Signs You Have Bad Money Management Skills

08.03.2016 4162

You may think you have good money management skills, but there are tell-tale signs that your money management needs improving. Getting a handle on your personal finances can make your life a bit easier. You're less likely to live paycheck-to-paycheck, and you'll maintain a strong financial foundation. Here are seven signs you're bad at handling money.

YOU DON'T KNOW WHERE YOUR MONEY IS GOING

Your paycheck gets deposited into your bank account, you pay a few bills that are due, visit the ATM for some cash, go to the ATM again and buy that top that's just gone on sale. Then it's two days before payday and there's $3 in your account. Where'd it all go? Without a good idea of where your money is going, all of your other financial goals are that much harder to meet. If you're constantly short of cash, then you're more likely to use your credit card. And then you're just that much more behind next month.

How to Fix It

Start making it a habit to look at your bank statement every night and consider how each purchase impacted your goals, positively or negatively. By looking at your account each day, you'll start to see patterns in your spending and become more aware of where your money black holes are. And that's the first step to turning your bad money habits around.

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