As working parents we all have that one weekly or daily purchase or outing that helps us relax and get through a rough work week. Sometimes these purchases are bad habits or crutches that dig heavily into our pockets costing us thousands of dollars a year. “So what, I deserve it!”, and you do but as with anything in life these spending habits may add future financial stress if not managed properly, such as no college fund for your child, no family vacation, no retirement or no savings for an unexpected health issue, car or house repair.
How am I an expert? I am not, but I have committed most of these bad spending habits putting myself and family into financial distress. You know what I am talking about. Your car breaks down because you kept putting off fixing that squeaky noise and now you have to scrounge up a couple of thousand dollars to replace your breaks, which you do not have because you’ve spent all your money every paycheck on $5 lattes, weekly movie tickets, going out to dinner every Friday and drinks every Tuesday with your girlfriends. Yep, that was me. Crying and stressing myself out when I had the money and control over the entire situation the whole time. After reading an article on DailyFinance.com by Paula Pant, “7 Bad Habits That Can Cost You Thousands”, I realized that I was not alone. Therefore, I will share with you the bad habits and unnecessary spending I have changed over the past ten years creating financial security for myself and family, which may help you in your quest to recover from the same financial distress.