Advertising
Advertising

9 Dumb Habits You Never Realized Make You Earn Less

9 Dumb Habits You Never Realized Make You Earn Less

We live in a capitalistic society; what that means is money is up for grabs for anyone with the ingenuity and perseverance to chase it. Jumping in a wind tunnel full of Ben Franklins and grabbing as much as you can is profitable, but you can’t do that for a living. Instead you have to plan and execute specific actions to ensure you remain financially solvent. If you want to spend your retirement years swimming in a vault full of coins like Scrooge McDuck, avoid these nine dumb habits that keep you from earning money.

1. Float Like a Social Butterfly.

Social media is a useful marketing tool, and every so often you need to connect with your followers. The problem comes when you spend all your time on social media. The likelihood of links posted in social media being clicked is dependent on how many followers you have. Expect a 1/1000 ratio (one person clicking a link for every thousand that view it) on average, and don’t waste all your time marketing on social media.

One of the easiest ways to avoid wasting time on social media is to avoid reading feeds. If you use Twitter to keep up with trending topics, make a list to ensure you’re only seeing the subsection of people you follow whose updates consistently keep you in the loop on topics you follow. Also, downloading a social media aggregator such as Hootsuite or RebelMouse will allow you to merge multiple social media accounts, so you can expand the reach of your message while minimizing time spent socializing. Now get back to working on something more important!

2. It’s Called a Lunch Hour for a Reason.

It’s OK to take breaks, and we have a great lifehack discussing the importance of them. If you work for a company, it’s mandatory they give you a break; if you work on your own, you need a lunch break to give you time away from working. An hour is usually a decent enough break, although 30-minute and two-hour lunches have their uses as well. The problem comes when your lunch takes up too much of your work day.

Advertising

You don’t want to eat a heavy meal that will make you lethargic, and as for heading to the movie theater every day at lunch: you’re triple-dipping into your resources, as you’re not being paid to work, spending money with no return, and wasting time that could be productive. If you’re going to take a long lunch, you need to make up the hours on the back-end, or you’ll never get ahead financially.

3. Waiting for the Right One.

Some people will turn down job offers because they’re waiting for the right one. This does have its advantages, but you can still be doing something to make money while you’re waiting. Instead of sitting by the phone, waiting for someone to call, try pursuing odd jobs, temp work, or selling art online.

You can also pick up freelance and temp work or get paid to blog as a guest expert. The internet is filled with ways to make money online. Make use of the time you’re waiting to make money by making money, or you’ll never make any money.

4. Me Fail English? Unpossible!

Communication is important; if not for communication, human beings would never have banded together to form society, invention, and the Internet. If you don’t know how to communicate what you want, you’ll never get it. It goes much deeper than just a grasp of the mechanics of English, though.

Advertising

The world is filled with people with a variety of backgrounds, experiences, and beliefs. It’s important to understand how to craft a message specific to your audience. Different words and phrases are taken different ways by people with different perceptions. Be sure to think carefully about the methods, words, and tone used when communicating for business. Otherwise you’ll come off as either overly wonky or out in left field. Either way, people will perceive you as incapable and won’t want to hire or pay you.

5. Motivated by Money.

It’s OK to be motivated by money, but it shouldn’t be the sole motivation driving you. In order to keep up with inflation, at the very least, you need a decent and consistent raise. We have several lifehacks discussing how to ask for a raise, and it all involves proving your worth before asking for more money. If the only reason you’re working is for money, it’ll show in your work. You may think you do enough, but there is always someone doing more, and they’ll get the hefty raise you wanted.

The same thing works for promotions; if a hiring manager has to choose between someone whose focus is on making more money vs someone whose focus is helping the company get ahead, it’s clear who will receive the promotion. We discuss other ways to get a promotion in this lifehack. By working on a career path you love, you’ll reach monetary bliss well before your financially-motivated foes.

