When it comes to your money, certain habits and behaviors can have a negative impact on your financial health.
These toxic money habits might seem harmless at first, but over time, they can drain your resources, limit your opportunities, and hold you back from achieving your financial goals.
In financial terms, your “bottom line” essentially refers to your profit. It’s the number that remains after you’ve accounted for your income and subtracted all your expenses, whether that’s within your monthly budget or as part of calculating your overall net worth (assets minus debts).
Either way, the goal is to make your bottom line as strong as possible. The more profit you keep, the more freedom you have to grow your wealth, pursue your dreams, and create a financial cushion for the future.
Unfortunately, toxic money habits can work against us in both small, sneaky ways and big, noticeable ways. From overspending to ignoring debt, these habits chip away at our bottom line and prevent us from living our best financial lives.
I know this firsthand because I’ve been there myself. When I lived in Los Angeles, I fell into one of the most common toxic money habits: Keeping Up with the Joneses.
I was constantly accumulating material things—clothes, shoes, and purses—to keep up appearances and feel like I fit in. But all that spending came at a high cost. I went into debt trying to maintain a lifestyle I couldn’t afford, and my bad financial habits almost got me evicted from my apartment.
It wasn’t until I recognized and broke those toxic habits that I was able to turn my financial life around. That’s why I’m so passionate about helping you avoid the same mistakes.
In this episode, I’m breaking down 5 toxic money habits that could be holding you back and showing you how to replace them with healthier, more empowering behaviors.
Tune in to learn:
- How to recognize these harmful habits in your own life.
- Why they’re so damaging to your financial growth.
- Practical steps to break free from them for good.
Changing your money habits can change your life. The sooner you tackle these toxic behaviors, the sooner you’ll open the door to greater financial freedom and peace of mind.
Here’s a glance at this episode:
- [02:23] You can spend money on non-necessities. The goal is to make sure spending is moderated by factoring those things into your budget.
- [05:18] Are you constantly pulling money out of your savings account? It’s very likely you have too much going into savings in the first place.
- [08:53] Depending on how much debt you have, it can take a long time to pay it off. That’s okay. Slow and steady can be effective.
- [12:45] Comparing your life or trying to live a life similar to someone else’s will only lead to unhappiness and feeling less than.
- [15:40] If you tend to spend money before you get it, this toxic money habit could be causing you issues over the long haul.
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Resources mentioned in this episode:
Listen to CGS Podcast Episode 70 – My Budget Non-Negotiables
Download the free Debt Repayment Checklist
Learn about Raya’s Financial Focus Coaching Program
Follow City Girl Savings on Instagram, YouTube, and TikTok
Join the City Girl Savings Facebook Group
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