How to kill financial behaviours that can hurt you

Don’t let financial habits drain your wallet. Take charge now.

09:53 24 August 2014

If you want to make some more cash to fund your spending, you can consider getting a secondary job or trimming your budget. These are shrewd ways to realise financial independence. Before you embark on either of the two, it is worth assessing yourself for any bad habits that need to be controlled. If you always pay your bills late and you are slapped with late surcharges, you are not doing it right. If you spend without control, then your money has no chance of sticking around. 

 

Read on for tips on how to kill a few habits that threaten your financial status.

 

Late Payments 

 

Paying bills late attract late fees of up to 15% your monthly bills. Other bills attract indirect penalties. Late credit card balance payments for instance, will ding your credit score. 

 

Pay your bills on time so that you don’t end up paying more than required. Establish good organization such as calendar reminders. Set email alerts on your phone for when bills are due. If you have money in plenty and you are just forgetful, consider an auto pay service where bills are paid automatically from your account every month. 

 

If the problem is that your money hits the bank late, ask for another due monthly date. 

 

Getting Slapped with Bank Fees

 

Each penny you pay to your bank as penalty for insufficient credit is money that you could have benefitted you.

 

A combination of factors could be fuelling constant bank fees, e.g. overspending, insufficient income and miscommunication with your partner(s) if it is a joint account. 

 

Carefully examine each factor and how it is affecting your money. Consult your bank manager for practical suggestions to limit the bank fees. S/he may be lenient enough to reverse some of the fees you had to pay recently.