9 Bad Money Habits To Ditch in 2025

9 Bad Money Habits To Ditch in 2025, According to Rachel Cruze and George Kamel

Angela Mae  Mon, January 20, 2025   GOBankingRates

Personal finance gurus Rachel Cruze and George Kamel recently released a video about things to stop doing with your money in 2025. In the video, they covered some key bad money habits people often fall victim to, many of which require some degree of work to break.

If you want to improve your own financial habits and start 2025 right, here’s what Cruze and Kamel suggest you stop doing right now.

Putting Your Financial Goals Aside

If you’ve been putting your financial goals on the back burner, it’s time to make a change. Don’t wait to do something good for your finances. Do it as soon as you can.

According to Kamel, people often say, “I’ll just do it next year, I’ll get to that later or I’ll save when I’m older.” But this can be problematic since, in most cases, working toward and achieving those goals takes time. The longer you wait to get started, the harder it is to get to where you need to be.

Not Knowing What’s in Your Bank Account

Cruze pointed out that many people don’t really know what’s actually in their bank account when making a purchase. This ties in to the concept that ignorance is bliss, but it’s a problem when the money simply isn’t there — or should have been saved for something more important.

Kamel gave the example of someone who says, “I don’t want to look at my bank account because I don’t need that negative energy in my life.” This leads to avoidance rather than a tangible solution.

Judson Brewer, a psychiatrist and doctor, told Chime that financial avoidance tendencies stem from survival instincts, in which we try to avoid pain and seek pleasure. In fact, unexpected bank fees, including overdraft fees, affected 20% of Americans in 2023, per a Chime study.

Using Your Credit Card as an Emergency Fund

TO READ MORE:  https://www.yahoo.com/finance/news/9-bad-money-habits-ditch-160018000.html

8 Purchases You Should NEVER Make With Your Credit Card

8 Purchases You Should NEVER Make With Your Credit Card

In an attempt to keep their money safe, most Americans are tempted to reach out to their plastics instead of paying with cash. While there are many disadvantages when paying with cash, such as security, credit cards are no good either. At least not when referring to certain purchases.

Your credit card is not the best form of payment, especially when you’re struggling with debt. Fortunately, if you’re facing a ton of debt, you can still keep your finances safe and avoid adding more debt by steering clear of the following credit card purchases.

1. Household Bills

As more and more American adults struggle to pay their household bills, they have no choice but to use their saving accounts. Cellphone, utility, as well as cable bills, shouldn’t be paid with a credit card.

How so? Because if you’re not used to paying off (or you just can’t) your full balance every single month, you will face an interest that will make your household bills even more expensive.

2. Cars

Most car dealers don’t agree with credit card purchases and that’s mainly because they will have to pay fees in order to process transactions. However, if you don’t have the possibility to pay for the car outright, you should definitely visit a credit union or your current bank to get approved for a car loan.

Thankfully, to get the best interest rate possible, you can compare the vast majority of auto loan rates online.

3. Retail Therapy

If you think that a new purchase will boost your mood levels, you’re wrong. You’ll probably be happier for, let’s say two hours after making the purchase, but you will most definitely regret it the next day when you’ll see that your credit card balance went nuts.

4. Medical Bills

Are you using a medical credit card in order to pay the bills? If that’s the case, make sure to check the fine print, especially your obligations regarding when and, more importantly, how interest is charged.

Also, if possible, try to reduce your health care costs as much as you can.

TO READ MORE:  https://legalguidancenow.com/1088/yahoo/1115955/20004/8-purchases-you-should-never-make-with-your-credit-card/

Childfree People Get The Wrong Financial Advice

Childfree People Get The Wrong Financial Advice — and they’ll be paying for it in their old age

Alessandra Malito  Sat, January 18, 2025  MarketWatch

People who don’t have children aren’t getting the best financial advice, one author says.

There are more than a dozen differences in financial and estate planning for people with children and those without — but the financial-planning industry doesn’t address them separately, according to Jay Zigmont, founder of Childfree Wealth, a life- and financial-planning firm dedicated to helping childfree individuals. Zigmont, who himself doesn’t have children, is also the author of a new book, “The Childfree Guide to Life and Money.”

“There are assumptions and things built into the system that means, ultimately, childfree people are getting bad advice, or at least advice in the wrong direction,” he said.

