Retire from 8 to 5 

Developing good money habits is a life skill. Get it right, and never look back. Some habits we turn to time and again, are like those cozy, well-worn slippers—comfortable and familiar. Others, though, are more like those socks that perpetually vanish in the laundry—annoying and elusive. Let’s dive into some of these financial quirks and see if we can untangle a few of them:

Not Having Specific Savings Goals: Imagine setting sail without a map or a destination in mind. That’s what it’s like when you don’t have clear savings goals. Whether it’s an emergency fund, a dream vacation, or retirement bliss, having specific targets helps you stay on course. So, let’s chart a course, shall we? In our previous USA house, goals were always around home renovation. In UK, since we bought a fairly finished starter house, we suppose our goal is now a house that works better for us (so yes, saving for a bigger deposit) is at the back of our minds.

Overspending on Nonessentials: Ah, the siren call of impulse purchases! Those little treats—like that fancy coffee or yet another cute throw pillow—can add up faster than you can say “latte.” Maybe we should all adopt a mantra: “Before I buy, do I really need this, or am I just caffeinating my closet?” S gets particularly annoyed when she sees a £4 latte in a coffee shop or a £7 pint at a pub. There is a social aspect to getting a drink with a friend or colleague, but this does not need to be every day. S had a colleague who met various other colleagues for walking meetings during lunch or after work. Works as well as a drink, and its probably a bit healthier as well.

Letting Debt Accumulate: Be afraid of debt. Even better, be terrified of it. Until you learn to control it, manage it and use it for you. Your first job, before any investment, should be to pay off debt (or atleast have a plan for pay off). Note, mortgage is not considered as debt category. Debt can be like that persistent houseguest who overstays their welcome. Credit cards, loans, friends and family money, and other forms of debt can pile up, and suddenly you’re juggling interest rates like a circus performer. Time to show that debt the door!

Not Planning Ahead with a Budget: Ah, the humble budget—a superhero cape for your finances. Yet, many of us skip this step. It’s like trying to bake a cake without measuring ingredients. (Trust me, I’ve seen some disastrous cakes.) Let’s whip up a budget together, complete with financial sprinkles! Initially, when we started working we had a budget for everything and relished tracking it. As we got better at budgeting, and when careers got busier, we stopped tracking it so religiously. But since moving to the UK, and all expenses being new, we have had to restart this habit.

Waiting to Save Until After You’ve Already Spent Your Paycheck: Picture this: payday arrives, and you’re like a kid in a candy store. But wait! Before you splurge, sneak a little treat into your savings jar. Pay yourself first, my friend. 🍬🤑

Having No Emergency Fund: Life throws curveballs—sometimes they’re more like flaming bowling balls. Having an emergency fund cushions those blows. It’s like having a financial umbrella for unexpected rainstorms. ☔

Relying on Cash Advances: Cash advances are like borrowing from your future self, and future you might not be thrilled about it. High fees, interest rates, and a general sense of “Oops, I did it again” accompany these. Let’s break the cycle, Britney-style. 🎤

Not Paying Attention to Savings Account Rates: Your savings account isn’t just a cozy nook for your money; it’s also a place where it can grow. If your account is snoozing at a low interest rate, it’s time for a wake-up call. Shop around for better rates—it’s like finding the comfiest mattress for your financial dreams. 💤💸

And there you have it! A mix of cautionary tales and friendly nudges. Remember, we’re all on this financial rollercoaster together. So, let’s buckle up, hold onto our wallets, and enjoy the ride! 🎢💵 By the way, if you ever need more advice or just want to chat about money (or life in general), we are here. Seriously, we are like the friendly neighborhood squirrels who knows where all the best acorns are hidden. 🐿️✨

Now, tell us: Do you have any quirky money habits you’d like to share? Or perhaps a favorite financial tip? Let’s keep the conversation going! 😊🌟