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.

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Feb 6, 2014 9:12AM
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
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 8, 2014 9:15PM

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
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 6, 2014 12:20PM
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 8, 2014 5:09PM
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 11:05AM

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

Feb 8, 2014 5:56PM
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

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
Wow. If you need a "life coach", I'd say there was something terribly wrong somewhere.
Feb 5, 2014 8:46PM
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
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
I would like to see MSN drop the habit of recycling articles!
Feb 6, 2014 2:33AM

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
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
The forgot number one. If you are a man do not get married.
Mar 3, 2014 8:22AM
Interesting ....... why hasn't anyone is Washington thought about this ?
Feb 13, 2014 1:17PM
The politicians, the banks and the media are the citizen's worst enemies....jejejejeje
Mar 3, 2014 11:27AM
There is one habit that is not a habit....and it is to honestly admit how far your means can take you...and don't go further!!
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