, at least throw in a bit more than the minimum to start chipping away.
- 👀 Straight Creepin’ - So the boss man gave you a raise? Before you run out and buy a new car, think twice. When we get trapped in “lifestyle creep,” we spend more when we make more. Instead of keeping up with the Joneses, save your hard earned money so you can retire like a champ. Pro tip: when you get a pay bump, set up an automatic transfer to a savings account or a credit card.
🔥Bottom line: Listen, in today’s economy, we could all stand to be a little bit smarter with our paychecks. After all, we need those babies to cover groceries, gas, and the occasional gala. Who do you think has it tougher financially these days: men or women? To find out, head over to this article where we lay out some surprising stats.
How do you nip bad spending habits in the bud?
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