4 Bad Financial Habits I’m Leaving In 2016

I made a lot of mistakes in 2016 when it came to my money – earning it, saving it, and also investing it. Although I have come a long way from that person that maxed out her credit card almost every month to buy shoes and clothes she could not afford, I still have a long way to go. These are the bad financial habits that I’m leaving behind in 2016:

1. Not finding the best deals:

I did not always bargain or do the research needed to find the best deals. This was because I didn’t think doing much more research would make a difference in the price (and other times I was pretty lazy). I know better though, money is money, and every dollar counts. I am not saying you should spend 4 hours on the phone trying to reduce your phone bill by $5 – that’s hustling backwards. But it’s important to bargain and do the research to find the best deals. This could apply to clothes shopping, utility bills, credit card rates, even mortgage rates. This is especially important when you own a business. You could find save money by finding better deals in form of fees for your tax preparer, accountant or lawyer. 

2. Giving up free money:

Believe it or not you can actually get money for free! Most of the time getting free money will not be in form of cash and it might mean having to make sacrifices, but this is not always the case! In 2016 I did not take full advantage of my employer contribution plan and maximize my RRSP contributions. This essentially meant I was losing out on free money. In 2017 I will definitely be dropping that bad financial habit.

Other ways that you could take advantage of free money are cash back credit cards (be sure to check out for those with no annual fees), employer discount programs, and if you’re still a student make sure you’re looking out for scholarships at your university.

3. Not planning ahead:

Not planning ahead meant that I spent way more than I should on Uber, take out etc. I was lazy and procrastinated a lot so I did not always make my lunches the day before work or give myself enough time to take the train. This led to me using Uber quite a bit ( and it really adds up!) In 2017 I aim to plan ahead and be more organized so that I can save more money.

Related: 4 Seriously Easy Ways To Save More Money in 2016

4. Not reviewing money goals and my progress:

In 2016, I did not always take the time to review my finances to see if I was making progress. What’s the point of setting goals if you’re not going to measure your progress? It’s important to regularly review your bank statements, budgets, and your investment portfolio. This is important to find out if you’re on track with your goals, find out what you’re really spending your money on, and also to make sure there are no errors on your statements (this happens more often than you think).

Which bad financial habits are you leaving in 2016?

Written By

Chinazom Chidolue is a personal finance blogger and an accountant. Growing up in a household with entrepreneurial parents, she developed a keen interest in business and finances. Chinazom combined her background in accounting and her passion for financial literacy and founded Investment Conversations: a personal finance blog which was created to help millennials take control of their personal finances by breaking down complex money topics into easily understandable and fun concepts.


  • Well, my one bad financial habit that I’m leaving in 2016 would have to be thinking I can’t save more. Every spare naira counts.
    Not investing in mutual funds and well, I’d add not starting a pension account but well, there’s a rumor that the Nigerian government is going to take from people’s pension funds to settle its debts so miss me with that.

    I like your blog design BTW.


    • Hey Obianuja, we can definitely all save more. There are so many ways to invest, it doesn’t even have to be mutual funds (or equity). You can look into money market funds, t-bills etc if they have good returns and are suitable for your risk appetite. Also, thanks for the compliment!

  • Am I too late to join the conversation?
    I know the year has already started but it’s never too late (IMO)
    Two habits I’m leaving behind
    -Lazy way of accounting for my income. I have no idea how much I spend trying to pay off my credit card. I know how much I spend on the card but because I pay it off in installments, I don’t know how much I spend paying it off in a month. I have money. That said, better accounting of how much I actually make and spend in my credit card.
    – ‘Eating out’ is such a terrible habit I’ve acquired and I keep telling myself it’s just convenient & I work. Need to plan better.
    Ooh, and Saving more too.. Are you doing the March challenge this year again?? I want to save $500 too😊

    • Hey Shasha,

      I agree with you eating out is such a bad habit -it’s unhealthy both for your body and your bank account. (P.s I’m guilty of this too). It’s convenient, but it’s much more convenient to have that money saved for stuff that REALLY matters – like a vacation or growing our emergency fund.
      I think I’ll do the challenge in April! If you’re not signed up to the newsletter be sure to sign up so you can get a notification when the challenge starts!

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