I like to think of myself as frugal minded, savings oriented and determined to pay off my debt. This year I’ve learned so much about personal finance, my habits, my strengths and my weaknesses. Although I am trying to get myself on the path to financial security and financial enlightenment, I still suffer from some bad financial habits.
Looking for jobs
Although I’ve been at my job for four months, and I’ve passed the probation period with flying colors and am really happy, I still haven’t kicked my habit of looking for jobs. Granted I’m no longer scouring every job site imaginable, I’m still looking. I’m always looking for my next side-hustle gig and seeing what’s “out there”. I have plenty of other things I could be doing, but for the past two years all I have been doing is looking for jobs. I had so much guilt if I wasn’t looking for work, that it’s somehow stayed with me. I am going to try to wean myself off this process and just look for side-hustle work, as I have no interest in leaving my job. Time is money, and I’m not spending my time wisely here. I’m also letting my mind go to a financial scarcity mindset, which is no good.
“Saving money” some place then spending it somewhere else
I bike to work 98% of the time, saving myself roughly $100 per month (we’ll see if this changes when it start raining EVERY DAY!). It feels great to be biking 8 miles a day, helping the environment and saving money. But sometimes I get hungry from biking so much and justify eating out because I’m “saving” money by biking to work. Clearly, I am not really saving money if I am going to turn around and spend it again. I also justify going out because I never buy clothes, I spend maybe $20 a year on cosmetics, don’t buy books or other luxuries, etc. I think, wow, I never spend any money on these budget categories! I can add a little to my going out budget. It’s a sick psychological game that makes me feel better about my spending. Yes, I might be doing great in some budget categories compared to most people, but then most people don’t have as much debt as I do. I need to continue to keep my expenses low so I can add all additional money to my debt!
Being too frugal and not enjoying myself
Sometimes when I do go out and am not justifying it in some way, I try to be ultra frugal and buy something that I don’t really want. This happens at restaurants frequently when I buy the cheapest thing on the menu, then end up being dissatisfied because I wanted something else. It’s like wanting a burger, but getting a hot dog. It’s just not the same. Hot dogs are cheaper, but damn, I wanted that burger that was 3x as much! Sometimes it doesn’t even seem worth it to spend money when you aren’t getting what you really want.
Those are just a few of my bad financial habits. Can you relate? What are your bad financial habits?