When it comes to money, lots of people feel like they have a general understanding of the basics,

but there are some subtle, small, daily habits that could be costing you thousands of dollars.

So here are seven financial habits that you might be neglecting.

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All right, financial habit number one, juggling minimum payments. So just because you can maintain

or pay the minimum payment doesn't mean you should. Okay? What I mean by this is people feel like

if I can afford the payment, then I can afford the item. And it's not true, because over the course of time, you guys, if you add on so much debt to your life and you're just paying the minimum payments, you're not, number one, getting ahead, but you're paying interest, sometimes even fees if you're late, like all the things happen. So getting out of debt and freeing up those minimum payments and having no debt in your life

is going to make your income go so much further.

Now, I would say as you're getting out of debt, which I tell people to list their debt

smallest to largest, regardless of the interest rate, then you're going to pay minimum payments

on everything while you pay off the smallest debt first.

So that makes sense.

But over time, those minimum payments and

living that life, it's going to slowly drain your budget. All right, number two, having tons of

savings, but also tons of debt. So we talk to people all the time on the Ramsey show, and they

call in and they're like, oh yeah, we have $14,000 in savings, but we have $23,000 in debt. And we're like, what? Like, throw that savings and get rid of your debt because your debt you are paying interest on. And yes, could you be making interest on the money that's saved, maybe in a high-yield savings account? Yes, but it's usually way lower of an interest that you're gaining in that way, making, versus what you're paying out.

And the level of risk is huge because some people feel like that having a lot of savings and a lot of debt, they're okay because it kind of cancels each other out.

But the truth is, if something happens and you lose your job or whatever and that savings dwindles, then you're going to have the risk

of all of this debt and all of these bills that have to be paid every month. So getting to a point

where you can erase the debt and then be able to build up your savings, that's the way to go.

Number three, taking on a mortgage payment before you're ready. Oh, this is so hard because a house is something that like every, it's a big, it's a big step

for people and they really want it for a lot of people.

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