Part of the problem could lie in how advisers make money. Individuals who don’t have children might want to spend all of their money while they’re living, while those with children could have bigger goals of leaving behind an inheritance.

This clashes with one of the most common ways advisers make money in the financial-planning industry: the assets-under-management model. With AUM, an adviser’s compensation is a percentage of what the adviser is managing — so when the money in the account dwindles, so does the fee.

“How does that compare when someone is trying to die with zero?” Zigmont said. “There’s a conflict of interest.”

The right financial planner for a childfree individual or couple will acknowledge the nuances, Zigmont said. “Your planner needs to understand how things are different for you, and that’s a challenge to get good advice,” he said.

Beyond the importance of money management is estate planning, which needs to be tended to immediately for childfree folks.

Zigmont spoke with MarketWatch about some of the most important aspects of planning for the childfree life, and how it differs from financial planning for people with children. This interview was edited for clarity and length.

TO READ MORE:   https://finance.yahoo.com/news/childfree-people-wrong-financial-advice-105900984.html?.tsrc=fp_deeplink

15 Better Places Than Under the Mattress To Hide Money in Your House

15 Better Places Than Under the Mattress To Hide Money in Your House

By Laura Gesualdi-Gilmore

Consider storing cash in everyday items that make surprisingly good hiding spots.

You’ve probably seen it on TV and in movies 100 times before: a character trying to hide some cash throws it under a mattress.

But anyone breaking into your home looking for cash knows the mattress trick, making it a questionable place to hide money.

Of course, the best place for your money is in the bank — but if you’d like to keep some in your home, consider these less obvious, more secure hiding spots to reduce your money stress.

A permanent, hidden safe

A safe could be a worthy investment if you plan to keep a lot of cash and other valuables in the home, but the safe should either be permanently bolted in place somewhere hidden — or weigh several hundred pounds.

An obvious-looking portable safe is simply too easy for thieves to run off with and figure out later.

Behind a drawer

Storing cash inside a kitchen or bedroom drawer is not the safest move. Anyone who breaks into your home will probably quickly sift through these looking for valuables.

However, putting cash in an envelope and taping it to the back or underside of the drawer (not in the drawer) can be a sneakier, more secure option.

Behind wall art or decor

Cash can also be stored in an envelope taped behind generic-looking art or something like a wall clock. Just make sure that the art or decor itself doesn’t look like something worth stealing.

In the bookshelves

Some people store bills among the books in their bookshelves. However, if you want to avoid shaking out every book when you need to go retrieve the cash, consider investing in one of the fake book safes Amazon sells.

These appear to be normal books but open up to a locked box.

A box in a box

In most cases, anyone looking to rob your home is going to be moving quickly, so the more obstacles you can add to your cash hiding spots, the better.

Consider hiding cash in a box placed within a box of something that would look unappealing to crooks — like winter clothes or Christmas ornaments (really anything that doesn’t scream value).

Opaque food jars

Certain food jars placed in odd places may be obvious—as will the stereotypical cash-filled old coffee can. But if you have some opaque food jars and keep them in their expected homes in your pantry, they can be a great place to hide cash.

You can also purchase things like fake Coke cans online that can be used as small safes.

In pockets

Any hiding spot that would require a potential thief to sift through a lot of items adds a layer of safety. Cash folded up and placed in the pocket of a pair of slacks or a coat hung up among many in a closet is probably safe — as long as you can remember where it is.

TO READ MORE:  https://financebuzz.com/better-money-hiding-places-than-mattress

16 Worst Places To Hide Cash in Your Home

16 Worst Places To Hide Cash in Your Home

By Stacy Garrels

Are burglars already onto your not-so-secret spots?

While digital wallets and contactless payments are taking hold, we still like cold, hard cash. Plenty of us like keeping an emergency stash at home to be prepared for hard times.

However, burglars and sticky-fingered guests know that most people have a hidden wad of bills somewhere. Here are some of the more obvious hiding spots you should avoid to protect your financial fitness in your own home.

Dresser drawers

No matter how well-organized, top dresser drawers can often become a catch-all place for lots of small goods and knickknacks: underwear, hair ties, cufflinks, and rolls of cash. 

