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Saturday, April 29, 2017

My Bad Money Habits

Posted by Tim Stobbs on October 26, 2009

Everyone has them.  Bad habits are just there.  You likely know you shouldn’t do it, but you do it anyways.  Now when it comes to money that gets a bit more interesting, since some habits are really not  a good idea (like paying high fees for no reason, or putting all your pension money into the stock of the company you work for).

I’ve worked hard to overcome a lot of my bad habits, but still some remain.  They are:

  1. Quote Checking.  I’m a horrible stock quote/pension plan value checker.  I tend to look at least once a day despite the fact I know it’s pointless and it won’t change anything.  It’s really a waste of time, but I still do it to see the trend.
  2. Fixating on Stupid Purchases.  After spending several years cleaning up my spending habits I have unfortunately gotten into the habit of questioning every purchase I make.  Do I need this? What am getting from this purchase?  Instead of just letting it go and accepting it’s ok to make a impulse purchase once in a while.  I need to ease off a bit more about where my spending cash goes.
  3. Not Filing or Throwing Out Paperwork.  I must not have got much mail as a kid or something, because I tend to keep far too much paperwork.  Which would not be so bad except for the fact that I’m bad at remembering to file it all.  I’m currently looking at a pile about two inches thick right now.
  4. Playing with Online Calculators.  I’m horrible for running slight modifications to my current plan when I know the answer will be about the same.  When will I pay off my mortgage? About 3 to 4 years,  so knowing it’s going to happen three months earlier or later is rather pointless but I would still do a run on a calculator when I get some new information.

So that’s my current list of bad money habits?  So do you share any of them or what’s your worst habit?

Comments

9 Responses to “My Bad Money Habits”
  1. The Rat says:

    My worst habits have to be:

    1/ Logging into my yahoo e-mail account 10 times a day just to see if I have a message.

    2/ I’m with you on being fixated on stupid purchases – i spent 10 minutes wondering if I should purchase a magazine this weekend.

  2. Brian says:

    I guilty of #1 and #2 as well. I’m sure alot of us can relate to your feelings.

  3. Adam says:

    I have the same habit of checking my trading accounts and mutual fund accounts for values once a day… It’s not healthy to be so micro all the time, you end up making micro decisions that impact the macro picture – often to the downside…

    For me anyways…

  4. Over-analysis when buying stock which is only made worse by blogging since I have do research which makes me think even more.

  5. Jason says:

    Checking prices of stocks and my ETFs multiple times a day. But it goes in cycles. I may check all the time for 3 weeks then not check at all for 3 months, then repeat the cycle sometimes. The cycle is bad, as I sometimes make bad decisions then. But its also good, as I follow news more then as well so come out learning.

    Just need to learn to strike a balance I think.

  6. Homosapiens says:

    Good, I feel less alone !

  7. Canadian Dream says:

    Apparently checking stock prices is a fairly common habit. Good to know I’m not the only one. Heck I bet we could get enough people together to start an online support group for it.*grin*

    Tim

  8. Hilarious because I share some of your pain here. Do I really need this? Can I find it cheaper? How far am I willing to drive to find it cheaper?

    Sir, are you buying this pack of gum?

    Mike

  9. Mama Zen says:

    OMG this is so funny! I am logging a lot on my personnal email and banks accounts «just in case something changed» and feel ridiculous each time :)

    But I would like to get more in one of your bad habit: to question every purshase I make, because I don’t do it regularily, and this would be helpful to me I think!

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