According to Merriam-Webster, a habit is a “usual way of behaving; something that a person does often in a regular and repeated way.” Therefore a money habit is a repeated action associated with money.
Bad money habits are the ones that keep you broke. Living paycheck to paycheck. They’re not helping you reach your financial goals. Check out this list of bad spending habits to avoid:
Not tracking your spending. Impulse shopping. Keeping up with the Jones. Eating out more than you cook at home.
Racking up bad debt. Spending your raises. Wasting money on unused subscriptions.
Good money habits set you up for success. They make you feel good about your financial decisions. They lead to financial independence and freedom. Here is a list of good money habits to work on: