The document outlines four spending habits to break in order to improve financial health, emphasizing the importance of tracking expenses and avoiding unnecessary fees. It advises against late payments and excessive reliance on credit, encourages setting up automated payments and savings, and suggests budgeting to curb overspending. Tools like mint.com are recommended for monitoring spending habits and identifying areas for improvement.

1. Four Spending Habits You Need
To Break

2. When we’re in a financial hole, most
of us try to find a second job.

3. But have you really thought about
where your money is going? There
are plenty of people that are getting
by with the salary that you have -
maybe you're just spending it
wrong?

4. Well, you're on the right track.

5. Recently, I started using
Mint.com to track my spending.

6. I soon realized that not only was I
spending money, but I was also
losing it.

7. Look at your finances and make sure
that you aren't simply throwing your
money away.

8. Stop Paying Bills Late

9. Late fees are expensive.

10. They're a percentage of your bill
that is added on solely because you
didn't pay on time.

11. These fees are easy to avoid,
especially in the digital age.

12. Credit card payments can bury
you.

13. Some interest payments are as
much as 20 percent.

14. Use the digital age to your
advantage.

15. Set up email and text alerts
when phones are due.

16. Put everything in a calendar that
you check regularly.

17. If the bills are small and occur
monthly, set up auto pay so that the
bills are paid automatically.

18. Also, there's the old fashion way of
putting money into different
envelopes.

19. This helps you visualize where your
money is going while also making
sure that you put enough money
aside.

20. Bank fees are piling up

21. Nowadays, there's absolutely no
reason for you to pay bank fees.

22. First, your accounts should never
reach the minimum balance.

23. Install an app on your phone to alert
you when accounts are running low.

24. Always check to make sure you have
enough in your accounts, and
transfer money where its needed.

25. Also, make sure that you always
have money in your wallet.

26. While this might give you the
inclination to spend that money, it
helps you avoid having to run to an
ATM that will charge you a fee.

27. If your account is shared with
someone else, make sure that you
are communicating how the money
should be spent and where it should
be taken from.

28. Stop taking out loans

29. You've got to start saving at
some point.

30. Stop putting your daily purchases on
a credit card and then realizing that
you don't have enough money at the
end of the month.

31. Same with home equity loans -
you're continuously digging yourself
a deeper and deeper hole.

32. Give yourself a financial exam to
determine where your money is
going.

33. Cut back wherever necessary.

34. Stop going out to eat, stop driving
when you can walk - everything
adds up.

35. Most importantly, however, is to
start putting money aside every time
you get paid.

36. Put it in an account that you do
not have an ATM card for.

37. Start saving up.

38. Think about it - if you save yourself
20 dollars each week, that's over a
thousand dollars at the end of the
year.

39. That money adds up quick - and it
gives you something to fall back on
in case of emergency.

40. Overspending is a problem

41. Many people just have a problem
with overspending.

42. You need to clarify just how much
money you have to spend each
month.

43. Creating a budget for things such as
groceries, gas, fast food and other
purchases will help you limit
yourself each month.

44. It also gives you a great idea of
where your money is going - and
places that you can cut back on.

45. Mint.com is a great tool to see
where your money is going.

46. It categorizes your spending each
month, allowing you to see (in
graphs and figures) where your
money is going.

47. Obviously, you need to eat.

48. But realizing that your money goes
further via groceries than spending
it at a restaurant.

49. You need to treat yourself
occasionally but make sure you are
tracking how much money you are
losing by going out for dinner.