At Hush, we talk a lot about creating healthy money habits as we encourage people to constantly find meaningful ways to improve their finances, think long-term, and cut unnecessary spending. But most of us have been on the other end too: we know what it’s like to spend hundreds, if not thousands, of dollars on things we never got around to using, and waste hours on trivial tasks when spending a few bucks a month would have freed up much of our energy for more important work. We also know what it’s like to spend to keep up with a crowd that ultimately cost us more than time and money.
Since these mistakes are all part of the learning process, we wanted to highlight some of the classics so that no one feels alone on this wealth-building journey!
The best time to start thinking about finances is always yesterday, which can make it feel as if everyone is always playing catch-up. But there is never an “early enough” moment! If you’re here and reading this, it’s already a sign that you’re hoping to make positive changes to your relationship with money, and it’s never too late to start.
You sign up for a subscription for a product or a service, thinking that even if you don’t use it every day, you’d rather have access to it than not. After all, you never know when it might come in handy, right? But months later, you find yourself still shelling out your hard-earned money and you still haven’t used it. By the end of the year, you’ve essentially flushed hundreds of dollars down the drain. We’ve all been there, and no, it doesn’t make more financial sense the more money you sink into it.
I know there are clothes in my closet that I bought for special occasions that haven’t happened, and kitchen utensils that I bought for recipes I thought I’d make but never got around to making. At the time of purchase, these things seemed trivial, but of course they add up and they take up space over time.
Ever put off buying a ticket to an event, thinking that something else could come along and you don’t want to waste money in case you can’t make it, but then end up missing the chance to buy the ticket completely? That money saved is tough consolation for a missed experience.
This doesn’t apply to just spending habits, but such a mindset quickly drains more than wallets. What makes it harder is that often it’s difficult to distinguish between the two: it’s completely possible to enter a situation with the purest of intentions, thinking that it’s the right thing to do, but end up paying in more ways than one.
The truth is that there are some mistakes that are almost necessary to make so that the lesson sticks. As much as it’s important to make financial decisions with goals and values in mind, making mistakes is also part of the process of discovering what those goals and values are. At Hush, we know that healthy finances isn’t about being perfect all the time, but about taking deliberate steps to discover how to make your money work better for you.
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