Learn how to curb impulse purchases, manage credit card debt and avoid lifestyle creep to save money in the new year.
As we say goodbye to 2024, let's also bid farewell to some less-than-ideal money habits: impulse purchases, out-of-control credit card debt and the trap of lifestyle creep. At this moment, right at the start of the new year, you may be looking at your credit card bills or bank statements and thinking:Maybe you were a little too click-happy with your online shopping in 2024. Maybe you missed a few credit card payments.
Or maybe you got stuck with a medical bill you can't pay off, and it's having a domino effect on your finances. If you want to get a better handle on your spending in 2025, Life Kit's experts are here to help. They share five financial habits to leave behind in 2024 — so you can save money and have a more prosperous new year.In a world of flash sales and ads that follow you from site to site, the temptation to shop online is everywhere. To curb your impulse spending, limit your exposure to shopping deals and'get a grip on your social media,' says sustainable fashion writerFollow mindful consumption influencers and groups. Berman made a point to follow people who were also working on changing their spending habits.'They became almost like a support group,' she says.When people get a raise or a new job and start making more money, their spending often starts ticking up.'They immediately look around at other people making six figures and say, 'Oh, this is the level we're at now. I have to get a bigger house. I have to upgrade my home,'' says financial educatorThis spending behavior — called'lifestyle creep' or'lifestyle inflation' — can start to snowball. It's why some people who earn hundreds of thousands of dollars a year find themselves living paycheck to paycheck, says Espinal.. Adjust how much you save based on what you ear
MONEY MANAGEMENT SPENDING HABITS CREDIT CARD DEBT LIFESTYLE CREEP SAVINGS
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