People like to sock money away there because it’s out of sight but still in an easy-to-remember location. It’s easy for crooks to remember, too.

Freezer or fridge

Opinions on fridges and freezers are mixed. While some home safety experts think they’re a smart option, many caution against it. Why? If you “think up” this tactic, it’s because you've seen it before in a movie or TV show — just like the bad guys.

Also, during economic downturns, thieves are known to steal food out of fridges and freezers. 

During the Great Recession, I know many people who had crooks break in during the daytime (sometimes while the homeowners were upstairs) and help themselves to milk and meats along with wallets and laptops.

Children’s bedrooms

Sadly, yes. Kids’ rooms are a target ‌for home burglars. The bad guys know kids often have tablets, game consoles, TVs, and iPads. They will rummage through your kids' room looking for cash in addition to pocketing any high-value goods.

Under the mattress or bed

It’s a cliche, but yes, people still tuck money away under their mattresses. Many naive homeowners think the bed is so obvious that no one hides their money there anymore, and that must make it a safe spot. It’s not; it’s one of the first places thieves look.

Toilet tanks

Using your toilet tank is about as cliche and obvious as your mattress. One TV show after another has crooks and good guys using the tank as a place to stash drugs, cash, and other valuables, and it’s one of the most common places thieves search.

TO READ MORE:  https://financebuzz.com/worst-places-hide-cash-at-home

Ben Stein: 5 Ways You’ll Destroy Your Financial Health

Ben Stein: 5 Ways You’ll Destroy Your Financial Health

Peter Burns   Wed, January 15, 2025   GOBankingRates

From maxing out your credit cards to financing a house you can’t afford, there are many things you can do to decimate your savings and derail your financial future. Personal finance expert and author Ben Stein kept track of the best ways to do just that.

In a fun twist of the financial improvement genre, Stein’s book, “How To Ruin Your Financial Life,” details the different ways you can bankrupt yourself through poor choices. Here are some bad decisions that will lead to financial instability.

Don’t Educate Yourself

It’s no secret that personal finance isn’t a priority in schools. In 2024, only 26 states in the U.S. required a personal finance course for all high schoolers, up from just eight states in 2020. If you’re hoping to remain in financial turmoil for your entire life, Stein suggests not making any attempt to educate yourself and improve your financial practices.

On the other hand, taking the initiative to learn about personal finance will lead to financial independence, less stress and better decisions. Following finance blogs, listening to podcasts, taking online courses and reading books can all help you better understand how money works and how it can work for you.

Keep Up With the Joneses

One of the easiest ways to negatively affect your financial health is by comparing yourself to others. Purchasing things to impress others often results in living beyond your means. Stein explains that spending more than you earn is an unsustainable practice that will drive you to debt.

You will never have to look far to find someone with a more expensive car, a bigger house or the newest gadget. Shifting your mindset toward achieving financial goals that improve your life instead of focusing on outspending your friends, colleagues and neighbors will make you happier in the long run.

Use Credit Cards as Much as Possible

TO READ MORE:  https://www.yahoo.com/finance/news/ben-stein-5-ways-ll-190110626.html

These 3 Habits Will Instantly Make You Better With Money

These 3 Habits Will Instantly Make You Better With Money, According to George Kamel

Andrea Norris   Tue, January 14, 2025   GOBankingRates

Managing your money and financially getting ahead can feel like an uphill battle. Recently, Ramsey Solutions money expert George Kamel posted a YouTube video explaining how adopting three simple habits can immediately improve your money skills, helping you to improve your financial situation and build wealth.

He recommended trying the following habits for 30 days to see how they can boost your finances.

Track Your Expenses Daily

“If you want to get better with your money, you have to pay attention to your money,” Kamel said.

The best way to do this is to note where every penny of your money goes. Tracking your spending and expenses helps you identify areas for improvement and stay accountable with your budget.

Additionally, Kamel said asking the following questions before buying something can help keep your spending in check:

• “Will the purchase add value to my life?”

• “Am I buying this for the right reason?”

• “Is this in my budget?”

• “Is this the best place and price to buy?”

• “Is now the right time to buy it?”

If you answer “yes” to all five questions, Kamel said you should go ahead and make the purchase — and track it. He also recommended waiting 48 hours before making any big purchase. This extra time can help you avoid the regret of a costly buy.

