‘What’s a ‘normal’ money habit that secretly ruins people financially?’ – 21 ways you’re inadvertently putting yourself in the red

Do you ever wish that, instead of being taught about oxbow lakes and linear equations when you were at school, you’d been taught the basics of everyday finances?

We’ve all probably done some silly things with money because we didn’t know any better, which is something they’ve been discussing on the AskReddit page, after user theprop_trader asked:

‘What’s a ‘normal’ money habit that secretly ruins people financially?’

And there were lots of replies from people who had learned about the pennies taking care of themselves the hard way.

1.

‘Planning to save what’s left over each month…which turns out to always be $0. Best move I ever did was starting to ‘pay myself first’ by having a portion of my check go directly into a savings account at a different bank.’
–miikeb

2.

‘Underestimating upkeep. Especially on large purchases like homes and cars. People often mistake budgeting for just saving + spending. But true budgeting also includes projecting out beyond the date of buying the thing.

‘The higher priced item of these, the higher the ongoing maintenance for a myriad of reasons. If it’s simply sized bigger than something cheaper, supporting upkeep (like insurance) will be more expensive. Also if you go luxury level, maintenance and parts are going to have luxury pricing as well.’
–PurpsMaSquirt

3.

‘Not leaving proper cushion in a budget for things to go wrong.’
–Didntlikedefaultname

4.

‘Not knowing the difference between being able to pay for something or being able to afford something.’
–Aggressive_Cup8452

5.

‘I believe the term is ‘keeping up with the Joneses’. That kind of competition drains your bank account.’
–jdlech

6.

‘Only paying the minimum payment on a credit card.’
–krackadile

7.

‘People who refuse to set up their own retirement plan if their work doesn’t offer it. The only way I got through to my friend was telling her to imagine working the same job she now had (very physically demanding) when she was 70 and having to do it not for fun or extra pocket money but truly for a living. Sobered her right up.’
–Rachana_2022

8.

‘Buying stuff you don’t really need with instalment payment.’
–FineTomato715

9.

”Buy 3 for 25% off!’ For items you only need one of.’
–crochetprozac

10.

‘My father always said if you’re afraid to check your balance, check your balance.’
–msalberse

11.

‘Something that could be ruinous – marrying and not discussing or combining finances. You’re a team now. I know many couples where one doesn’t have a clue about the others or their joint money. If things go bad or if one is irresponsible, it could ruin you.’
–NetLumpy1818

12.

‘Idk about ‘ruin’ but DAMN we have wasted a lot of money on alcohol. Drinking your money is such a waste!’
–shelle399