5 Habits That Will Prevent You From Being Financially Secure

 

Maurie Backman | The Motley Fool

What does financial security mean to you? Does it mean not lying awake at night worrying about bills? Does it mean knowing that if an unplanned expense comes your way, you’ll have a means of handling it? If you’re hoping to become financially secure, you’ll need to avoid certain habits that will stop you from meeting that goal. Here are five in particular to steer clear of.

1. Not following a budget

Regardless of your age, income level, and expenses, you need a budget to help stay on top of your finances. Without one, you’ll have a hard time understanding where your money goes month after month, and where it would make sense to cut corners.

Man holding hundred-dollar bills

Thankfully, creating a budget is easy, and it doesn’t take a whole lot of time. All you really need to do is list your recurring monthly expenses, factor in sporadic expenses that pop up throughout the year, and compare your total spending to your total earnings. If you find that you’re maxing out each paycheck or, worse yet, spending more than what your paychecks bring in, you’ll need to rethink your habits and start making changes.

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