There are so many things that we all do on a regular basis even though we know that we should not be doing them. This could be from smoking, driving and talking on the cell phone at the same time or eating too many chocolates. Whatever it is, it is not easy to break a habit. Habits are formed over a period of time and therefore will also take some time to get rid of. That includes all financial habits. Spending too much, not paying your bills regularly or not saving enough. These are all bad financial habits.
In order to get rid of your bad habits it is helpful if you understand why they are hard to break. Here is the deeper underlying element that you don't always consider but should be doing so.
Human Defiance - There is something in all of us that pushes us to rebel against the system. So whether you are just throwing a tantrum or disobeying authority, this is an innate characteristic of humans. While helpful sometimes it is certainly not when considering your financial interest. So remember next time to play along even though you don't like it as if you don't you are only hurting yourself the most.
Social Acceptance - This is the age old peer pressure syndrome. The neighbors next door got a great new lawn mower, or their kid got the new Nintendo game. Whatever it is you have to get out of it. One easy way is to pursue the GOOD things that your peers are doing rather the bad things. So if they bought a new life insurance policy, why don't you? If exchange traded funds are the latest fad, go ahead and join it!
Misunderstanding Risk - People do not understand and appreciate numbers as much as they do emotions. So if you were told your investment is gaining at 2.5% during a 3% inflation economy you would not be shaken. But being told that all your hard earned money is being wiped out would make your hair stand on end. If you find numbers are not affecting your decisions try to change them to applications and emotions for you.
Genetic Predisposition - Some people are genetically inclined to addictions. Well there is no lose of hope here for again, rather than go for something unhealthy, consider a healthy habit such as saving or jogging to fulfill your genetic desires.
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