Use Your Own Money for Every Purchase

According to Capital One Shopping, people spend up to four times more using a credit card than cash. The difference adds up.

“Using a credit card is not using your own money, even if you pay it off every month,” Kamel warned, since credit cards statistically lead to overspending.

TO READ MORE:  https://finance.yahoo.com/news/3-habits-instantly-better-money-170029149.html

Scammers Can Take The Title To Your Home Without You Knowing It

Scammers Can Take The Title To Your Home Without You Knowing It

3 critical ways to protect yourself in 2025

Christy Bieber  Mon, January 13, 2025   Moneywise

Real estate fraud takes many forms, but title fraud is one scam that's reportedly becoming more widespread. Title fraud happens when criminals — sometimes called title pirates — file fake documents to improperly transfer title to properties they don't own.

Title is used to track legal ownership, and when someone transfers the title to themselves, they become the owner of record. This often happens when someone files a fraudulent deed with the local county office. This may involve forging signatures or even the use of artificial intelligence.

“The targets of these crimes are often properties that are free of loans and owned by absentee owners or others who may not closely monitor their property records,” wrote Dax Junker real estate attorney in MortgagePoint magazine.

 “Once they gain control of the title, fraudsters will try selling the property to unsuspecting buyers, securing loans against it, or renting it out to someone. The legitimate owner is often completely unaware of the fraud until they face an eviction notice or discover liens taken against their properties, at which point they face a significant legal battle to reclaim their rights.”

Sadly, undoing the scam requires going to court. "The person who forged the deed is now the property owner," real estate attorney Arash Sadat explained to ABC7 Eyewitness News. "So, for you to get title back to that property, they would have to either grant you a deed, restoring your property or you have to go to court and have the court make an order saying you are the titled owner of this property."

This is why stopping this scheme from happening in the first place is so crucial. Fortunately, there are a few key techniques you can use to avoid this happening to you.

Sign up for alerts

There are services that homeowners can sign up for that alert them when any change is made to a deed, mortgage, or other official record.

TO READ MORE:  https://finance.yahoo.com/news/scammers-title-home-without-knowing-124200768.html

Some of these services are paid services, offered by companies that promise to monitor the status of your property and alert you to problems. However, before signing up for a paid plan, you should check with your local officials.

There may be free options that provide similar alerts. For example, in Florida, most counties allow you to sign up for alerts via email if any changes are made. You can just go online at the FL Clerk's website to find your county and get set up.

You should do this ASAP because, as the Florida Court Clerks & Comptrollers explain, doing so can "stop criminals in their tracks," as you'll be alerted to issues immediately and can take swift action if any papers are filed in your name or on your property that you don't recognize.

You can also set up online search alerts for your property to make sure it never gets put on sale without your knowledge and ask neighbors to inform you if they see anything suspicious.

Read more: Jeff Bezos and Oprah Winfrey invest in this asset to keep their wealth safe — you may want to do the same in 2025

7 Surprising Money ‘Rules’ Most People Don’t Know (But Should)

7 Surprising Money ‘Rules’ Most People Don’t Know (But Should)

Sarah Bourassa  Sun, January 12, 2025  HuffPost Life

You’ve probably heard common financial advice like keeping a budget and trying not to spend more than you make. But other tips aren’t as well-known that can help you save a lot of money and create a financially healthy life. 

From daily hacks to long-term tips, we talked to financial experts about not-so-obvious money advice they follow. Here’s what to know:

1. Sometimes you have to spend more to save more.

“A low price on a lousy product is actually a terrible deal because you will end up spending more, in the long run, to replace cheaply made items that break easily,” Andrea Woroch, a consumer-finance and budgeting expert, told HuffPost. “Focus on quality and spend more if it means it will last.”  

Woroch tries to save on quality merchandise by shopping second-hand for name brands. For big-ticket items, she recommends taking advantage of retail sales events (like Amazon Prime Day) and buying seasonal items (like patio furniture and winter clothing) at the end of the season. Other tips: Participate in free loyalty programs and search for online coupons before making a purchase.

2. Don’t be too restrictive with your budget, and don’t try to change it all at once.

“Although a detailed budget keeps you on track to meet your financial goals, one that is too restrictive will actually backfire quickly due to burnout,” Woroch explained. “[And] if you try to change all your spending habits overnight, it will be difficult to stick to the plan.” 

