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10 Ways You Disrespect Your Finances

By Staff Curator / June 1, 2017
Studio shot of a waste basket filled with money

How Are you disrespecting your money?

By Paul Michael(wisebread.com) – If you look after your money, it will look after you. It’s something that financial experts, parents, and countless advice columnists will tell you, and with good reason. Ignore your money, and disrespect your finances, and you will come off worse for wear. But treat your finances with the respect they deserve, and you can look forward to stability, growth, and freedom. So, if you’re disrespecting your finances in any of these 10 ways, it’s time to put a stop to the behavior, or face the consequences.

1. You Don’t Have a Budget

Whether you’re flush with money at the end of every month, or you are always scraping to get by, there is no excuse for not having a set budget. You owe it to yourself to know exactly how much money is coming in each month; what the bills are, how much you should be setting aside for retirement and an emergency fund, and what you should be spending on things like food, entertainment, clothing, and so on. Without this budget, you are playing fast and loose with your money, and it can result in some financial hardships that can be avoided. You can also see just where you are spending, and wasting, your hard-earned money.

2. You Don’t Store Receipts in an Organized Fashion

It’s all well and good to keep every receipt, but if they are all over the house and garage, stuffed into junk drawers and nightstands, they aren’t much good when you actually need them. It does not take a lot of work to have an organized receipt folder. Just purchase an alphabetized concertina folder, and place your receipts in the appropriate section each time you get home. Go through it every few months to remove receipts that are no longer needed (although if they are for tax reasons, keep them…for years). You can also scan your receipts and save them digitally. This saves room and makes them even easier to organize and reference.

3. You Max Out Your Credit Cards

Some people will tell you credit cards are just free money. These people have no respect for credit, and how it should be used. Credit cards, when used responsibly, are a fabulous way to securely pay for goods and services, giving you purchase insurance, fraud protection, and cash backor travel rewards. But if you don’t use them correctly, you will pay the price.

By maxing out a credit card (or many cards) you are damaging your credit, and you are running up huge interest charges. Some people can only afford to pay the minimum, and when that happens, it can take years (or even decades) to pay the balance off. Use credit cards as a tool, but make sure you…

 

 

Read the complete article here.

Also, see Best Cash Back Credit Cards for 2017

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