10 money habits you should adopt today

As you start using these techniques, drop your bad money habits and get on the road to financial well-being.

 of 12
 of 12

VIDEO ON MSN MONEY

115Comments
Feb 6, 2014 9:12AM
avatar
Most , if not all of these suggestions are common sense , but alas , common sense has gone out the window for many . Have a plan , and stick to it , if it's working , if not , modify it till it works for you . Spend less than what you make , and put some aside in the good times , as well as the bad times. Work smart , as well as hard . It's not rocket science !
Feb 8, 2014 4:49PM
avatar
Never place money into a savings account, that is just plain stupid. I opened one recently and the bank called it a "very generous" 5/8% annual interest rate. If 5/8% is "generous", I would hate to see an insult! You would be better off placing that money where it would be far better off, like paying down/paying off your credit card that has a 22.99% interest rate. If anyone has a credit card above 12%, they need to be cut up immediately and disposed of. I got rid of all my credit cards where the bank refused to give me 9.99% or less. I have 2 left that is in my wallet which meet my requirement and Capital One is not one of them. You pay the bank a 2% interest each month and that same bank turns around and gives you a "very generous" 5/8% a year. Who is being generous to who with whose money here? Take control of the bank and you will take control of your finances.
Feb 6, 2014 10:30AM
avatar
"Do you deserve this $40 candle/$25 dinner/$150 pair of sneakers, or do you deserve more?"

Great advice.  I've heard it said before that YOU are the worst person to determine if YOU "deserve" something.  

Think of it this way, most good, responsible parents won't let their small children have a cookie or candy if they don't eat a good meal.  But, how many times do those same parents end up treating themselves to something because, "I've had a rough day so I DESERVE to have a bag of chips."  
Feb 8, 2014 9:15PM
avatar


When one was  not born into wealth, one has to make a foundation, to build wealth on, or one will continue the cycle of poverty.  Parents should instill in their children, from birth, the importance of valuing whatever money they obtain.  It's easy to spend the money but it's difficult to earn it. 

Spend a little, and save the most.   

Feb 6, 2014 10:48AM
avatar
Everyone who says they don't write checks but use auto bill pay and direct withdrawals and has money issues should consider making a change back to checks. If you get each bill and have to take the time to physically open the bill and write the check it might become more evident what you are spending. For example It is easy to order movies on cable and then forget they are charging you $5 bucks a pop where redbox is cheaper. Just a random thought.

Again I do not have money issues and since I dont live that life hard to tell someone that does.

Feb 8, 2014 5:09PM
avatar
They always come up with these plans but never anything about what to do when you are LAID OFF!! From your good paying job to one that doesn't even pay half of what you made.  I was laid off. I am working but I can't get a decent paying Job. Same Happened to my wife and she is working now, part time. We cut our phones, our TV, Cell Phone's, but it's not enough. We didn't walk away from our obligations, we continue to pay our mortgage Albeit late a lot of times, but struggle paycheck to paycheck with 0000000 left over after every pay period. So how do you save? How do you pay off credit cards when they keep tacking on late fees? You apply for a job and there are 500 other applicants. Your 50 yrs old and they don't even look at you. Now your credit is affected, and they don't care that you didn't walk away from your obligations they just see your poor credit rating because you tried to pay what you could. A vicious cycle ensues and you are trapped. How long can it go on?  Then you think maybe it is time to walk and plop yourself on Ma and Pa's doorstep to get a fresh start.
Feb 6, 2014 12:20PM
avatar
Personally, I know what I am going to have to spend each month.  So, I did a budget, have it in a file on my computer, and have a desktop shortcut to that file.  I can check it any time to remind me what is needed and when.  (It also helps me make timely payments.)  A percentage of my income goes to savings.  What is left, I try to avoid using frivolously.  Many times I will be shopping and tell my wife, "I would like to pick up this or that."  Then, I will think about my budget and tell her, "Skip it, I can do without."  It is surprising how many things you initially think you "need", but really won't suffer without it.  By adopting this discipline, I have found I actually have money left at the end of the month.  After a while, this can build into a nice buffer for those times when the car needs a repair or new tires, an appliance needs replacing, etc.  This may not work for everyone, but it is a strategy that works for me and I haven't used a credit card for 10 years.
Feb 6, 2014 11:05AM
avatar

Obama followers money habit #1.  Expect people that earned money to give it to you.

Feb 8, 2014 5:56PM
avatar
My credit card earns me money.  I pay for everything with it, no matter how large or small, pay the bill in full every month and collect the cash back...which, on average, is between $6-700 per year.  Pretty sure sticking it in an ice cube in the freezer isn't going to do me a single bit of good.  So yeah, that's great advice.
Feb 28, 2014 9:15PM
avatar

The battle some people have to save money is similar to the battle some have with losing weight.  Everyone has their own ways that they trick themselves into thinking they're not sacrificing, or making it so organized it's a hassle to stick with.  The only trick you need to know is simple.  To lose weight, burn more calories than you consume.  To save money, spend less than you make.  Too many people have that backwards.

Feb 6, 2014 9:29AM
avatar
Wow. If you need a "life coach", I'd say there was something terribly wrong somewhere.
Feb 28, 2014 8:45PM
avatar
"The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the US Government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. Increasing America's debt weakens us domestically and internationally. Leadership means that, 'the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better."
   ~ Senator Barack H. Obama, March 2006


"PERIOD"
Feb 6, 2014 10:24AM
avatar
I've been advocating the automatic savings transfer for years.  

Have the money go directly to your savings account, and have it set up that you HAVE to go to the bank to get the money.  That way, the money will go in easily, but you'll have to make an effort to take it out.  99 times out of 100, if you actually NEED that money for a real emergency, you won't need it right at that moment.  You can get away with putting the money on a credit card and then going in to the bank the next day or so to move the money over.  

It can't be much easier than that, but I know people who I've told that too and their response was basically, "That sounds like a lot of work."  
Feb 5, 2014 8:46PM
avatar
MSN could you please shamelessly plug more product advertising into your articles.  The people with out common sense need to spend money on that stuff instead of saving it.
Feb 8, 2014 7:35PM
avatar
These are common sense.  Also, I use my credit card EVERY time it is allowed for paying and I pay entire balance when due.  I make money from them.
Feb 5, 2014 11:02PM
avatar
I would like to see MSN drop the habit of recycling articles!
Feb 6, 2014 2:33AM
avatar

I dont like the idea they gave about freezing your credit cards and using a debit card... I find more people get in trouble with a debit card than a credit card... Because they use their debit for something and don't write it down and the next day look to see how much is in their account -and that previous transaction hasn't gone through- and see they have x amount and spend x amount and then find out they just went into the red...


I saw use cash. I use checks for all my bills(food/electricity/cable/etc...)... only thing I use credit cards for is gas, online purchases, or in emergencies... Otherwise I always keep at least $10 on me... Plus I write all my charges down I make on my credit card, plus of course all my checks I write down... And once a week I verify my checkbook is balanced with what I have in my account...


But that's me...

Feb 8, 2014 6:05PM
avatar
Grown man or woman, who have learned the spending habits of instant gratification with expectation of someone paying the bill cannot be easily corrected.  Our government has become big poppa and we allow a lot of usury and greed at the top to help snare the unwise (childlike) spender.  Work ethics are learned as are spending habits, learning involves reward and punishment, work for it, pay for it, save for it, deserve it for service and then enjoy it.     
Feb 28, 2014 8:11PM
avatar
The forgot number one. If you are a man do not get married.
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

Need some advice? Got some advice? Ask an agentNeed some advice?Got some advice?Ask an agent