6. The Early Bird Stole Your Worm.

I have a goal to see as many sunrises and sunsets as I can in my life. It’s OK to sleep in every so often, but according to the 11 sleep habits of successful people, waking up early (and consistently doing so) is the key to success. It may not be your personal key, but it is to someone; just because you’re sleeping in doesn’t mean everyone else is. If you sleep late, know you’ll have last pick of available jobs, gigs, and opportunities to make money.

Advertising

7. You Just Practice, Baby … Practice.

One of the biggest mistakes people make is being too scared to follow their dreams. You tell yourself there’s a risk, and the timing isn’t right, so you fall into neutral and treat your life as though it’s all just practice for some future event that never happens. Instead of looking into some unknown optimistic future, focus on the here and now. Treat your life like it’s always game day, and live like you’re never going to die. When you work hard enough, the money comes sooner or later (and loving what you do makes the wait easier).

8. I’ll Procrastinate Tomorrow.

Procrastination is the single biggest reason for loss of productivity. You may not want to do something right now, but you’re not going to want to do it later either. The time between now and then will be filled with stress and wasted thoughts about something you could already have done by now. Instead of putting things off, get to work!

I realize this is easier said than done, so we’ve prepared lifehacks to help you identify the types of procrastination, techniques to manage it, and ways to make procrastination productive for those inevitable times when you actually need to put things off. Combining these tools and techniques, you’ll be able to eliminate procrastination’s negative effects on your bank account.

9. You Quit While You’re Ahead.

Stop getting comfortable every time you get a paycheck – it’s the equivalent of stopping for gas at every gas station you pass while driving across the country. Payday Friday isn’t a day to run out and waste all your money on overpriced beer and appetizers (and yes I’m aware it’s “cheaper” during happy hour).

Advertising

Bonuses aren’t free money either – if you’re lucky enough to get an extra paycheck month, pay raise, bonus, etc, don’t overspend on your celebration, and don’t think now’s the time to sit back. Whoever gave you that money did so because they love what you do, and that love can fade quickly if you rest on your laurels. If you let your financial situation determine how hard you work, you’ll always be broke, because that’s the only time you’ll ever work hard.

Making money isn’t difficult; every year Forbes releases a list of people who make the majority of the money in the world. Instead of envying these people, pick up the pace. It’s a rat race out there, but if you navigate efficiently and run the maze fast enough, you can prove your worth by earning the money you think you deserve.

More by this author

7 Ways To Make Exercise Fun For Everyone Say Goodbye to a Skinny Body: How to Gain Weight Fast 24 Easy Ways To Make Money On The Internet What 500 Calories Really Looks Like in Different Foods 20 Awesome Screensavers that Make your Desktop Delightful

Trending in Money

1 How To Pay Off Credit Card Debt Fast: 7 Powerful Tips 2 How To Make a Million Dollars in 7 Steps 3 7 Cheap but Powerful Products That Can Help Your Waste Less Food and Save Money 4 How To Retire Early (And What To Consider Before You Do) 5 How To Create a Budget (The Complete Beginners’ Guide)

Read Next

Advertising
Advertising
Advertising

Published on January 8, 2021

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

1. Pay More Than the Minimum Credit Card Payments

Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

Advertising

You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

2. Start With High-Interest Credit Card Debt

If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

3. Revisit Your Budget

Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

Advertising

Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

4. Avoid Using Your Credit Cards

Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

5. Start a Side Hustle to Boost Your Income

You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

Advertising

Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

6. Sell Your Used Items for Extra Cash

Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

7. Know When to Seek Help With Your Debt

Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

Advertising

There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

In extreme cases, the debt solution can be:

  • Debt relief – where your debt is partially or wholly forgiven
  • Debt consolidation – taking out one loan to repay others
  • Debt settlement – the creditor forgives a significant portion of your debt
  • Bankruptcy – legal process for seeking relief from some or all your debts

It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

Wrapping It Up

Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

More Tips on How to Pay Off Debt

Featured photo credit: rupixen.com via unsplash.com

Reference

Read Next