If you want to earn more, a good place to start is with your habits. Breaking the bad ones is just as important as establishing the good ones so here are my 10 costly bad habits to break in 2019.

1)    Putting off saving for retirement

Retirement might seem too far off to start considering, but the longer you wait to start saving and investing, the more you'll miss out on compound interest. Make sure that not only are you in KiwiSaver but you are in the rights fund(s) to maximise your returns

2)    Dipping into your savings

Everyone should have an emergency fund but don't touch it unless you're facing a true disaster. Consider moving it into a separate account where it can earn more but where you can’t access it so easily

3)    Paying the minimum on your credit card balance

Most credit cards only require you to make a minimum payment each month and paying the minimum is tempting, especially if your budget is tight. But the less you pay now, the more you’ll pay later because of the massive amounts of interest that is charged. In 2019, get in the habit of making payments in full if it’s at all possible

4)    Don’t spend as much as you earn

If you're spending as much as, or more than, you're earning, you're in trouble and it means you wont be able to build up significant savings. Live within your means - not at or beyond them.

5)    Waiting until you have more money to invest

Time is on your side when it comes to investing, thanks to the power of compound interest. Even if you can't invest a ton of money, establish the habit of setting aside at least a little bit each month and watch your savings grow 

6)    Going without a savings goal

If you want to save more, you have to have a clear goal and then set a specific plan in order to achieve it. Why not set up a small recurring automatic transfer from your bank account to your chosen investment to ensure you'll stay consistent with your savings.

7)    Paying for subscriptions you don't use

How many "free trials" have you signed up for and forgotten to cancel? Are you getting your money's worth from the gym you signed up for last year? Start by figuring out exactly what you pay for. Ask yourself which subscriptions and memberships you can eliminate, and then cancel what you don't use or need.

8)    Having no idea where your money is going

Try tracking your expenses to get a better idea of how you spend your money and where you can cut back.

9)    Not prioritizing high-interest debt

Rank your debt in order of size and start with the smallest. The idea is that each time you pay off one form of debt, you build momentum, which helps you tackle the next biggest, and so on.

10)    Denial

Don't leave your debt for tomorrow; Ridding yourself of even a few bad habits now will pay dividends for the rest of your life.

None of this is rocket science but following these tips will make a huge difference to your financial situation very quickly and if you need our help, just give us a call or email us at [email protected]