I have a lot of bad habits. For example, I tend to bite my nails when I get stressed out. I also have a penchant for opening the cupboard to get a drinking glass — then walking away and leaving the door wide open. I know. I can’t explain it either.
Even so, I have a lot of good habits too; perhaps not coincidentally, many of them are related to personal finance.
Hopefully, you have a lot of good personal finance habits too. How many of these apply to you?
1. Taking advantage of your employer’s flexible spending account. These accounts not only reduce your tax liability, but they also act as a de facto quasi-savings plan.
2. Tracking your income and expenses.
3. Being careful not to overspend on gifts.
4. Paying attention to mortgage interest rates — even after you buy a home. People who fail to do this may miss out on refinance opportunities that could save them tens of thousands of dollars over the life of their loan.
5. Never buying anything on impulse. One of the best ways to help prevent this is to make a shopping list and then stick to it.
6. Opening your bills when you get them.
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