4 Money Mistakes You Have to Stop Repeating Over and Over Again

It’s time to break that vicious cycle.

Key points

  • Mishandling your credit cards can cost you a lot of money.
  • Keeping an eye on your credit card interest rates will make it easier to use the right cards for certain situations.
  • Not prioritizing savings can make it harder to meet your goals.

Many of us are big fans of “Groundhog Day,” the classic 1993 film in which Bill Murray finds himself reliving the same day over and over again. But you may be setting yourself up for your own personal financial “Groundhog Day” without even realizing it. So, if you’ve been known to make these money mistakes repeatedly, it’s time to put an end to them.

1. Carry the balance of a credit card

U.S. credit card balances will reach $930 billion by the end of 2022, according to TransUnion. And that means a lot of people could be losing a lot of money in interest.

Instead of getting stuck in a never-ending cycle of credit card debt, try to pay off your balances in full each month. And if you can’t do that, the answer is simple: start spending less. Either that, or find a way to supplement your income to keep up with your spending habits, such as taking on a side hustle in addition to your main job.

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2. Getting late with credit card payments

Falling late on your credit card payments can mean getting hit with expensive late payment fees. It could also mean seeing your credit score take a dive.

Many consumers don’t realize that just one late payment can have a really noticeable impact on their credit, especially if their scores are higher to begin with. So mark your calendar with your credit card due dates to avoid late payments due to forgetfulness. And check your credit card balances weekly to avoid late payments due to insufficient funds to make your minimum payments.

3. Not paying attention to your credit card interest rates

Sometimes carrying a credit card balance is unavoidable. If your car needs a $1,000 repair, for example, and you don’t have the money in your savings account to pay for it, you may have no choice but to put it on a credit card and pay it off as you can.

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But don’t just pick a random card out of your wallet. Instead, take a look at the different interest rates associated with your cards and go with the one with the lowest interest rate.

4. Wait until the end of the month to move money to your savings

Some people spend their wages week after week and hope that at the end of the month there will be money left over to save. But if you follow that system, you may find that your savings don’t grow at all.

A better bet? Set up an automatic transfer on the to begin of the month so the money leaves your checking account and savings before you have a chance to spend it. And if you have a full emergency fund and are focused on saving for retirement, set up an automatic transfer to your IRA account.

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It’s one thing to make a money mistake here and there, but it’s another thing to keep making the same mistakes over and over again. If you’ve been known to fall victim to these scams more than once, it’s time to break that cycle and set yourself up for financial success.

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