Instead, she suggests making a few small changes to your spending and savings habits — and then building on these once they become routine.

She said it’s also important to make room in your budget for expenses that matter to you. For example, if a dinner date with a friend or partner is a priority, keep this in your budget. Find other ways to cut down on spending, like canceling unused subscriptions and unplugging gadgets to decrease energy bills.

3. Beware of convenient methods of payment, like auto-renew.

TO READ MORE:  https://www.yahoo.com/finance/news/7-surprising-money-rules-most-080013006.html

6 Toxic Money Habits

6 Toxic Money Habits Dave Ramsey, Suze Orman and Other Experts Want You To Avoid

Brooke Barley   Sat, January 11, 2025  GOBankingRates

Getting better with money can be as simple as avoiding some behaviors that can wreak havoc on finances. Experts like Dave Ramsey and Suze Orman have built careers giving advice on how to manage money. They have made empires and helped others do the same.

Here’s what Ramsey, Orman and some of the other top money minds have said when it comes to money habits that need to be broken immediately.

Not Talking About Money

A big money mistake people make? Not talking about it at all. That’s according to Ramit Sethi, self-made millionaire and star of the Netflix show “How to Get Rich.” He’s explained in the past that if people aren’t being open about where their finances stand — at least with themselves — they won’t improve.

“How can you expect to get ahead if you’re not actually talking about money, either solo or with a partner?” he said on X. “Money is a regular topic in any financially successful household.”

Being Prideful, Greedy or Fearful

Radio personality and money expert Ramsey advised that pride, greed and fear will make a person broke. He backs this up by saying he’s been all three and lost money in the process. When describing pride, he said that it’s not worth spending money on things just to earn accolades or attention. “Would I buy this if no one ever saw it? That’s your test on the pride button,” Ramsey explained.

Earning money simply for the sake of it is greedy and Ramsey advised against that behavior. “You can have a money motivation to the exclusion of other things. But if your only button to push is money, that’s greed,” he said in an Instagram video clip.

Fear manifests as desperation according to Ramsey and he considers this the worst thing to be when it comes to money. “Just about twenty seconds later after I get desperate, I get stupid,” he added. “And right after I get stupid, I get broke, right?”

Not Questioning Your Family’s Money Philosophies

TO READ MORE:  https://www.yahoo.com/finance/news/6-toxic-money-habits-dave-230008050.html

5 Reasons You Still Need Checks

5 Reasons You Still Need Checks

Heather Taylor   Mon, March 27, 2023

Is there still room for paper checks in a world where financial transactions are increasingly digital in nature? Survey says … yes.

In GOBankingRates’ Best Banks 2023 survey of 1,000 Americans, 22% of respondents said they still write checks at least once a month. And surprisingly, of these respondents, the largest percentage belonged to those between the ages of 18 to 24 (28%). Paper checks might sound like a mildly antiquated concept, but they can still be used to fulfill specific needs now and into the near future.

Here are some of the key reasons you still need checks.

Valid Form of Payment

If you don’t have cash or a credit or debit card available to pay for essential goods or services, many people and places will accept a check. Desiree Kaul, CFP and associate advisor at MainStreet Financial Planning, said you can still use a physical check to make a payment for the following:

Hiring contractors. Kaul said contractors who work on your home generally accept only cash or physical checks for their services. Paying with a credit card, should you choose to do it, may mean paying additional convenience fees.

School fees. Families with school-aged children often need to pay for various activities throughout the course of the school year. Rather than send your child to school with cash that could be lost, Kaul said it may be easier to write a physical check for fees payable to the school.

Physical magazine subscriptions. If you still subscribe to physical magazines, Kaul said you may want to pay for these subscriptions via physical check. “If you use a credit card, some companies will autobill a credit card upon renewal whether you intended to renew or not,” said Kaul.

Groceries. Yes, many grocery stores and retailers like Walmart will accept a physical check at checkout. Kaul said this can be especially helpful in circumstances where your debit or credit card has been lost or stolen. A physical check may act as its replacement for making payments until then.

https://www.yahoo.com/finance/news/5-reasons-still-checks-120018977.html