How to Break 5 Bad Financial Habits

If you want to make extra money, you might consider getting a second job or paring back your budget. Both are smart strategies, but first consider whether you have any bad money habits you need to curb. After all, if you’re always paying bills late and getting hammered with late fees, that may be what’s draining your bank account.

So if you’re the reason your money never seems to stick around, here are some strategies to help break five bad financial habits, culled from research and interviews with members of the National CPA Financial Literacy Commission.

Paying bills late. Late fees can be as much as 10 to 15 percent of your monthly bill. If you’re frequently late with most bills, you’re probably spending 10 percent more each year on bills than you should. And if you’re constantly late with some bills, like credit card payments, the credit bureaus are probably taking note and dinging your credit score. Read More By Geoff Williams U.S News and World Reports